The Herald (Scotland): Chastened Shell sets out latest guidelines on oil reserves
BEN GRIFFITHS June 10 2005
OIL and gas giant Shell yesterday moved to ensure it is in line with complex rules regarding the classification of reserves as the company battles to put an overbooking scandal behind it.
In a technical report intended to manage how proved reserves are handled within the group, Shell outlined how some disclosures which are required by the US Securities & Exchange Commission have changed to comply with regulations.
In the introductory section of the text, the world’s third-biggest oil company said: “Shell’s historical practices related to proved reserves calculations have been updated to reflect a clearly different approach to determining SEC compliant reserves.”
Shell added that it was difficult to provide an exhaustive list of changes to the rules as so much had changed, primarily on proved reserves.
The group was investigated and fined £66m by the SEC following its shock reserves downgrades last year. The report forms part of Shell’s renewed effort to be more transparent and accountable to investors.
Jeroen van der Veer, Shell’s chief executive, has previously expressed his frustration at the complexity of regulations regarding reserves booking set by the SEC. He warned these could result in partners on the same project booking entirely different reserve estimates.
Shell stunned world financial markets in January 2004 when it slashed proven oil and gas reserves, or oil still in the ground, by 20%, the equivalent of 3.9 billion barrels. Further, smaller disclosures followed along with the revelation that the group’s former management had known about the vast overbooking and lied to cover it up.
The company will poll shareholders at its annual meeting later this month over plans to scrap its 100-year-old dual board system in favour of a unified structure.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
