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Posts on ‘September 19th, 2004’

Open Season On Big Oil

Business Week: Open Season On Big Oil

An angry public wants quick relief from high prices. Here’s why none is in sight: “Even promising projects are becoming harder to pull off — a reality underlined this summer when Royal Dutch/Shell estimated that its Sakhalin II gas project in Russia would wind up costing $20 billion, double earlier forecasts.”

Monday 19 Sept 2005

John Browne, the chief executive of BP PLC (BP), the largest producer of oil and gas in the U.S., is already spending $14.5 billion this year on exploration and production and other capital projects, and he would like to do even more. “Could we expand our investment upstream?” he says in an interview in his office overlooking London’s St. James’s Square. “The answer is we have plenty of opportunities to do that. But we can’t find the rigs, the service contracting, all the things we need to get it done.” 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 Has A Chance To Impress With Strategy Update

THE WALL STREET JOURNAL: Shell Has A Chance To Impress With Strategy Update

“management will Wednesday try to convince the market that the humbled Anglo-Dutch oil giant is on the road to recovery after years of weak performance and a headline-grabbing reserves scandal.”

By MARK LONG

Of DOW JONES NEWSWIRES

Posted 19 Sept 04

LONDON — Royal Dutch/Shell Group’s (RD, SC) management will Wednesday try to convince the market that the humbled Anglo-Dutch oil giant is on the road to recovery after years of weak performance and a headline-grabbing reserves scandal.

A long-anticipated strategy presentation in London may well disappoint Shell watchers eager for an update on possible changes to the group’s century-old corporate structure. Chairman Jeroen van der Veer just Thursday reiterated that the results of a comprehensive structure review won’t come 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

Opec paying price for ban on oil majors

The Business: Opec paying price for ban on oil majors

“Qatar, eager to catch up in the Middle East, has given Exxon Mobil, Total and Royal Dutch/Shell stakes in the North Field and used them to build liquefied natural gas schemes.”

By Richard Orange

19 Sept 04

TO Qatar it is the North Field, to Iran it is called South Pars. Whichever you choose, the reservoir beneath the Gulf, shared between the two countries, holds more natural gas than any other in the world and a significant amount of oil. How the countries have handled its exploitation demonstrates the importance of doing deals with the oil majors.

Last week the majors called on delegates at the Opec conference to open up their territories to investment. The main reason they gave was to beat the shortage of oil production capacity; cynics would say they are salivating at the prospect of new business. 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

Being beastly to Sir Philip Watts, the ousted former chairman of Shell

Sunday Telegraph: City Diary: Hedge Hopper

“Martyn Hopper of Herbert Smith is the legal beagle sinking his teeth into the Financial Services Authority for being beastly to Sir Philip Watts, the ousted former chairman of Shell.”

By Robert Watts

Martyn Hopper of Herbert Smith is the legal beagle sinking his teeth into the Financial Services Authority for being beastly to Sir Philip Watts, the ousted former chairman of Shell. Watts and Hopper allege the City policeman has produced a “fundamentally flawed” report into the fiasco of the oil giant’s overbooking of reserves and has stomped all over the veteran oil man’s rights.

But who is Hopper? Err, he’s none other than the former head of the FSA enforcement division’s Market Integrity Group (the inquisitors of the City’s rampers and dodgers). 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 weighs multi-billion share buyback to win over investors

Independent On Sunday: Shell weighs multi-billion share buyback to win over investors

“Shell, the tarnished oil giant…”

By Tim Webb

19 September 2004

Shell, the tarnished oil giant, is considering buying back billions of pounds’ worth of its shares in a bid to restore investor confidence.

The news comes as new chairman Jeroen van der Veer prepares to convince the City this week that he can turn the company around as he unveils his delayed annual strategy presentation.

The Dutchman will announce a wide-ranging review of Shell’s oil exploration and production business in a bid to reverse lagging output and reserves figures. 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 scrap dual board structure’

The Observer: Shell ‘to scrap dual board structure’

“Shell chief executive Jeroen van der Veer has accepted that the beleaguered Anglo-Dutch oil company must overhaul its complicated structure and introduce a single board, according to a key investor.”

Oliver Morgan, industrial correspondent

Sunday September 19, 2004

Shell chief executive Jeroen van der Veer has accepted that the beleaguered Anglo-Dutch oil company must overhaul its complicated structure and introduce a single board, according to a key investor.

Eric Knight is managing director of Knight Vinke Asset Management and was one of the most vocal critics of Shell’s management structure in the months after the oil company revealed it had over-booked its reserves. He now says he is satisfied van der Veer has decided to make the move. 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

When Shell freezes over

The Observer: When Shell freezes over

“The Anglo-Dutch group will tighten up its sloppy board structure, which arguably contributed to the reserves scandal. Power will be concentrated in one board, rather than three, and the group will have a single chief executive. But big deal. That’s what most sensible companies do already.”

Richard Wachman

Sunday September 19, 2004

If anyone thinks that Royal Dutch Shell is going to make an earth-shattering announcement at its long-awaited City strategy briefing this week, they will probably be disappointed. The wheels turn exceptionally slowly at Shell.

Take the long-running review of corporate governance that has been going on since Easter, unveiled in the wake of revelations that Shell had improperly booked 20 per cent of its oil and natural gas reserves.

In the months that followed, three senior executives walked the plank and Shell has paid $151 million in fines to regulators on both sides of the Atlantic. It still faces a probe by the US Department of Justice. But results of the internal review into how corporate governance could be improved will not be known until November. And it will probably end up telling us what we always suspected. 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

Different approaches to dealing with shame

Sunday Herald: Different approaches to dealing with shame

“Now, most people confronted with the evidence displayed in an e-mail trail between senior people in the company discussing reserves going back more than two years would have opted for keeping their headdown. Not Sir Philip.”: “Mind you, with the number of other investigations still being conducted into the Shell reserves affair, it was unlikely that Sir Philip was going to be free of “my learned friends” any time soon.”

Scandal Monger

Ken Symon

19 September 2004

We saw two very different reactions from individuals to their embroilment in scandal over the last week and both were pretty surprising.

Sir Philip Watts caused more than a few raised eyebrows in business circles this weekend as he launched a fightback against the City watchdog, the Financial Services Authority (FSA).

In an interview with the Financial Times he challenged the FSA’s findings on the oil reserves scandal at Royal Dutch/Shell, where he was formerly chairman. 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

Eyes on Shell again as new boss tries to fight back

Scotland On Sunday: Eyes on Shell again as new boss tries to fight back

“…Cairn Energy – the Edinburgh firm which looks set to rake in bucketloads of cash from Indian assets it bought for a song from Shell – officially begins trading on the FTSE100 tomorrow.”

IAIN DEY

19 Sept 04

SHELL is set to find itself the centre of the market’s attention yet again this week as it unveils the findings of its strategic review.

The oil giant’s new chairman, Jeroen van der Veer, and his head of exploration, Malcolm Brinded, will try to draw a line under the reserves reporting scandal which hammered its shares earlier in the year.

But investors are expected to have to wait until November to hear details of any changes to its baroque corporate structure – which remains the biggest issue for the City. 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

Did the great Shell really falsify its oil reserves

The Observer: Our red badge of failure: “Did the great Shell really falsify its oil reserves over many years, with top people conniving at, instead of jumping on, the deceit?”: “Yes, they did.”

Robert Heller argues that the British can manage – just not on a large scale

Sunday September 19, 2004

The British economic miracle, if that’s what it is, has been achieved without any marvels from manufacturing. Once, that would have been impossible. But today, so New Labour and several pundits assert, the thing-makers of industry don’t matter.

How rising incomes are achieved is insignificant. So long as Brits earn more, even if only for their services as over-paid lawyers, the GDP will rise, and they can go on cocking snooks at the labouring continental economies. Manufacturers begin at Calais – and so what? 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

Day of destiny draws near at troubled Shell

THE MAIL ON SUNDAY: Day of destiny draws near at troubled Shell

“Shares in Shell fell as low as 348p in the wake of the scandal, and while it has since regained its pre-crisis level, it is still lagging far behind rival BP…”

19 Sept 2004

LONG-suffering investors in Shell will hope that the coming week will mark a watershed in the oil giant’s recent troubles.

The chairman of the Anglo-Dutch company, Jeroen van der Veer, will stand up in front of City analysts and top institutions on Wednesday to deliver the group’s latest strategic plan. It will certainly be the defining moment of his career. It may well also be the defining moment for the future of the once-great Royal Dutch Shell group.

The company’s shares have been nudging 420p for much of this month in apparent anticipation that this week’s presentation will draw a convincing line under the difficult year and outline a clear path to recovery. The 420p mark is roughly where they stood at the start of the year before the firm’s devastating announcement that it had overstated the scale of its oil reserves. 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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