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Posts on ‘September 17th, 2004’

India – Angola may foil Shell’s bid to sell shares to India

Indo-Asian News Service: India – Angola may foil Shell’s bid to sell shares to India

17-September-2004

India News – New Delhi, India’s attempt to acquire Royal Dutch Shell’s 50 percent stake in an offshore exploration block in Angola may fall through with the African nation likely to exercise its pre-emption rights.

At the same time, given the political ties between the two countries, Angola has agreed to consider India’s request for participation in the exploration, Petroleum Minister Mani Shankar Aiyar said Friday.

“We are likely to get farming-in (participatory) interest through the Angolan state oil company’s share rather than through Shell’s share,” Aiyar said in a teleconference from Vienna, where he is attending a meeting of the Organisation of Petroleum Exporting Countries (OPEC). read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Oilvoice.com: Shell Awarded Eight Blocks in 22nd Offshore Licensing Round

Oilvoice.com: Shell Awarded Eight Blocks in 22nd Offshore Licensing Round

17 September 2004

Shell U.K. Limited has been awarded two licences in the 22nd offshore licensing round in the UK Continental Shelf. Both licences are in the deep water Atlantic area West of Shetland and comprise a total of eight blocks. One is a new ‘Frontier’ licence with BP as partner and the other a Traditional licence with BP, ChevronTexaco and Faroe Petroleum as partners. Shell will be operator in both cases.

Kieron McFadyen, Technical Director of Shell Exploration & Production in Europe said: “We are very pleased with the awards in this licensing round. We believe the Atlantic margin West of Shetland is an area of potential. The award of these new licences is a further demonstration of Shell’s continued commitment to the North Sea and as the leading oil and gas operator in the UK Continental Shelf.” read more

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Watts attacks FSA over ‘flawed’ Shell inquiry

Daily Telegraph: Watts attacks FSA over ‘flawed’ Shell inquiry

“Sacked boss says watchdog violated his rights in ruling on reserves scandal”

By James Moore (Filed: 17/09/2004)

Sacked boss says watchdog violated his rights in ruling on reserves scandal

Former Shell chief Sir Philip Watts yesterday accused the Financial Services Authority of “violating” his rights and running a “fundamentally flawed” investigation into the company’s oil and gas reserves debacle.

Breaking his silence for the first time since he was ousted in February, Sir Philip said in a statement that the FSA had identified and prejudiced him in its published judgment on the scandal despite not mentioning him by name. read more

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The week in which a watchdog came under a heavy Shelling

Daily Telegraph: The week in which a watchdog came under a heavy Shelling

“Sir Philip Watts is hardly going to enjoy being linked with Robert Maxwell but he probably owes the fat fraudster rather more than he realises.”

City comment

Edited by Neil Collins, City Editor

(Filed: 17/09/2004)

Sir Philip Watts is hardly going to enjoy being linked with Robert Maxwell but he probably owes the fat fraudster rather more than he realises. It was Maxwell, twisting in front of the Department of Trade, who forced the concession that he should be allowed prior sight of the findings of the bits of any inquiry that related to him.

Since then, some sort of “Maxwell clause” has been inserted into most relevant bits of legislation, including the Financial Services and Markets Act, under which the FSA operates. Sir Philip has managed to keep quiet while he watched his lifetime’s work and reputation being put through the shredder, but the devastating report into Shell’s downgrade of its reserves was the last straw. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Ousted Shell chief takes FSA to court

The Times: Ousted Shell chief takes FSA to court

“The FSA accused Shell of “unprecedented misconduct” resulting in market abuse and breach of listing rules.”

By Patrick Hosking, Investment Editor

September 17, 2004

SIR PHILIP WATTS, the ousted chairman of Shell, is taking the Financial Services Authority to court, claiming it treated him unfairly in its judgment on the oil group’s reserves mis-statement scandal.

Sir Philip yesterday announced plans to challenge the regulator in the Financial Services and Markets Tribunal, the appeal court for FSA decisions.

He accused the FSA of unfairly blackening him and prejudicing a continuing FSA investigation into his conduct when it fined the oil company £17 million last month for misleading shareholders. read more

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Ex-Shell chief Watts demands public tribunal to clear his name

The Independent: Ex-Shell chief Watts demands public tribunal to clear his name

Michael Harrison Business Editor

Sep 17, 2004

THE FORMER chairman of Shell, Sir Philip Watts, is to take the main City regulator, the Financial Services Authority, to a public tribunal in an attempt to clear his name over the oil giant’s reserves scandal. Breaking his silence for the first time since he was sacked by Shell in March with a pounds 1m pay-off, Sir Philip said he was confident the tribunal would find that he had acted “properly and in good faith” over the episode, which caused massive damage to the company’s share price and reputation. read more

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Sir Philip comes out fighting

Financial Times: Lombard: Sir Philip comes out fighting

“Much more than personal reputation looks at stake here. The FSA has not closed its inquiry into Shell, and Sir Philip’s lawyers indicated on Thursday there was an ongoing investigation in relation to him.”

By Martin Dickson

Published: September 16 2004

Posted 17 Sept 04

FSA findings challenged before tribunal

If attack is the best form of defence, Sir Philip Watts, the former chairman of Royal Dutch/Shell, struck a timely blow on Thursday – albeit one of uncertain impact.

In a remarkable move, he filed an action before the Financial Services and Markets Tribunal – the body that can re-examine decisions of the Financial Services Authority – complaining that the FSA had violated his rights on August 24 when it published a “final notice” documenting its reasons for fining Shell £17m over its oil reserves scandal. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Decides Against Update on Governance Next Week (Update1)

Bloomberg: Shell Decides Against Update on Governance Next Week (Update1)

Posted 17 Sept 04

Royal Dutch/Shell Group, Europe’s second-largest oil company, decided against updating investors next week on the progress of a review of corporate governance, saying it hasn’t ruled out any options.

Shell plans to announce the “preferred option” in November, Chairman Jeroen van der Veer told reporters in Vienna. Van der Veer said last month the company would update investors on Wednesday, when it releases its strategy review.

“Next week, we will concentrate on the strategy of the group,” Van der Veer said. “Even if you would like to say something (on the governance review) you can hardly say anything next week until you have made the selection.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell’s ex-chairman makes counterattack

International Herald Tribune: Shell’s ex-chairman makes counterattack

“The overstatement of Shell’s reserves by 20 percent, first disclosed in January, has led to more than a dozen shareholder lawsuits, the loss of the company’s top-tier credit rating and the departure of three senior executives, including Watts. His defense may slow Shell’s efforts to move forward, one analyst said.”

Bloomberg News Friday, September 17, 2004

He rejects report by British regulator

Philip Watts, silent since being removed in March as chairman of Royal Dutch/Shell Group after a huge overstatement of the company’s proven reserves of natural gas and oil, has begun to fight back.

Watts said Thursday that he would challenge a British regulator’s finding that implicated him in “unprecedented misconduct” when Shell, Europe’s No. 2 oil company, overstated its reserves.

Watts, 59, asked for a tribunal to challenge the final notice that the regulator, the Financial Services Authority, published last month, when Shell agreed to pay fines of $151.5 million in Britain and the United States, according to a copy of a letter to the regulator that was confirmed by his lawyer Joseph Goldstein of Crowell Moring in Washington. read more

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Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

“The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net)

By Phil Waller, City Staff, PA News

Posted 17 Sept 04

The former chairman of oil group Royal Dutch/Shell today challenged the City watchdog over its findings on the company’s oil reserves scandal.

In a letter to the Financial Services and Markets Tribunal, Sir Philip Watts sought permission to challenge some of the Financial Services Authority’s (FSA) findings on the reserves overstatement, which has led to Shell downgrading its proven reserves by 23%, or 4.47 billion barrels, since January.

The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Ousted Shell Chairman Assails Regulators

New York Times: Ousted Shell Chairman Assails Regulators

“Sir Philip continues to face investigations by British and American regulators and is a defendant in some of the dozen investor lawsuits filed against Shell since its restatement of reserves.” (ShellNews.net)

By HEATHER TIMMONS

Published: September 17, 2004

LONDON, Sept. 16 – Sir Philip Watts, in his first public statement since he was ousted as chairman of the Royal Dutch/Shell Group in March, said on Thursday that British financial regulators had violated his rights in their investigation of the company’s restatement of its oil and natural gas reserves.

Denying that he had misled investors, Sir Philip said that Britain’s Financial Services Authority, “violated my statutory rights to review and rebut” accusations made in a July 29 order charging Shell with market abuse. Shell paid a fine of £17 million ($30 million), the largest ever levied by British market regulators. At the time, it also agreed to $120 million in fines in a settlement with the United States Securities and Exchange Commission. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Sir Philip drops a fightback bombshell

Financial Times: Sir Philip drops a fightback bombshell

“Topping the roster of misdemeanours was the assertion that Shell had “announced false or misleading proved reserves and reserves replacement ratios to the market throughout the period 1998 to 2003 inclusive”. (ShellNews.net)

Published: September 17 2004

“My lawyers have advised me that it would be inappropriate for me to discuss publicly the issues that are the subject of this application.”

So wrote Sir Philip Watts, former chairman of Royal Dutch/Shell, yesterday, in a bombshell letter outlining his fightback against the Financial Services Authority.

But there was little need for public discussion. Sir Philip’s missive was posted alongside a devastating 18-page critique, framed by his City of London lawyers Herbert Smith, which contained a detailed rebuttal of the FSA’s Final Notice of 24 August. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA

THE WALL STREET JOURNAL: Shell’s Ousted Ex-Boss Breaks Cover, Slams FSA

“Both of Shell ‘s parent companies – Royal Dutch Petroleum Co., of The Hague, and London-based Shell Transport & Trading Co. – as well as Watts, Van de Vijver and other individuals face purported class action law suits in the U.S. from aggrieved shareholders. Watts and other involved individuals still also face probes from the SEC and the U.S. Justice Department.” (ShellNews.net)

By MARK LONG

September 17, 2004

Of DOW JONES NEWSWIRES

LONDON — Philip Watts, the ousted former chairman of Royal Dutch/Shell Group (RD, SC), broke cover Thursday, accusing the U.K.’s financial regulator of violating his rights and running a flawed investigation into Shell ‘s downgrade of its oil reserves.

“I believe that a full and fair examination of all the facts will demonstrate that I have acted properly and in good faith at all times,” Watts said in a cover letter to a filing requesting that the U.K.’s financial regulator’s appeals board give him a chance to clear his name. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell may present recovery plan

CNNMoney: Shell may present recovery plan

“Royal Dutch/Shell Group is expected to try to put the damaging scandal of its overstated oil reserves behind it when it gives its annual strategy presentation next week.”

Analysts expect details on governance reform, asset disposal and replacing reserves next week.

September 17, 2004:

LONDON (Reuters) – Royal Dutch/Shell Group is expected to try to put the damaging scandal of its overstated oil reserves behind it when it gives its annual strategy presentation next week.

Analysts said they hoped the presentation would give clues on asset disposals, expected changes in Shell’s governance structure and details of how the company plans to achieve its reserve replacement targets in coming years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell ‘to create single board’

London Evening Standard: Shell ‘to create single board’

“ONE OF the most outspoken shareholder activists in Shell believes the creation of a single board under chief executive Jeroen van der Veer is now a ‘fait accompli’.”

Steve Hawkes,

17 September 2004

ONE OF the most outspoken shareholder activists in Shell believes the creation of a single board under chief executive Jeroen van der Veer is now a ‘fait accompli’.

Eric Knight, managing director of Knight Vinke Asset Management, is convinced such a move may be just months away as the Anglo-Dutch group looks to draw a line under its reserves crisis.

He said: ‘We are going to see some changes this year.’

Van der Veer is due to give a crucial strategy presentation in the City next Wednesday and has sought to defer all questions about the review of Shell’s corporate structure until November. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Vision needed to revitalise Shell

London Evening Standard: Vision needed to revitalise Shell

“It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.”

Steve Hawkes,

17 September 2004

SHELL chairman Jeroen van der Veer needs to give the presentation of his life next week, when he steps into the heart of the City to convince sceptics the struggling oil giant is on the way back.

After the worst year in the group’s long, proud history, van der Veer will finally spell out his vision for improving Shell’s reputation, restoring growth and, most importantly, finding more oil.

The setting is suitably ironic. Plaisterers’ Hall, one of the largest livery halls in London, is touted as reflecting the ‘grandeur of a bygone era’. Van der Veer now sorely needs to haul Shell into modern times. Deutsche Bank’s respected oil analyst JJ Traynor says: ‘The seeds of recovery are there … the right presentation could provide the catalyst.’ read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Court documents in Shell Securities Fraud

ACCESSIBLE HERE: THE AMENDED COMPLAINT FILED 13 SEPT 2004 BY BERNSTEIN LIEBHARD & LIFSHITZ LLP, LEAD PLAINTIFF LAWYERS IN A U.S. MULTIBILLION DOLLAR CLASS ACTION LAWSUIT FILED AGAINST THE ROYAL DUTCH PETROLEUM COMPANY, THE “SHELL” TRANSPORT AND TRADING COMPANY PLC, CURRENT & FORMER “SHELL” DIRECTORS, AND SHELL AUDITORS/CONSULTANTS PricewaterhouseCoopers LLP & KPMG Accountants

CIVIL ACTION 04431 IN THE US DISTRICT COURT OF NEW JERSEY

Please note that the Amended Complaint runs to some 250 pages (approx) and is split into the following PDF files, parts 1 to 8: (Adobe Reader is needed to access the files – to download a FREE Adobe Reader click on the adobe link): http://www.adobe.com/products/acrobat/readstep2.html) read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

BBC NEWS: Dozen killed in Lagos fuel blast

BBC NEWS: Dozen killed in Lagos fuel blast

“Nigeria is one of the world’s major oil producers but most of the population lives in poverty.”

17 Sept 04

At least 30 people have been killed in a huge explosion at a fuel pipeline on the outskirts of the Nigerian commercial capital, Lagos, police say.

Fuel caught fire as people were siphoning it from a pipeline in Ijegun, an island suburb north of Lagos.

A fire was still raging on Friday, a day after the explosion, and corpses could be seen floating on the water.

Correspondents say that explosions while people are stealing oil are fairly common in Nigeria.

‘Big industry’

The BBC’s Sola Odunfa says the whole town is deserted because residents fled in case they were arrested. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Illinois sues Shell Pipeline Co.

ABC7Chicago.com: Illinois sues Shell Pipeline Co.

“The Illinois attorney general’s office is suing the subsidiary of Shell Oil Company”: “A spokesman for Shell Pipeline Company says officials did not know that the 200 tons of soil they dumped at a landfill was contaminated with benzene — a chemical that has been linked to cancer”

September 17, 2004

(Geneva, Ill.) — A spokesman for Shell Pipeline Company says officials did not know that the 200 tons of soil they dumped at a landfill was contaminated with benzene — a chemical that has been linked to cancer.

The Illinois attorney general’s office is suing the subsidiary of Shell Oil Company. The lawsuit filed yesterday alleges Shell Pipeline officials knew the soil was contaminated and dumped it illegally in Geneva. The lawsuit asks for Shell Pipeline to pay 50-thousand dollars for each law violation and 10-thousand dollars for each day they have occurred. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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