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Posts on ‘August 30th, 2004’

AllAfrica.com: Shell Plans $9bn Five-Year Investment

AllAfrica.com: Shell Plans $9bn Five-Year Investment

“Coming at a time when there was some speculation about Shell’s future in Nigeria, this development is a resounding demonstration of Shell’s long-term commitment…”

Mike Oduniyi

This Day (Lagos)

Posted 31 August 04

Moves Headquarters to Port Harcourt January

Shell Petroleum Development Company (SPDC) is planning to invest another $9 billion in the Nigerian oil and gas sector, over the next five years.

The investment covers the company’s joint venture projects with the Nigerian National Petroleum Corporation (NN-PC), oil exploration and production in the deep offshore and the expansion of the Nigerian Liquefied Natural Gas (LNG) plant.

Already, Shell has awarded a $43 million contract for the exploitation of non-associated gas from its Oil Mining Leases (OMLs) 35 and 46. The gas will be supplied to the Bonny LNG plant from 2008. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Malaysia’s Shell Refining posts highest quarterly profit

Hydrocarbon Asia: Malaysia’s Shell Refining posts highest quarterly profit

“Chairman Jon Chadwick said: “We are pleased with this back-to-back achievement, surpassing even the record profit for the first quarter this year.”

Posted 30 August 04

SHELL Refining Company Bhd announced a net profit of RM175.3mil (US$1 = RM3.8) for its second quarter ended June 30, beating an earlier record profit of RM122.5mil in the first quarter.

Chairman Jon Chadwick said: “We are pleased with this back-to-back achievement, surpassing even the record profit for the first quarter this year.

“The excellent financial results was mainly due to the continued strength of our refining margins, sustained operational performance and to a lesser extent, stockholding gains,” he said in a statement yesterday. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Planet Ark: Shell in talks with China on Sakhalin gas deal

Planet Ark: Shell in talks with China on Sakhalin gas deal

CHINA: August 30, 2004

SHANGHAI – Energy giant Royal Dutch/Shell is keen to sell liquefied natural gas LNG.L from its Sakhalin project to China, as it vies with rivals such as BP to tap the market’s potentially explosive growth.

But the world’s third-biggest oil group RD.AS SHEL.L will first have to overcome pricing issues and a still tiny market for supplies from the island development off eastern Siberia’s coast.

Shell, the biggest private supplier of LNG with sales of more than eight million tonnes per year, is ramping up efforts to tap a gas market expected to boom in coming years as Beijing inches toward cleaner fuels. Rival BP BP.L is hard on its heels. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Planet Ark: Russian Oil Project to Be Vetted for Whale Threat

Planet Ark: Russian Oil Project to Be Vetted for Whale Threat

“the International Whaling Commission last month warned energy exploration could kill off the 100 or so remaining gray whales on the oil-rich shelf near Russia’s Pacific coast”

SWITZERLAND: August 30, 2004

GENEVA – A top environmental group said last week it had agreed to probe an oil and gas project led by Royal Dutch/Shell off the Russian far east coast because of fears it threatens endangered whales.

The World Conservation Union said the Sakhalin Energy Investment Company had requested an independent study into its plans to expand production around Russia’s Sakhalin Island near feeding grounds of the Western Gray Whale. The independent scientific panel is expected to complete the review by the end of November. “Until then, Sakhalin Energy has postponed certain development work,” said the Swiss-based inter-governmental organization. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Reserves Scandal: Retired Shell engineer played central role

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

Financial Times: Retired Shell engineer played central role

“the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function”;  “Shell had engaged as [group reserves auditor] a retired Shell petroleum engineer – who worked only part time and was provided with limited resources and no staff – to audit its vast worldwide operations.”

By Adrian Michaels in New York and Carola Hoyos and Andrew Parker in London

Posted 30 August 2004

US and UK regulators on Tuesday went several steps further than Royal Dutch/Shell in their dissection of what went wrong.

The Anglo-Dutch oil group had already presented the main findings of an internal investigation in April into its reserves debacle.

That report heavily criticised dismissed senior executives – Walter van de Vijver, the former head of exploration, and Sir Philip Watts, former chairman. But it had less to say on how the company had been engaged in accounting manoeuvres since 1997-98, including a flawed internal audit function. The US’s Securities and Exchange Commission and the UK’s Financial Services Authority delve into the origin of the problems. “ read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell, Sinopec in China Retail Venture

New York Times: Shell, Sinopec in China Retail Venture

“But Shell still lagged rival BP in the race for a piece of the lucrative Chinese market.”

By REUTERS

August 30, 2004

SINGAPORE (Reuters) – Royal Dutch/Shell Group(SHEL.L) said it would jointly operate 180 gas stations in China by the end of 2004, the second foreign oil major after BP to enter the country’s huge but tightly controlled retail market.

Shell’s joint-venture with state refiner Sinopec Corp (0386.HK) (SNP.N), would eventually run 500 retail outlets in eastern Jiangsu province, with total investments of $187 million, the companies said in a statement received by Reuters on Monday. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Royal Dutch/Shell plans new staff bonus scheme

AFX Europe (Focus): Royal Dutch/Shell plans new staff bonus scheme

“Bernstein Liebhard & Lifshitz… ‘lead plaintiff’… considering including the auditors when it files an amended complaint against Shell next month.”

Aug 29, 2004

Posted 30 August 04

LONDON (AFX) – The Royal Dutch/Shell Group of companies intends to launch a new, company-wide bonus scheme from January as an incentive for staff to work together to rebuild the company’s credibility, The Sunday Times reported citing Jeroen van der Veer, chairman of the committee of managing directors.

He said he hoped it would encourage staff to think “enterprise first” rather than “self first”, according to the article.

The plans are still subject to staff negotiation in some countries, but about 90,000 people are expected to be covered by the arrangements. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Plans $9bn Five-year Investment

TheDayOnline (Nigeria): Shell Plans $9bn Five-year Investment

“Shell said it was currently losing on the average, 50,000 barrels per day (bpd) to crude theft.”

Moves headquarters to Port Harcourt January

By Mike Oduniyi

Posted 30 August 04

Shell Petroleum Development Company (SPDC) is planning to invest another $9 billion in the Nigerian oil and gas sector, over the next five years.

The investment covers the company’s joint venture projects with the Nigerian National Petroleum Corporation (NN-PC), oil exploration and production in the deep offshore and the expansion of the Nigerian Liquefied Natural Gas (LNG) plant.

Already, Shell has awarded a $43 million contract for the exploitation of non-associated gas from its Oil Mining Leases (OMLs) 35 and 46. The gas will be supplied to the Bonny LNG plant from 2008. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Plans Team Performance Bonus Scheme From January

THE WALL STREET JOURNAL: Shell Plans Team Performance Bonus Scheme From January: “intended to help rebuild the company’s credibility.”

DOW JONES NEWSWIRES

Posted 30 August 04

LONDON — Royal Dutch/Shell (RD) confirmed Sunday plans to launch from January 2005 a company wide bonus scheme that places focus on team performance.

Shell confirmed a report that appeared in the Sunday Times.

“Multiple score cards will be replaced by single group score cards focusing on the execution of strategy, delivery of operational objectives and Enterprise First. Enterprise First addresses the importance of group needs over the needs of individuals or operating units,” said Shell spokeswoman Lisa Givert. “This is still subject to discussion but we will have new scorecards in place for the calendar year 2005 bonus schemes.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Royal Dutch/Shell to revise staff bonus scheme

Financial Times: Royal Dutch/Shell to revise staff bonus scheme: “The scandal prompted the resignation of three senior executives, investigations by US, UK and Dutch regulators, a criminal probe by the US Department of Justice and investor lawsuits.”

By Jonathan Moules

Published: August 30 2004

Royal Dutch/Shell, the oil company, is planning to revise its company-wide bonus scheme to create incentives for staff to look beyond their specific section of the business and focus on improving the entire company.

At the moment, staff at the Anglo-Dutch company are rewarded for both their individual performance and the success of their division.

However, under changes that are due to come into effect this January, the divisional element will be dropped and a bonus will be added based on the entire company’s performance. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

£17m Shell shock was just an early broadside in FSA war on abuse

The Guardian: £17m Shell shock was just an early broadside in FSA war on abuse

“Shell’s action was made more serious because false or misleading announcements on reserves were made from 1998 to 2003. Even though Shell had indications and warnings from 2000 to 2003 that figures for proved reserves were incorrect, its actions continued.”

Hector Sants

Monday August 30, 2004

A succession of recent investigations and financial penalties levied by the Financial Services Authority has put the term “market abuse” on the lips of many commentators and, if the reaction to the £17m fine imposed on Shell this week is any indication, on the minds of company directors.

One could be forgiven for believing market abuse was rife in the City. Is this an overreaction? After all, the UK financial markets are world leaders. Surely this wouldn’t be the case if market abuse was rife? Thankfully, market abuse is not widespread, partly because most practitioners are decent people but also because the FSA takes a tough stance with those who do play fast and loose with the rules, no matter how big or small. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell boss pours oil on troubled water

The Times: Shell boss pours oil on troubled water

“the scathing reports, in which the FSA accused Shell of announcing false oil-reserve figures since as far back as 1998 again drove investors to rage that not enough was being done to restore credibility.”

August 29, 2004

Posted 30 August 04

In an exclusive interview, Jeroen van der Veer spells out his plans to appease investors and analysts to Lucinda Kemeny

AFTER 33 years at Royal Dutch/Shell, Jeroen van der Veer, chairman of the oil giant’s committee of managing directors, probably would not have chosen to mark his ascension to the top by signing off £82m in fines to two of the biggest financial regulators.

Last week’s settlement with Britain’s Financial Services Authority and America’s Security and Exchange Commission over charges that Shell misled the market about the true position of its oil reserves may have at least closed one chapter in the crisis that has enveloped the company. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Shell will abolish ‘discovery bonus’

Daily Telegraph: Shell will abolish ‘discovery bonus’

“Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels to the amount of oil and gas employees find.”: “latest attempt by Shell to restore its reputation”

By Christopher Hope, Business Correspondent (Filed: 30/08/2004)

Crisis-hit Shell is scrapping a controversial scheme which links staff pay levels to the amount of oil and gas employees find.

Van der Veer: new scheme would encourage staff to think ‘enterprise first’ rather than ‘self first’

The news is the latest attempt by Shell to restore its reputation after its disastrous admission that it had exaggerated its “proven” oil and gas reserves by 23pc earlier this year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Auditors dragged into Shell lawsuit

The Scotsman: Auditors dragged into Shell lawsuit

“role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day.”

CATRINA STEWART

30 August 04

AUDITORS might find themselves implicated in the reserves scandal surrounding oil major Shell as lawyers leading US class actions against the company prepare to file an amended complaint.

Bernstein Liebhard & Lifshitz, the Wall-Street law firm leading the class action on behalf of individual investors, said that it was looking at the role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell knew of error in reserves in 1998

The Scotsman: Shell knew of error in reserves in 1998

“AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated…”

CATRINA STEWART

Posted 30 August 04

AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated, six years before executives admitted mistakes in public and two years earlier than previously reported by its own investigation into the reporting scandal.

Yesterday, US and UK regulators revealed that the oil giant has agreed to pay more than US$150 million (£83.7m) in penalties for providing “false and misleading” information, which led to a downwards revision of its proven reserves by 4.47 billion barrels. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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