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Posts from ‘September, 2004’

Shell agrees to cull surplus non-execs

Sunday Telegraph: Shell agrees to cull surplus non-execs

“Executives of Royal Dutch/Shell, the Anglo-Dutch oil giant, have agreed to make a huge cull of its non-executive directors…”: “Meanwhile Judy Boynton, the discredited former finance director, is understood to be likely to agree her severance package in the next two weeks.”: “Her position was seen as untenable after the reserves debacle.”: “It is understood that her package will be close to her contractual terms, which guarantee a payoff worth at least $1m.”

By Sylvia Pfeifer (Filed: 26/09/2004)

Executives of Royal Dutch/Shell, the Anglo-Dutch oil giant, have agreed to make a huge cull of its non-executive directors – the clearest sign yet that the company will unify its two boards next year.

The boards of the two companies – Royal Dutch and Shell Transport & Trading – currently have 16 non-executives between them, far more than the average UK plc board.

The non-execs on the Royal Dutch board include some of Holland’s leading business and political figures, including Wim Kok, the country’s former prime minister. Shell Transport & Trading’s board has nine non-executives. 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

Market miscellany: It’s too early to buy Shell

Sunday Telegraph: Market miscellany: It’s too early to buy Shell

“Over the past year Shell has made a habit of delivering nasty surprises, notably its disastrous admission in January that it had overbooked its proven oil and gas reserves by 25 per cent. Last week the oil giant’s long-awaited strategy presentation for once contained no surprises – but it didn’t impress either.”

Edited by Grant Ringshaw

(Filed: 26/09/2004)

Over the past year Shell has made a habit of delivering nasty surprises, notably its disastrous admission in January that it had overbooked its proven oil and gas reserves by 25 per cent.

Last week the oil giant’s long-awaited strategy presentation for once contained no surprises – but it didn’t impress either. The presentation went some way towards addressing Shell’s fundamental problem – the need to find more oil and gas 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

Nigerian rebels target Agip

News24.com: Nigerian rebels target Agip

“Despite fighting in the area, Shell said there has been no disruption to its production and exports. Shell accounts for roughly half of Nigeria’s daily exports of 2.5 million barrels. Companies fear a repeat of last year’s uprising by members of the Ijaw tribe, which forced them to temporarily shut 40% of the 2.5 million barrel daily output.”

Posted 26 Sept 04

Rome – The Italian oil group Eni said on Sunday that it would continue operations in Nigeria, despite reported threats by a militant group, and denied that its helicopters had been used for military purposes.

“We have no reason to believe that our employees or installations are in danger,” said a spokesperson for the group, which operates in Nigeria through a subsidiary, Agip.

He said production activity was normal.

A local warlord, Mujahid Dokubo-Asari accused Agip of lending helicopters to the military to spy on rebel positions. 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 Build Chemical Plant in Qatar, Energy Minister Says

Bloomberg: Shell May Build Chemical Plant in Qatar, Energy Minister Says

“The Anglo-Dutch company is counting on Qatar to help recover proven reserves, which it said in January had been overstated for years.”

Sept. 26 (Bloomberg) — Royal Dutch/Shell Group agreed to consider building a chemical plant in Qatar that would help convert the nation’s natural gas reserves, the world’s third- largest, into raw materials used in plastics, the Gulf state’s energy minister said.

Shell, in partnership with Qatar Petroleum, is studying the feasibility of building a processing plant to take ethane out of gas produced from Qatar’s North field, the world’s largest, and produce ethylene, used in an array of products from antifreeze to solvents, said Abdullah bin Hamad al-Attiyah in Abu Dhabi. 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

Nigerian Rebels to Widen Conflict, Target Agip

THE NEW YORK TIMES: Nigerian Rebels to Widen Conflict, Target Agip

Companies fear a repeat of last year’s uprising by members of the Ijaw tribe, which forced them temporarily to shut 40 percent of the country’s 2.5 million barrel per day output.: “We have decided to declare Operation Locust Feast which will cover the whole Niger delta. It is going to be an all-out war against the Nigerian state.”

By REUTERS

Published: September 26, 2004

LAGOS (Reuters) – Nigerian rebels battling troops in Africa’s top oil exporter declared on Sunday they would extend their uprising across the whole of the country’s oil-producing southern delta.

A rebel leader told Reuters the conflict, currently focused in the eastern part of the delta, was to force political reforms or gain sovereignty for the impoverished region, adding that his militia would attack Italian oil installations and personnel. 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

Asia Pulse: SHELL PAKISTAN POSTS US$25.5 MLN PROFIT IN 2003-04

Asia Pulse: SHELL PAKISTAN POSTS US$25.5 MLN PROFIT IN 2003-04

Posted Sept 25, 2004

KARACHI, Sept 24 Asia Pulse – Shell Pakistan Limited has posted Rs 1.5 billion (US$25.5 million) profit after tax with an increase in previous year’s earnings of 20 per cent during 2003-04, on the back of improved margins arising from a better product mix and by bringing cost efficiencies in its operations in the country’s oil products market.

“Operating in an intensely competitive market, Shell has delivered a robust performance this year. The company has announced a dividend payout of Rs 35 per share, a testament to shareholders commitment,” 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

Sainsbury and Tesco undercut by Shell

The Independent: Sainsbury and Tesco undercut by Shell

“THE SUPERMARKETS’ reputation as the cheapest petrol retailers was undermined yesterday by research showing Tesco and Sainsbury have both been undercut by Shell.”

By Philip Thornton

Sep 25, 2004

THE SUPERMARKETS’ reputation as the cheapest petrol retailers was undermined yesterday by research showing Tesco and Sainsbury have both been undercut by Shell.

Shell was cheaper than its sector rivals BP, Esso, Texaco and Total and was only undercut by Asda, according to research by Taylor Nelson Sofres (TNS). However, Shell emerged as the anomaly in the survey, with the supermarkets holding three of the four cheapest places in a league table of average prices in the year to 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

Hopes pump up for Shell refinery (Bakersfield)

MSNBC: Hopes pump up for Shell refinery (Bakersfield)

“Shell is not including its pipelines in the sale, which could limit buyer interest and may violate the company’s agreement with the attorney general to make a good-faith effort to find a buyer.”

By Katy Lieber

East Bay Business Times

Updated: 8:00 p.m. ET Sept. 25, 2004

More than 20 companies are interested in buying the Shell Oil Products US refinery in Bakersfield and some have even gone so far as to bid on the property, Shell announced this week.

Interest in the 70,000 barrel-per-day refinery appears to be running high, despite limitations Shell has placed on the potential sale. Shell is not including its pipelines in the sale, which could limit buyer interest and may violate the company’s agreement with the attorney general to make a good-faith effort to find a buyer. 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 evacuates platforms

News24.com: Shell evacuates platforms

“Clashes between troops and militia fighters forced oil giant Royal Dutch/Shell to evacuate two oil facilities in Nigeria’s southern oil region, the company said on Friday.”

Posted 25 Sept 04 (SA)

Lagos – Clashes between troops and militia fighters forced oil giant Royal Dutch/Shell to evacuate two oil facilities in Nigeria’s southern oil region, the company said on Friday.

“The evacuation was just a precautionary safety measure” prompted by clashes near the Soku gas platform and the Ekulama oil pumping station, a company spokesman in Lagos said on condition of anonymity.

Despite fighting in the area, Shell said there has been no disruption to its production and exports. Shell accounts for roughly half of Nigeria’s daily exports of 2.5 million barrels. 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: Shell pulls staff from oil region

BBC News: Shell pulls staff from oil region

“The human rights organisation, Amnesty International… …said that 500 civilians may have been killed and thousands of others displaced in the ongoing security crackdown.”

By Anna Borzello

BBC correspondent in Ilorin, western Nigeria

Posted 25 Sept 04

The Anglo-Dutch oil giant, Shell, has withdrawn staff from oil facilities in Nigeria’s troubled Niger Delta.

The evacuation of 254 non-essential staff follows a new wave of increased violence in the region.

It comes as the military and police increased their operations against armed groups who operate in the swamps and creeks of the Delta.

Nigeria is the sixth largest producer of oil within Opec, but close to 70% of the population live in poverty. 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 : 2 S Nigeria Oil Facilities Evacuated Over Clashes

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Shell : 2 S Nigeria Oil Facilities Evacuated Over Clashes

“The Niger Delta People’s Volunteer Force claims to be fighting for self-determination for an estimated 8 million ethnic Ijaws, the largest tribe in the impoverished oil region where locals accuse joint ventures run by the government and oil companies of cheating them out of wealth produced in their land.”

DOW JONES NEWSWIRES

Posted 25 September 2004

LAGOS, Nigeria (AP)–Clashes between troops and militia fighters forced oil giant Royal Dutch/Shell (RD, SC) to evacuate two oil facilities in Nigeria’s southern oil region, the company said Friday.

“The evacuation was just a precautionary safety measure” prompted by clashes near the Soku gas platform and the Ekulama oil pumping station, a company spokesman in Lagos said on condition of anonymity.

Despite fighting in the area, Shell said there has been no disruption to its production and exports. Shell accounts for roughly half of Nigeria’s daily exports of 2.5 million barrels. 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

Government agrees with Shell, Placid Refining for oil from reserve

San Mateo Daily Journal: Government agrees with Shell, Placid Refining for oil from reserve

WASHINGTON — An agreement has been reached to lend 1.7 million barrels of oil from the government’s Strategic Petroleum Reserve…”

By H. Josef Hebert, AP

25 Sept 04

WASHINGTON — An agreement has been reached to lend 1.7 million barrels of oil from the government’s Strategic Petroleum Reserve to two companies whose refineries were running short of crude because of Hurricane Ivan, the Energy Department said Friday.

The department said 1.4 million barrels of crude would begin flowing Saturday to two Shell Oil refineries, in Texas and Louisiana; and another 300,000 barrels to the Placid Refining Co. in Louisiana.

A number of additional oil swaps stemming from hurricane-related supply disruptions are under negotiation, but department officials would not identify the companies nor the amounts of oil involved. 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

Is BP, Exxon or Shell a model company

Daily Telegraph: City Diary: Shell shocked: “Is BP, Exxon or, er, Shell a “model company setting standards and behaviour and operating practices for a global company”? …which of them “demonstrates honesty, integrity and strong ethical thinking in the conduct of the business”? By this point I can contain myself no more. Shell hardly needs such a silly and expensive exercise to know the answers.”

Edited by Tessa Thorniley

25 Sept 04

My phone rings. A consultancy is carrying out a “corporate reputation study for a global oil business”. Is BP, Exxon or, er, Shell a “model company setting standards and behaviour and operating practices for a global company”?

Then, which of them “demonstrates honesty, integrity and strong ethical thinking in the conduct of the business”? Twenty minutes later comes the killer question. Which descriptions apply to BP, Exxon or Shell: “dynamic, faceless, honest, insensitive, irresponsible, old-fashioned, successful”. 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 clears Nigeria bases

The Scotsman: Shell clears Nigeria bases

OIL giant Royal Dutch/Shell has evacuated two platforms in Nigeria’s southern region, following clashes between troops and militia fighters.

The evacuation was a precautionary safety measure prompted by clashes near the Soku gas platform and the Ekulama oil pumping station, a company spokesman in Lagos said.

Despite fighting in the area, Shell said there has been no disruption to its production and exports.

Shell accounts for roughly half of Nigeria’s daily exports of 2.5 million barrels.

http://news.scotsman.com/international.cfm?id=1124142004 read more

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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

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

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

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 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

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 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

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

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

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 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

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

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

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

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

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

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

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 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

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

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

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

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

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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

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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

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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

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Shell’s New Strategy: Spend, Sell Assets

The New York Times: Shell’s New Strategy: Spend, Sell Assets

“Years of under-investment and scatter-gun exploration of smaller-than-needed prospects has left Shell failing to find more oil and gas than it pumps out of the ground each year.”

By THE ASSOCIATED PRESS

Posted 23 Sept 04

LONDON (AP) — Royal Dutch/Shell Group on Wednesday said it will spend $45 billion and sell off up to $12 billion worth of assets to reinvigorate its underperforming oil and natural gas business.

From 2004 to 2006, the Anglo-Dutch energy giant will spend $15 billion a year on its portfolio of assets. Of that, executives said at a strategy presentation here, $11.5 billion will be spent on the group’s upstream assets — exploration and production, and gas and power. read more

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Troubled Shell puts faith in high oil price for recovery

The Times: Troubled Shell puts faith in high oil price for recovery

“The focus on growth drew scorn from analysts, who said Shell should focus on generating cash. “It was a fairly inept performance,” one said.”

By Carl Mortished, International Business Editor

September 23, 2004

SHELL, the beleaguered oil giant, is pinning its hopes for recovery on long-term high oil prices. In its first strategy presentation since the reserves scandal, the Anglo-Dutch company set out an aggressive plan to rebuild its reserves with more investment and acquisitions.

Jeroen van der Veer, chairman of Royal Dutch/Shell, promised to spend $45 billion (£25 billion) over three years and said that Shell would plan the cashflow on an oil price assumption of $25 per barrel, up from last year’s benchmark of $20. “Higher energy prices are likely to be here for some time. That gives us opportunities,” he said. Oil prices have surged to more than $49 a barrel this year on supply concerns but Shell is the first big oil company to shift its long-term planning scenario to a higher price plane. read more

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Shell spending plans dash buy-back hopes

Financial Times: Shell spending plans dash buy-back hopes

“Royal Dutch/Shell again disappointed the markets… …it dashed hopes for a share buy-back, announcing that it would spend $45bn (€37bn) over the next three years as it seeks to repair the damage caused by its reserves scandal.”

By James Boxell in London

Posted 23 Sept 04

Royal Dutch/Shell again disappointed the markets on Tuesday as it dashed hopes for a share buy-back, announcing that it would spend $45bn (€37bn) over the next three years as it seeks to repair the damage caused by its reserves scandal.

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

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Slick display glosses over difficulties

Financial Times: Slick display glosses over difficulties

“While most observers agreed that its presentation was slick and thoughtfully put together, the lack of underlying substance was also apparent to some.”: “To shift attention away from the reserves debacle, Mr Brinded pointed out that Shell’s underlying resources were still some 60bn barrels of oil, the same as before the reserves readjustment. However, one analyst said Mr Brinded’s highlighting of the 60bn barrel figure was misleading…”

By James Boxell

23 Sept 04

According to analysts, Shell missed a golden opportunity to re-establish its credentials with the market.

While most observers agreed that its presentation was slick and thoughtfully put together, the lack of underlying substance was also apparent to some.

As Peter Nicol, analyst at ABM Amro, puts it: “The challenge is what they do this decade, but all the big projects they mentioned on Wednesday point to the next decade. The presentation really underlines the challenge they face in their upstream business over the next few years.” read more

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Shell’s revival plan falls flat in the City

The Guardian: Shell’s revival plan falls flat in the City

Oil group to invest $45bn with no guarantee that production will increase: “A crucial strategy briefing to reignite City confidence in Shell fell flat yesterday with investors “underwhelmed” by forecasts of flat production growth and no major commitment to share buybacks.”

Terry Macalister

Thursday September 23, 2004

A crucial strategy briefing to reignite City confidence in Shell fell flat yesterday with investors “underwhelmed” by forecasts of flat production growth and no major commitment to share buybacks.

Shares in the troubled oil group fell 3% to 418p as it promised to invest $45bn (£25.1bn) by 2006 but admitted this might not be enough to increase production from current levels – even by 2009.

The company – still reeling from a 20% downgrade in proven reserves in January – also announced plans to sell up to $12bn worth of under-performing assets by 2006. read more

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Companies show interest in Shell’s Bakersfield refinery

KESQNewsChannel3: Companies show interest in Shell’s Bakersfield refinery

23 Sept 04

LOS ANGELES Shell Oil says it has received interest from more than 70 companies to buy its Bakersfield refinery that produces two percent of California’s gasoline.

Shell had agreed to delay the planned closure of the refinery to allow for more time to find a buyer. Shell says more than 20 companies have signed confidentiality agreements, allowing them to enter the sales process.

The company says no new companies will be allowed to enter the sales process.

If no agreement can be reached with a company, Shell said the refinery closure plan will continue. Shell President Lynn Laverty Elsenhans has agreed to keep the refinery running through March 31st _ six months later than the October first planned shutdown date. read more

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Shell fails to impress City with growth plan

The Scotsman: Shell fails to impress City with growth plan

“SHELL yesterday said it would plough $45 billion (£25bn) into the business between 2004 and 2006 to drive organic growth in the wake of the oil reserves overstatement fiasco that prompted big regulatory fines and damaged the group’s City credibility.”

MARTIN FLANAGAN

CITY EDITOR

Thu 23 Sep 2004

SHELL yesterday said it would plough $45 billion (£25bn) into the business between 2004 and 2006 to drive organic growth in the wake of the oil reserves overstatement fiasco that prompted big regulatory fines and damaged the group’s City credibility.

The company also said it planned $10bn (£5.6bn) and $12bn (£6.1bn) of disposals over the period to bolster its balance sheet and give it headroom for possible share buybacks, although the market was disappointed no firmer commitment was made to returning money to shareholders. The shares fell 14.25p, or 3.3 per cent, to 418p. read more

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Wall Street rattled by Fed as Shell fails to please City

The Scotsman: Wall Street rattled by Fed as Shell fails to please City

More questions than answers: “Most investors believe the overstatement of reserves fiasco shows Shell was seriously flawed under the current management structure, and want a single unified board instead.”

MARTIN FLANAGAN
CITY EDITOR

23 Sept 04

THE market’s 3 per cent markdown of Shell’s shares yesterday had little to do with the strategy unveiled in London by the group’s top bods.

It was almost classic textbook stuff in the oil industry at present. Fancy oil prices are making acquisitions difficult to pull off. So instead beef up the capex budget and pour money into organic growth – in Shell’s case $45 billion between 2002 and 2004.

Meanwhile, retire from lots of countries to focus on fewer, more streamlined opportunities – while flogging off vast swathes of the business it does not want anymore. In Shell’s case this runs to $10-$12bn – which is a lot of unwanted fields. read more

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FSA denies Watts’ complaint

Daily Telegraph: FSA denies Watts’ complaint read more

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Shell meaningless management-speak phrases

Daily Telegraph: City comment: For a company that has so long considered itself top of the heap in the oil game, the humiliation inside can only be guessed at. Even Jeroen van der Veer, Shell’s top executive, had to admit the business was in crisis…”: “Shell’s slide show was ghastly. Meaningless management-speak phrases such as “fix and reset the business” and “growth in markets of choice” might have been designed to reassure, but instead showed that Shell’s problems extend beyond its reserves issue.”

Edited by Neil Collins

(Filed: 23/09/2004)

We’ll be running to standstill until 2009, says Shell

Shell unveiled its three-year plan in the appropriately-named Plaisterers’ Hall yesterday. Under a coat of arms with the motto ‘let brotherly love continue’, the shell-shocked senior executives did their best to cover up the cracks with smooth-finish plaster.

Alas, their efforts managed nothing of the kind. Desperate not to make promises that might not be met, the best that they could do was to project maintained production until 2009, by which time some of the results of spending $45billion on holes in the ground might be flowing through. read more

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