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Posts on ‘July 16th, 2005’

THE TIMES: Cracking down on the law breakers

THE TIMES: Cracking down on the law breakers

“Shell was fined a record £17 million last August for repeatedly misleading investors over the level of its oil and gas reserves. The failing was seen as particularly serious because of warnings and indications going back to 2000 that Shell had got its estimates wrong.”

Posted Saturday 16 July 2005

By Patrick Hosking

MYTRAVEL is the seventh quoted company to be disciplined by the Financial Services Authority for failing to keep its shareholders properly informed.

Shell was fined a record £17 million last August for repeatedly misleading investors over the level of its oil and gas reserves. The failing was seen as particularly serious because of warnings and indications going back to 2000 that Shell had got its estimates wrong.

Marconi was also found guilty of listing rule breaches. It was publicly reprimanded for delaying issuing its profits warning by 48 hours — a warning that eventually led to the collapse of the telecoms equipment giant. SFI, the Slug and Lettuce pubs group, was censured by the FSA in December 2003 for issuing “false and misleading results”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Independent: Market Report: Market falls as investors make room for Shell

The Independent: Market Report: Market falls as investors make room for Shell

“Meanwhile, Shell and BP had both fallen more than 1 per cent by the close, as investors’ reacted to Thursday evening’s 4 per cent dive in oil futures. Shell, down 8p to 541p, was hit harder than its larger rival BP… following Thursday’s news that the cost of its Sakhalin II project is set to come in about two-thirds higher than originally anticipated. The note said the news casts significant doubts over the economies of the project.”

Saturday 16 July 2005

By James Daley

Published: 16 July 2005

Investors in London prepared themselves for Wednesday’s arrival of the oil giant Royal Dutch into the FTSE 100, which combined with its UK arm, Shell Transport and Trading, will command a hefty 9 per cent weighting in the index.

By the end of play, the FTSE 100 had eased off more than 0.5 per cent, 28.9 points to 5,230.80, from the 39-month highs it hit on Thursday, as tracker funds moved to sell down other blue-chip holdings, making room for Royal Dutch in their portfolios. The sell-off ensured the FTSE underperformed all its main European rival indices, which closed up for the day. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Gazprom Says Will Re-Evaluate Shell’s Sakhalin Assets as Project Price Soars

MosNews (Russia): Gazprom Says Will Re-Evaluate Shell’s Sakhalin Assets as Project Price Soars

“Most observers had assumed that Gazprom would be paying Shell, not the other way around,” UFG brokerage wrote in a note on Friday adding that Shell’s higher cost estimates were now making this assumption less evident.”: “Shell Chief Executive Jeroen van der Veer said he only learned of the Sakhalin setback on Wednesday and informed Gazprom on Thursday.”

Posted Saturday 16 July 2005

Russian gas giant Gazprom said on Friday it considered Shell’s assets on Sakhalin to be worth less after the oil major doubled the project’s cost estimates this week to $20 billion, the Reuters news agency reports.

Earlier this month, Gazprom agreed to swap a 50 percent stake in its Siberian Zapolyarnoye gas field for a 25 percent stake in the Shell-led Sakhalin-2 liquefied natural gas project in Russia’s Far East.

On Thursday, Shell raised the cost estimate for Sakhalin-2 and postponed the first LNG shipment from the end of 2007 to summer 2008. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell chief keeps faith in ‘elephant’ projects

Financial Times: Shell chief keeps faith in ‘elephant’ projects

By Thomas Catan in London

Published: July 16 2005

Jeroen van der Veer, Royal Dutch/Shell’s chief executive, yesterday said the $10bn cost overrun on its flagship Russian gas project represented a further blow to the energy giant’s standing after last year’s reserves accounting scandal.

“I fully realise it has an impact on our reputation – certainly for this project and then of course I’m concerned it will carry over to other things that we do,” Mr Van der Veer said in an interview with the Financial Times. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Another setback for RoyalDutch/Shell

Financial Times: The Week: “And there’s been another setback for RoyalDutch/Shell. Its huge liquefied natural gas project, Sakhalin-2, off the east coast of Russia, has been hit by the rising cost of raw materials, Russian inflation and environmental concerns, and will be delayed by at least eight months. Its cost has doubled to $20bn.”

Saturday 16 July 2005

Published: July 16 2005

RESOURCES

Thunder and hurricanes don’t mix. That’s the message from the Gulf of Mexico after Hurricane Dennis proved a thorough menace to BP, battering the oil giant’s flagship deep-water platform, the vaingloriously named Thunder Horse. The world’s largest semisubmersible rig, which cost more than $1bn (£568m), was left listing by up to 30 degrees after the storm swept over it on the way to the US mainland. BP’s shares dipped 2.3 per cent on the news. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Times: Labour wants wider Corrib review

Irish Times: Labour wants wider Corrib review

“The five men, who are due back in court on July 25th, have rejected Mr Dempsey’s initiative. They have said a direction to Shell and partners Statoil and Marathon to build an offshore terminal is the only solution in terms of safety. Shell E&P Ireland has said it does not wish the current situation to continue and will continue “efforts to facilitate a resolution”.

Saturday 16 July 2005

Lorna Siggins, Marine Correspondent

The Labour Party has called on Minister for the Marine and Natural Resources Noel Dempsey to expand the terms of his new safety review of the Corrib gas project to include examining an offshore terminal option.

Labour Party marine and energy spokesman Tommy Broughan said the party was demanding a “complete review” of the current pipeline project, and “serious consideration of the possibility of establishing the terminal processing plant offshore”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

MarketWatch: Gazprom: Sakhalin cost overrun hits Shell asset swap plan

MarketWatch: Gazprom: Sakhalin cost overrun hits Shell asset swap plan

“Russian state gas monopoly OAO Gazprom said Friday it will revise downward its valuation of a 25% stake it intends to acquire in the Royal Dutch/Shell-led Sakhalin-2 project, in light of cost overruns announced Thursday.”

Posted 16 July 2005

MOSCOW (MarketWatch) — Russian state gas monopoly OAO Gazprom (GSPBEX.RS) said Friday it will revise downward its valuation of a 25% stake it intends to acquire in the Royal Dutch/Shell-led (RD, SC) Sakhalin-2 project, in light of cost overruns announced Thursday.

Under the swap deal signed earlier this month, Gazprom will buy a stake of as much as 25% plus one share in the Sakhalin-2 project, an oil and gas venture located off Russia’s Pacific coast. In return, it agreed to cede to Shell a 50% stake in a massive Siberian gas field. The difference in value between the two assets is to be settled for a sum of cash to be determined in the future. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BLOOMBERG: Shell Stock Headed for Worst Week Since January 2004

BLOOMBERG: Shell Stock Headed for Worst Week Since January 2004

“The shares of Royal Dutch/Shell Group fell in London, heading for their worst week since the January 2004 disclosure that the company’s oil and gas reserves had been overstated for years. The reason now: soaring costs and project delays from Russia to Nigeria. Shell, Europe’s second-largest oil company, yesterday said an oil and gas development in Russia’s Far East is behind schedule and may cost $20 billion, twice original estimates. (Update1)

Posted Saturday 16 July 2005

(Bloomberg) — The shares of Royal Dutch/Shell Group fell in London, heading for their worst week since the January 2004 disclosure that the company’s oil and gas reserves had been overstated for years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell admits impact of Sakhalin-2 overruns

Financial Times: Shell admits impact of Sakhalin-2 overruns

“Jeroen van der Veer, Royal Dutch/Shell chief executive, admitted that the “absolutely staggering” $10bn (£5.7bn) cost overrun on Sakhalin-2, its flagship Russian gas project, was another blow to the group’s standing after last year’s reserves accounting scandal.”

Saturday 16 July 2005

By Thomas Catan

Published: July 16 2005

Jeroen van der Veer, Royal Dutch/Shell chief executive, admitted that the “absolutely staggering” $10bn (£5.7bn) cost overrun on Sakhalin-2, its flagship Russian gas project, was another blow to the group’s standing after last year’s reserves accounting scandal.

“I fully realise it has an impact on our reputation – certainly for this project, and then of course I’m concerned it will carry over to other things that we do,” Mr Van der Veer said yesterday in an interview with the Financial Times. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Ireland OnLine: More than 1,000 gather to protest jailing of ‘Rossport Five’

Ireland OnLine: More than 1,000 gather to protest jailing of ‘Rossport Five’

“The demonstrators are calling for an investigation into deals made between the Government and the gas company, Shell.”

Saturday 16 July 2005

More than 1,000 people have attended a protest in Ballina this afternoon against the jailing of five men for attempting to prevent the building of a gas pipeline on their land in Co Mayo.

The demonstrators are calling for an investigation into deals made between the Government and the gas company, Shell.

The wives and families of the jailed men thanked the crowd for their continued support. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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