Forbes: Shell to Spend More on North Sea Venture
Shell has acknowledged that the overstatement of reserves and “inappropriate” accounting in other business areas resulted in profits being inflated by US$432 million.
Associated Press
08.25.2004,
Royal Dutch/Shell Group announced Wednesday that it would spend US$1.8 billion on exploration and production in the North Sea, including building a pipeline to transfer gas from Norway to Britain.
Shell said the North Sea remained a strategic heartland.
“We have invested around 8 billion pounds (US$14.3 billion) in technology, manpower and infrastructure in the past 10 years,” he said. “We are not going to walk away from that investment.”
One of the fields likely to receive part of the additional investment is Ormen Lange in Norway, which was among oil fields subject to last year’s controversial reserves downgrades by the company.
Earlier this week, the oil giant and the U.S. Securities and Exchange Commission announced a formal settlement of an SEC inquiry into the overstatement of Shell’s oil and gas reserves.
The alleged role of individuals in the scandal remains under investigation by the SEC, and Shell also faces a separate probe by the U.S. Justice Department.
In the SEC deal, Shell agreed to pay a US$120 million fine. The world’s third-largest publicly traded oil company also agreed to spend US$5 million on an internal compliance program. Royal Dutch/Shell neither admitted to nor denied wrongdoing in the settlement but did agree to refrain from future violations of SEC laws.
In addition, the Anglo-Dutch company agreed to pay 17 million pounds (US$30 million) to settle related allegations by Britain’s Financial Services Authority.
Shell’s leaders apologized to shareholders this spring for failures in governance that led the company to overstate its proven oil and natural gas reserves by 4.47 billion barrels, or about 23 percent, for 1997-2002. Shell has acknowledged that the overstatement of reserves and “inappropriate” accounting in other business areas resulted in profits being inflated by US$432 million.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
