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Posts on ‘September 20th, 2004’

Asia Pulse: ANGOLA BLOCKS INDIAN DEAL TO BUY SHELL STAKE IN OIL FIELD

Asia Pulse: ANGOLA BLOCKS INDIAN DEAL TO BUY SHELL STAKE IN OIL FIELD

Sep 20, 2004

NEW DELHI, Sept 20 Asia Pulse – ONGC Videsh Ltd’s attempt to buy oil major Shell’s stake in a 10 million tonnes per annum oil field in Angola is unlikely to go through with Luanda deciding to block the deal.

Petroleum Minister Mani Shankar Aiyar met Angolan Minister for Petroleum Desiderio da Graca Verissimo e Costa on the sidelines of an OPEC conference in Vienna, but could only extract an assurance that Angola would consider farming-in OVL after Shell’s 50 per cent stake in the block is taken over by Sonangol. 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

Parlous state of Shell’s oil exploration business

Financial Times: “While Royal Dutch/Shell has been grappling with its corporate structure in the wake of the scandal over its overbooking of reserves, attention has been drawn away from the parlous state of its oil exploration business.”

20 Sept 04

While Royal Dutch/Shell has been grappling with its corporate structure in the wake of the scandal over its overbooking of reserves, attention has been drawn away from the parlous state of its oil exploration business.

Wednesday’s strategy review will give the Anglo- Dutch group the opportunity to show how it is getting back to the fundamental business of finding oil. Its reserve replacement rate – the level at which it replaces the oil that it pulls from the ground – is running at a deeply unimpressive 60-80 per cent this year. The company is aiming to get this back up to 100 per cent over the next five 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

Hand-outs to Sir Philip Watts and Walter van de Vijver a disgrace

The Scotsman: Comment: “Walter van de Vijver, head of exploration at Shell, got £2.5m and his boss Sir Philip Watts £1.1m. These hand-outs are a disgrace. They undermine popular capitalism. They throw goodwill down the drain.”: “Little wonder small investors are turning away in droves from the stock market.”

Posted 20 Sept 04

JUST when – if ever – will the boardroom pay bonanza come to an end?

Case after case of huge pay-outs to directors sparks shareholder fury. But the gilded, rotten caravan rolls on.

Now come two fresh cases that will stir controversy. Yesterday it emerged that Abbey National chief executive Luqman Arnold is set to make £5.1 million through Banco Santander’s likely £8.8 billion offer.

He stands to get up to £3.5m from share options. And he is also due to receive a £1.6m termination payment when he quits next June. 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

FSA chief pledges to ‘make an example’ of groups breaching rules

Financial Times: FSA chief pledges to ‘make an example’ of groups breaching rules

“He indicated that the record £17m fine imposed on Royal Dutch/Shell for overstating its oil reserves set a new benchmark for the level of fines that would be levied on leading companies that failed to discharge their responsibilities to investors.”

By Krishna Guha

Published: September 20 2004

The Financial Services Authority will “make an example” of companies and individuals that breach its regulations, its chairman has warned.

Signalling there would be no let-up in the crackdown on market abuse, Callum McCarthy said making examples of wrongdoers was the only way to get the regulator’s message across and change corporate behaviour.

He indicated that the record £17m fine imposed on Royal Dutch/Shell for overstating its oil reserves set a new benchmark for the level of fines that would be levied on leading companies that failed to discharge their responsibilities to investors. 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

NLNG still faces challenges

Financial Times: NLNG still faces challenges

“Investors in the $12bn project – the Nigerian government and oil companies Royal Dutch/Shell, Total and Eni – are hoping the optimism surrounding the project will survive challenges presented by Nigeria and the world gas market.”

By Michael Peel

Published: September 20 2004

Badewa Adewumi, a plant operator at the Nigeria Liquefied Natural Gas (NLNG) production facility at Bonny Island, shows off its immense domed storage tanks and a cooling system. The scale shows how the facility has progressed from shipping its first cargo five years ago to becoming one of the world’s most ambitious natural gas projects.

“When I got the job, I said at the interview: ‘I hope it’s going to last’,” Mr Adewumi says. “They said: ‘Yeah, sure’. It’s been worth it.” 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 asks publisher how to manage its Anglo-Dutch split

Daily Telegraph: Shell asks publisher how to manage its Anglo-Dutch split

“Executives at crisis-hit oil and gas giant Shell have approached Reed Elsevier for tips on how to copy its management structure”

By David Litterick and Christopher Hope (Filed: 20/09/2004)

Executives at crisis-hit oil and gas giant Shell have approached Reed Elsevier for tips on how to copy its management structure as the Anglo-Dutch group seeks ways to improve its corporate governance.

Sir Crispin Davis: completed the unification of Reed Elsevier’s boards

The news is the clearest signal yet that Shell is moving towards combining its two boards, as Reed has done, rather than spend hundreds of millions of pounds merging its UK and Dutch businesses. 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

Daily Mail: Shell launches charm offensive

Daily Mail: Shell launches charm offensive

“Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.”

20 September 2004,

SHELL will this week beat the drum about slimming down its sprawling global empire. Chief executive Jeroen van der Veer can point to up to £5.6bn of likely proceeds from a growing list of disposals.

But his major City presentation on Wednesday needs to convince investors that the sales cash will not be soaked up in cost overruns on major projects.

The best news of all would be some sizable new discoveries. Shell has been drilling actively in the Gulf of Mexico, Nigeria, Morocco and Malaysia. It is also seeking to line up a big gas deal in Libya. Its £1.1bn share buyback programme is likely to be stepped up. 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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