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Posts on ‘September 24th, 2004’

Repsol, Shell sign 4 bln usd gas contract with Iran govt – report

AFX Europe (Focus): Repsol, Shell sign 4 bln usd gas contract with Iran govt – report

Posted Sept 24 2004

MADRID (AFX) – Repsol YPF SA and Royal Dutch/Shell have reached an agreement with the Iranian Government to invest 4 bln usd in the extraction and marketing of natural gas from the country, El Pais reported without naming a source.

El Pais cited unnamed sector sources as saying that the agreement covers the construction of two gas platforms in the Persian Gulf and their corresponding processing and storage installations on the mainland, with the aim of producing 7 mln tonnes of LNG per year. read more

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Market in need of a ‘most probable’ reserve estimate: By Eric Knight

Financial Times: Letters: Market in need of a ‘most probable’ reserve estimate: By Eric Knight:

Posted 24 Sept 04

From Mr Eric Knight.

Sir, The reclassification of 23 per cent of Shell’s proved reserves this year cast doubt on both Shell’s governance and the longevity of its reserves. The need to reform Shell’s structure now appears genuinely to have been accepted. Of equal importance, however, is the need to restore confidence in Shell’s reserves.

Oil and gas recoverable from both discovered and undiscovered deposits is known as a company’s resource base. Exploration, acquisitions and technological advancement increase this resource base and are a key indicator of long-term potential. Reserves, which account for part of the resource base, are sub-divided into “possible”, “probable” and “proved”, in order of increasing conservatism. read more

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Shell-shocked

Financial Times: Observer: Shell-shocked

The chairman of the Anglo-Dutch oil giant told yesterday’s strategy meeting that things had got so bad that even those French upstarts at Total had been rumoured to be considering a bid.

Posted 24 Sept 04

Pity poor Jeroen van der Veer, who has had to watch the reputation of his beloved Royal Dutch/Shell take such a pounding since the start of the year. The chairman of the Anglo-Dutch oil giant told yesterday’s strategy meeting that things had got so bad that even those French upstarts at Total had been rumoured to be considering a bid.

This would never have happened in the good old days before the reserves scandal and clearly showed how much work Shell has to do to restore its battered credibility, van der Veer said. read more

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Shell’s service efficiency scheme to boost jobs

Business Times (Malaysia): Shell’s service efficiency scheme to boost jobs

“The official was asked to comment on a news report posted on the rediff.com’s website recently which said that Shell is cutting 600 to 800 IT jobs in the US and relocating them offshore, mainly to India and Malaysia.”

Sep 24, 2004

THE Royal Dutch/Shell group does not outsource its information technology (IT) works to Malaysia but has and will transfer the jobs under its service efficiency programme, providing a boost for the locals to find more jobs.

An official with the company said jobs that have and will be transfered to Malaysia are infrastructure-related, such as applications hosting like server support and first level help-desk activities, including password resets and access managment.

Cyberjaya-based Shell Information Technology International SITI Sdn Bhd alone will see its staff strength increase from the current 1,100 to 1,200 people by the end of the year. read more

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Shell to spend $45bn over three years

Financial Times: Shell to spend $45bn over three years

“Royal Dutch/Shell intends to spend $45bn over the next three years as it looks to repair the damage caused by its oil reserves scandal.”: “They needed to show whether they had the right people in charge to fix things. I think they have failed dismally here.”

By James Boxell in London

Posted 24 September 04

Royal Dutch/Shell intends to spend $45bn over the next three years as it looks to repair the damage caused by its oil reserves scandal.

The Anglo-Dutch oil group, which has been forced to cut levels of proved reserves by more than 20 per cent this year, said at its annual strategy meeting yesterday that most of the cash would be spent on oil exploration and production.

However, analysts were unhappy about the lack of detail in Shell’s plans to boost production over the next few years. read more

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Total tiptoes to Russia

Financial Times: Total tiptoes to Russia

“Quite simply, Total was envisaging a bid for its larger but troubled oil rival Shell. Last week, Mr Desmarest poured cold water on the idea, stating he was not interested in big acquisitions.”: “To qualify for membership of the club of super oil majors, an American dimension is even more necessary than a Russian one. There is an easy way to achieve this: merging with a debilitated Shell before it recovers or is taken over by another rival.”

By Paul Betts

Published: September 24 2004

Total boss Thierry Desmarest is gaining a reputation as the oil industry’s safest pair of hands. Yesterday it was the turn of ratings agency Standard & Poor’s to wax lyrical about the world’s fifth-largest oil group.

Affirming its AA long-term rating on the company’s offer to buy a 25 per cent stake in Russia’s Novatek, S&P praised the French group for its “massive and diversified hydrocarbon assets, a competitive cost structure, a conservative financial profile and policy, and significant financial flexibility”. read more

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Shell supertanker steers into deeper waters

FROM OUR SHELL NEWS ARCHIVE SEPT 2004

The Independent: Michael Harrison’s Outlook: Shell supertanker steers into deeper waters

“brotherly love has been notable for its complete absence inside the South Bank politburo, where the motto has been stab someone in the back before you are made to walk the plank yourself.”: Judging by the reaction in the City to the company’s strategic review, investors are not overflowing with the milk of human kindness either.”

Posted 24 September 2004

“Let brotherly love continue”, read the gilded inscription above the doorway of the livery hall where Shell yesterday unveiled its latest version of what passes for a strategy. Chance would be a fine thing. Far from continuing, brotherly love has been notable for its complete absence inside the South Bank politburo, where the motto has been stab someone in the back before you are made to walk the plank yourself.

Judging by the reaction in the City to the company’s strategic review, investors are not overflowing with the milk of human kindness either. The truth is that Shell will not begin to emerge from the black cloud which enveloped it in January until it has fundamentally changed the way the business is run and governed. That is still some months away and no amount of management gobbledegook about raising performance bars and the like, of which there was plenty on offer yesterday, will make much of a difference in the meantime. read more

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Tax Bill Approval Means Boost For Wind Energy Cos

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: UPDATE: Tax Bill Approval Means Boost For Wind Energy Cos

“The tax credit should also push forward projects sponsored by companies like Shell Wind Energy, which is owned by Royal Dutch/Shell Group”

DOW JONES NEWSWIRES

Posted 24 September 2004

By Maya Jackson Randall

WASHINGTON — Approval of a multi-billion dollar tax bill is likely to boost the development of wind power projects sponsored by companies such as Florida Power & Light (FPL).

Several utilities invested in wind energy projects in 2003 but this year placed those projects on hold until legislators agreed to extend a federal tax credit for wind energy production.

A provision reauthorizing the expiring credit is part of the $146 billion tax bill, poised for approval in the House and Senate on Thursday. read more

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Royal Dutch/Shell, Repsol and the Iranian Government

The Times: Need to Know: “Royal Dutch/Shell and Repsol, the oil and gas giants, have reached a project framework agreement with the Iranian Government…” read more

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Jeroen van der Veer pumping jargon but not profits

The Times: Pumping jargon but not profits

“…there is even a new mantra, Enterprise First, with which to goad the staff into “top-quartile performance”.”

By Carl Mortished

Posted 24 September 2004

“WE WILL strive to make Shell a different company,” Jeroen van der Veer, Shell’s chairman told the City yesterday. He promised better leadership, more accountability and teamwork and there is even a new mantra, Enterprise First, with which to goad the staff into “top-quartile performance”.

Little was said about how the hole revealed in January is to be filled. The biggest offender in the reserves debacle was Nigeria but precious little was said yesterday about how those barrels are to be recovered. read more

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Shell’s great lucky break was that its annus horribilis

The Times: COMMENT: Well, well, well: “Shell has made six “significant finds” since the start of last year and they might have been involved in more had it not, famously, sold for a pittance its stake in the fruitful Mangala field in India to Cairn.”: “…Shell’s great lucky break was that its annus horribilis has coincided with the strongest oil market for more than 20 years.

Posted 24 September 2004

Favoured by a lucky break, Shell has prioritised discovering new reserves. As well it might. By Mike Verdin

The world of the oil giants is a real zoo. Just look at Shell, which has suffered a beastly few months.

First the company dropped a mammoth clanger. Then it ditched its top dog. Now the oil giant has put out an order for big cats.

Since January, Shell has ditched 20 per cent of proven stocks, and axed its chairman, Philip Watts. Now the big cats hold the solution to the company’s reserves problems. read more

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Eerie echo for new Shell boss

London Evening Standard: Eerie echo for new Shell boss

“Whether van der Veer turns out to be the leader Shell needs is not yet clear.”: “another faceless unknown emerged from the depths of a huge oil company to explain why the business was on its knees, why the board had decided to fire the chairman and what he, as the new man in charge, planned to do to put things right.”

Anthony Hilton,

24 September 2004

WATCHING new Shell boss Jeroen van der Veer twist in the wind in front of sceptical analysts and an occasionally hostile Press this week, as he outlined his plan to restore the fortunes of this huge oil company, was eerily reminiscent of a scene acted out in similar circumstances just a few hundred yards away, but in June 1992.

On that earlier, celebrated occasion, another faceless unknown emerged from the depths of a huge oil company to explain why the business was on its knees, why the board had decided to fire the chairman and what he, as the new man in charge, planned to do to put things right. read more

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Jeroen van der Veer, Democratic Dutchman with a charisma bypass

The Guardian: Democratic Dutchman with a charisma bypass

“One of his endearing traits is to ask his exploration director Malcolm Brinded, a more natural performer it must be said, to tell him if he gets things wrong: “Malcolm, check me if I drop the ball,” van der Veer said at one stage.”: “An outsider would be better suited for that post, especially as van der Veer’s name comes up, along with other Shell directors, in class actions in the US. It must be hard to focus on the way forward with the cloud of the past hanging over you…”

Terry Macalister

Posted 24 September 2004

In the halcyon days pre-January, Shell used to summon analysts and the media to its landmark tower overlooking the Thames.

Those occasions were presided over by former chairmen Sir Philip Watts or Sir Mark Moody-Stuart with a certain hauteur.

Now, the trouble-prone group prefers to keep oil-watchers out of its headquarters, and yesterday used the Plaisterers Hall near the Barbican for what it had billed as a major strategy briefing.

Another break with the past is that current chairman Jeroen van der Veer is a democratic Dutchman who could not do smugness if he tried. read more

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Shell evacuates staff from Nigerian delta conflict

AlertNet.Org: Shell evacuates staff from Nigerian delta conflict

“Anglo-Dutch oil giant Royal Dutch/Shell has evacuated non-essential staff from two flow stations in the Niger delta, where Nigerian government forces have been attacking rebel militia, a company spokesman said on Friday.”

By Tom Ashby

24 Sep 2004

LAGOS, Sept 24 (Reuters) – Anglo-Dutch oil giant Royal Dutch/Shellhas evacuated non-essential staff from two flow stations in the Niger delta, where Nigerian government forces have been attacking rebel militia, a company spokesman said on Friday.

The decision was taken as a precaution after the company noted troop movements on Thursday around the installations at Soku and Ekulama, near Rivers state capital Port Harcourt, the spokesman added, and oil production has not been affected. read more

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Shell & Repsol Sign 4 Billion Dollar Natural Gas Deal With Iran

payvand.com: Shell & Repsol Sign 4 Billion Dollar Natural Gas Deal With Iran

9/24/04

Madrid, Sept 23, IRNA — Iran signs a dlrs four billion contract with Spanish-Argentine oil giant Repsol YPF and Anglo-Dutch Shell for production of natural gas in the Persian Gulf.

Spanish daily El Pais wrote on Thursday that under the contract, the two companies will start operations in Iran as of 2010 for extraction and sale of natural gas.

National Iranian Oil Company (NIOC) will be a party to the contract under which the bidders will set up two oil platforms in the Persian Gulf as well as installations for refining and storage of oil. read more

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Shell evacuates staff from Nigerian conflict

Reuters: Shell evacuates staff from Nigerian conflict

“Multinational oil giant Royal Dutch/Shell has evacuated non-essential staff from two oil production plants in Nigeria where troops are fighting a major offensive against rebel militia, a spokesman said.”

By Tom Ashby

Fri 24 September, 2004

LAGOS (Reuters) – Multinational oil giant Royal Dutch/Shell has evacuated non-essential staff from two oil production plants in Nigeria where troops are fighting a major offensive against rebel militia, a spokesman said.

The decision was taken as a precaution after the company noted troop movements on Thursday around the Soku and Ekulama flow stations, which gather oil from wells near the oil city Port Harcourt, he added. Oil production has not been affected. 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 Oil Evacuates Employees from Niger Delta in Nigeria

Voice of America: Shell Oil Evacuates Employees from Niger Delta in Nigeria

Carrie Giardino

Abidjan

24 Sep 2004, 14:14 UTC

Shell oil company is evacuating non-essential employees from the Niger Delta area in Nigeria amid fears of clashes between government forces and armed bandits operating in the region.

London-based Shell spokesman Simon Buerk says recent skirmishes between military forces and armed militias in parts of the Niger Delta have led to the evacuation.

“There are basically reports about growing insecurity in the area and we have evacuated about 235 non-essential personnel from our facilities in the Soku and Ekulama areas which are in the eastern Niger Delta and currently there is no production impact,” Mr. Buerk explained. read more

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Shell’s long game strategy set to test the market’s patience

Daily Mail: Long game strategy set to test the market’s patience

By Brian O’Connor

Posted 24 Sept 04

SHELL is playing a long game – and testing the market’s patience. It plans £25bn capital spending to restore its oil and gas reserves and cash in on high oil prices.

New chief executive Jeroen van der Veer is stepping up the pace of disposals to between £5.6bn and £6.7bn over three years. He has had an ‘unsolicited approach’ for Shell’s bottled propane gas business. Believed to make £220m operating profits, it could be worth up to £1.7bn. read more

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Shell clams up on reforms

Daily Mail: Shell clams up on reforms:

“SHELL’S attempt to put the reserves scandal behind it by blitzing investors with some big spending numbers did not inspire market confidence. The company faces a huge credibility gap over its past exploration failures, so there is not much optimism…”

Alex Brummer,

Posted 24 September 2004

SHELL’S attempt to put the reserves scandal behind it by blitzing investors with some big spending numbers did not inspire market confidence.

The company faces a huge credibility gap over its past exploration failures, so there is not much optimism that upping exploration and production spending to $15bn a year will necessarily produce a turnaround by 2009.

Investors would rather see more of the benefits of high oil prices returned by share buybacks, as at BP, than trust Shell’s pledges of wonderful returns. read more

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Training is the key to avoiding new Shell fiasco

Daily Express: Training is the key to avoiding new fiasco: “SHELL has so far trained more than 2,000 staff to ensure the way they book future oil reserves will meet regulations laid down by the US watchdog, the Securities and Exchange Commission.”

Posted 24 Sept 04

SHELL has so far trained more than 2,000 staff to ensure the way they book future oil reserves will meet regulations laid down by the US watchdog, the Securities and Exchange Commission.

Exploration and production chief Malcolm Brinded said the group also planned to have more than 3,000 employees versed in SEC compliance tactics by the end of this month.

It was a failure to comply 1 with SEC guidelines, partly the result of slack internal and external controls, that led to the shock reserves downgrade earlier this year. The firm has also hired a series of external reserves auditors to ensure the debacle will not happen again. 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 pumps in £25bn to restore reputation

Daily Express: Shell pumps in £25bn to restore reputation

By Andrew Johnson

Posted 24 Sept 04

OIL GIANT Shell is to step up investment by 20 per cent to $45billion (£25billion) for the next three years in a major shake-up designed to restore the group’s battered reputation.

More than $34billion has been earmarked for the group’s exploration and production arm, the division at the centre of the scandal which saw nearly 4.5 billion barrels wiped off the Anglo-Dutch oil giant’s reserves.

The focus is on bringing oil and gas fields on line and turning potential into production. However, $4.5billion will be spent searching for oil resources, an area in which Shell has under-invested until recently. read more

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Shell spends big to recoup ‘lost’ oil

The Age (Australia): Shell spends big to recoup ‘lost’ oil

“Managing director of exploration and production Malcolm Brinded admitted that Shell’s reserve replacement rate would only be 100 per cent over the next five years – less if the “lost” barrels were excluded.”

By Christopher Hope

London

September 24, 2004

Shell has pledged to spend more cash on finding oil and gas over the next three years as the world’s No.3 oil company admitted that its production was likely to be flat until 2009.

Shell also said it would sell $US10 billion to $US12 billion ($A14-$A17 billion) of non-core assets as part of an “urgent need” to restore its position after “losing” 4.4 billion barrels of proven oil and gas this year.

Unveiling Shell’s strategy for the next three years, Jeroen van der Veer, chairman of the committee of managing directors, admitted that production “is expected to grow to between 3.8 million and 4 million barrels per day by 2009”, well behind where rival BP is likely to be. Shell’s output last year was 3.9 million barrels a day. read more

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Oil’s not well for Shell directors

FROM OUR SHELL NEWS ARCHIVE SEPT 2004

The Times: Oil’s not well for Shell directors

“The debacle over the reserves lifted the lid on an organisation that appears to have knowingly deceived investors.”: “It was when Sir Mark Moody-Stuart was in charge in 1998 that a paper was produced under the title: Creating Value through Entrepreneurial Management of Hydrocarbon Resource Values. Inflating the reserve figures certainly did that.”

By Patience Wheatcroft

Business Editor’s Commentary

Posted 24 Sept 04

SHELL directors are looking into an abyss when they would prefer to be gazing down an oil well. For years the company has been using its reserves faster than it has been replenishing them and it does not take a highly qualified petroleum engineer to tell that continuation of that strategy does not make for a happy future.

So although Jeroen van der Veer and his colleagues must have known that, in the wake of the devastating reserves scandal, a more cautious approach to business might be appropriate, they have decided this was an option they could not afford. So Shell is taking a deep breath and hoping the oil price is going to remain high while it goes off in search of new wells whose contents are likely to be rather more expensive to retrieve than it would wish. read more

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Oil stocks rally on joint venture discovery off Sabah

Business Times (Malaysia): Oil stocks rally on joint venture discovery off Sabah

“SELECTED oil-related counters closed higher yesterday on heavy volume following news of a major oil discovery off Sabah by a Shell-Petronas Carigali- Conoco Phillips joint venture, dealers said.”

Sep 24, 2004

SELECTED oil-related counters closed higher yesterday on heavy volume following news of a major oil discovery off Sabah by a Shell-Petronas Carigali- Conoco Phillips joint venture, dealers said.

They said the new discovery is expected to benefit not only the oil companies but also the providers of ancillary services to the industry, such as Scomi Group Bhd and SapuraCrest Petroleum Bhd.

Sentiment on SapuraCrest shares was also lifted by its sterling financial performance for the second quarter ended July. Its net profit grew 94 per cent quarter-on-quarter to RM20.2 million, while turnover surged 97 per cent to RM275.4 million. 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

Major oil discovery off Sabah

New Straits Times (Malaysia): Major oil discovery off Sabah ..LD: KUALA LUMPUR, Wed. – Shell Malaysia announced today that a Shell-Petronas Carigali-Conoco Phillips joint venture has made another important oil discovery in waters offshore Sabah. The discovery was made by the Malikai-1

Posted 24 Sept 04

KUALA LUMPUR, Wed. – Shell Malaysia announced today that a Shell-Petronas Carigali-Conoco Phillips joint venture has made another important oil discovery in waters offshore Sabah.

The discovery was made by the Malikai-1 exploration well, located in deepwater Block G, in waters on the northwest of Sabah.

Shell Malaysia’s upstream company, Sabah Shell Petroleum Company Ltd, is the operator of Block G on behalf of this partnership.

“The Malikai-1 exploration well encountered a long oil column in very good quality reservoirs. Initial indications are that the Malikai crude oil is of a high quality. This is another pleasing discovery,” Shell Malaysia chairman Datuk Jon Chadwick said in a statement. read more

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Shell pledges $45bn to rebuild reserves and reputation

Lloyds List: Shell pledges $45bn to rebuild reserves and reputation

“The strategic review is designed to restore investor confidence after Shell’s shock disclosure in January that it had wrongly accounted for a fifth of its oil reserves.”

Posted 24 Sept 04

Shell is lifting its capital spending to $45bn over the next three years in a bid to expand the group’s oil and gas reserves and extend its ‘leadership position’ in liquefied natural gas, writes Tony Gray.

The oil major also disclosed plans to sell $10bn to $12bn of assets between 2004 and 2006, and an approach to buy its global liquefied petroleum gas distribution and marketing business.

The strategic review is designed to restore investor confidence after Shell’s shock disclosure in January that it had wrongly accounted for a fifth 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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