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Royal Dutch Shell News Thursday 24 February 2005

Feb 24th, 2005
by John Donovan.

Royal Dutch Shell News Thursday, 24 February 2005

DAILY MAIL (UK): Shell close to a gas megadeal with Qatar: “Reports from the Arabian Gulf say Shell will shortly agree with Qatar Petroleum to export £4bn of liquefied natural gas to the US. A deal would help Shell to replace some of its depleted oil and gas reserves. In London, someone paid £343m for 70m Shell shares at 490.63p – a deal that dominated the day’s trading. Shell would not comment.” (ShellNews.net) 24 Feb 05

La Société: Shell appoints Graeme Sweeney CEO Shell Renewables and President Shell Hydrogen: “We have found a first class successor in Graeme.  He brings with him a wealth of experience and all the skills and knowledge necessary to continue to develop this important part of Shell’s new energy portfolio.” said Linda Cook, Executive Director Gas & Power and a Managing Director Royal Dutch Petroleum Company…” (ShellNews.net) 24 Feb 05

FINANCIAL TIMES: Basell notes at risk of a downgrade: “Moody’s Investors Service, the credit rating agency, has placed… Basell America Finance Corporation and Basell Finance Company, a joint venture owned by Shell and BASF, on review for possible downgrade.”: “Shell and BASF put the company up for sale a year ago as part of Shell’s plan to shed between $12bn and $15bn in non-core assets over three years.” (ShellNews.net) 24 Feb 05

THE INDEPENDENT (UK): Oil industry urges overhaul of SEC reserve rules: “The report, paid for by the world’s oil majors and produced by Cambridge Energy Research Associates (Cera), an independent and well-respected US consultancy, said the SEC’s system was outdated, unnecessarily conservative and unrealistic as a measure of future production.”: “The SEC’s rules, which date back nearly 30 years, have been at the centre of attention since Shell was forced to unbook a third of its proven reserves last year. It subsequently fired its chairman Sir Philip Watts and agreed to pay £83m in fines to the SEC and the UK’s Financial Services Authority for misleading investors.” (ShellNews.net) 24 Feb 05

DAILY TELEGRAPH (UK): Oil majors back attack on SEC rules: “The SEC is under pressure to reform its strict treatment of companies’ oil and gas reserves. The issue has come under the spotlight since Shell admitted that, under the SEC’s “proven” definition, it had exaggerated its reserves by a third.” (ShellNews.net) 24 Feb 05

THE LONDON TIMES: Trend watch – succession planning: We have a cunning plan to take over: “However, succession planning is never a done deal. Shell recently found that external forces can undermine the best-laid plans when its internal “people survey” found that less than half of its workforce felt that the company was well led, this after the company’s well-publicised oil reserves crisis.” (ShellNews.net) 24 Feb 05

FINANCIAL TIMES: US stands alone on oil reserves rule: “Daniel Yergin, Cera’s chairman, says there is “a compelling case for modernising the [SEC] system” to improve transparency and win back investor confidence in a system dented by the huge downgrades at Royal Dutch/Shell and El Paso.” (ShellNews.net) 24 Feb 05

New Zealand Herald: Shell puts loyalty to the test: “”Fly Buys helped Shell move from No 3 in the market to No 1…”: “There’s no question about its importance to Shell’s marketing strategy during the past eight years.” If some customers did become “brassed off” because of the change and bought elsewhere then that was the price to be paid for limiting the scheme.” (ShellNews.net) 24 Feb 05

THE LONDON TIMES: Need to Know: “Royal Dutch/Shell, the oil giant, and ERG of Italy have agreed to build a €400 million (£280 million) liquefied natural gas (LNG) import terminal in Sicily, adding to a string of LNG projects that are being developed along Italy’s coast.” (ShellNews.net) 24 Feb 05

THE GUARDIAN (UK): Activists voice dismay at BP’s pay plan for directors: “BP rival Shell is also talking to its major shareholders about the package for Jeroen van der Veer, the company’s first chief executive. He earned less than £800,000 last year – mainly due to no bonuses being paid in the aftermath of the oil reserves scandal – but the company wants to put him on an even footing with other FTSE 100 chief executives. (ShellNews.net) 24 Feb 05

THE WALL STREET JOURNAL:Shell, Qatar Set To Unveil $8B LNG Contract Sun –Sources: “Royal Dutch/Shell (RD, SC) is set to unveil an $8 billion agreement with state-owned Qatar Petroleum Sunday to export liquefied natural gas to the U.S., people familiar with the situation said Wednesday. The contract will boost Qatar’s ambition to become the world’s largest natural gas producer by 2011 and strengthen the Anglo-Dutch oil major’s number one position as a private supplier.” (ShellNews.net) Posted 24 Feb 05

FINANCIAL TIMES: SEC oil reserves yardstick ‘outmoded’: “Long-running industry discontent with SEC oversight has been magnified by the huge write-downs in reserves made last year at Royal Dutch/Shell and El Paso, the US gas group, which damaged investor confidence in what is viewed as a crucial valuation measure.” (ShellNews.net) Posted 24 Feb 05

AFX Asia (Focus): Shell Malaysia Q4 net profit record high, thanks to strong refining margins (ShellNews.net) Posted 24 Feb 05

allAfrica.com: Ijaw Oppose Shell’s Move to Transfer $1.5bn Lawsuit: “The Ijaw aborigines had through their political leaders and representatives, Chief Pere Ajuwa and Mr. Ingo Mac-Etteli instituted a $1.5 billion lawsuit against Shell Petroleum Development Company Limited in December 2000 as compensatory claims to the environmental degradation and multiple oil spillages arising from oil exploration” (ShellNews.net) Posted 24 Feb 05

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Posted in: Alternative Fuels, Oil, Royal Dutch Shell Plc, Shell Oil Reserves Scandal.

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