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Shell News Monday, 7 February 2005

Feb 7th, 2005
by John Donovan.

Shell News Monday, 7 February 2005

FINANCIAL TIMES: Rolls-Royce’s soaring shares under the spotlight: “While Shell warned that it only replaced between 15 and 25 per cent of the reserves it depleted last year, BP’s replacement ratio is expected to be more than 100 per cent.” (ShellNews.net) 7 Feb 05

THE LONDON TIMES: Oil giants train their sights on Huntsman stock market debut: “Shell is in talks with several potential buyers for Basell, the oil company’s joint venture with BASF, the German chemical conglomerate. A business with a history of losses…” (ShellNews.net) 7 Feb 05

BLOOMBERG: U.K.’s Brown Calls for Oil Producers to Reveal Reserves, Output: “…Shell reduced its estimate of 2003 reserves by 9.8 percent and said its holdings may not rise until next year. Because of the lost reserves, first disclosed in January 2004, Shell paid $151.5 million in U.S. and U.K. fines and dismissed three executives. The U.S. Justice Department is conducting a criminal probe.” (ShellNews.net) Posted 7 Feb 05

Daily Telegraph (UK): Shell plays it safe over oil reserves: “Shell, the energy giant which is battling to restore its credibility after overstating its proven oil and gas reserves by a third, now has “the most conservative booking policy” of all its rivals, according to a leading industry analyst.”: “Last week Shell admitted that it had a reserve replacement rate of just 45pc to 55pc in 2004” (ShellNews.net) 7 Feb 05

Daily Mirror (UK)): THE TAXMAN SHOULD MAKE FATCATS SHELL OUT: “There’s never a shortage of cash when one of the top brass is forced to admit a mistake or is caught with their fingers in the till. Shell’s chairman Sir Philip Watts was forced to quit last year, after it emerged that the firm had misled the City about the size of its oil reserves. He left with a £1million pay-off and £580,000-a-year pension.” (ShellNews.net) 7 Feb 05

ChinaView.cn: G7 calls for oil information: “Transparency and data is key to the smooth operation of markets,” G7 finance ministers said in a statement after two days of talks ended on Saturday.”: “Earlier this week, Shell reduced its estimate of 2003 reserves by 9.8 per cent and said its holdings may not rise until next year. Because of the lost reserves, first disclosed in January 2004, Shell paid US$151.5 million in US and British fines and dismissed three executives.” (ShellNews.net) 7 Feb 05

D Business News (Austin Texas): Science program partners with Shell Oil: “The Texas Regional Collaboratives for Excellence in Science Teaching (TRC) at The University of Texas at Austin announced today that it has received a $1 million grant from Shell Oil Company” (ShellNews.net) 7 Feb 05

MarketWatch: Shell, BASF narrow bidders to three (ShellNews.net) Posted 7 Feb 05

Yahoo! News: Shell not selling Argentina and Chile units: “Royal Dutch/Shell Group has decided not to sell its Argentine or Chilean assets: “Juan Jose Aranguren, president of Shell Argentina, made the disclosure on Sunday less than a week after Venezuelan President Hugo Chavez said his state-owned oil firm PDVSA was in talks to buy Shell Argentina.” (ShellNews.net) 7 Feb 05

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Posted in: BP, Oil, Royal Dutch Shell Plc, Shell Oil Reserves Scandal, Sir Philip Watts.

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