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Posts on ‘July 24th, 2005’

The Observer: The high price of investing in oil’s future

The Observer: The high price of investing in oil’s future

Heather Connon

Sunday July 24, 2005

The oil price has risen more than 50 per cent over the past year and almost six-fold since the lows of the late Nineties, and some experts predict that it will double by the end of the decade. But, for most of us, the only way we are exposed to soaring oil prices is through higher prices of everything from petrol to heating oil.

Buying barrels of oil and storing them in your cellar is hardly an option and, while some commodity funds will have exposure to oil, they will also invest in metal, gold and other resources, which will affect their performance. Firms such as Cantor Index and IG Index also offer oil futures, betting contracts or warrants, but these are for professionals, rather than retail investors, according to Cantor’s David Buick, as their price depends as much on political and economic factors as on the oil price. 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 Observer: Oil prices fuel record profits for BP and Shell

The Observer: Oil prices fuel record profits for BP and Shell

“Shell chief executive Jeroen van der Veer is under pressure from investors following revelations of $10bn cost overruns on its Sakhalin-2 project off the east coast of Russia. Analysts are concerned about any further slips on major projects. One broker said: ‘Several of our clients have expressed their doubts about Shell’s performance. They are looking for no surprises on Thursday.”

Supermajors cash in on cost of crude, but investors keep pressure up

Oliver Morgan

Sunday July 24, 2005

Oil supermajors BP and Shell will this week report record profits on the back of sky high oil prices and strong margins at refineries.

BP’s chief executive, Lord Browne, is expected to unveil a net income of some $5.5 billion, more than 35 per cent up on the same time last year, while Shell is pencilled in for $5.3bn, a climb of a quarter. Analysts indicate year-end figures for BP could breach $20bn for the first time. 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 SUNDAY TIMES: Anti-gas group is right to raise fears

THE SUNDAY TIMES: Anti-gas group is right to raise fears

“THE effect of your editorial (Five have had their say, last week) is either completely to misunderstand the nature of the Corrib pipeline dispute or to misrepresent it.”

Sunday 24 July 2005

THE effect of your editorial (Five have had their say, last week) is either completely to misunderstand the nature of the Corrib pipeline dispute or to misrepresent it. You say that the Rossport Five are “more interested in confrontation than compromise”, but they are in fact interested in a resolution. 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.

Rossmore Five: Party loyalties split in battle over pipeline

THE SUNDAY BUSINESS POST (IRELAND): Rossmore Five: Party loyalties split in battle over pipeline

“The ‘Free the Rossport Five’ campaign offers considerable scope for broadsides on the government’s policy towards Shell – from the safety of the pipeline to tax reliefs and their exemption from paying royalties to the state.”

Sunday 24 July 2005

By Niamh Connolly

Mayo is a hotbed of political rivalry. This has been helped in no small part by the David-and-Goliath battle between local landowners and fuel giant Shell over the safety of the gas pipeline it is building in Rossport in the north-west of the county.

Protest rallies held yesterday in Dublin and across Mayo against the jailing of five Mayo farmers for obstructing Shell’s pipeline are providing opposition candidates with an invaluable early election platform. The five are now in their third week in prison. 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 Observer: Shell’s cracks still showing

The Observer: Shell’s cracks still showing

“…with exquisitely appalling timing – a week before the unification – Shell announced that one such scheme, its much-vaunted Sakhalin-2 liquefied natural gas project, was $10 billion over budget and well behind schedule.”: “Not only will this hurt the return Shell can make on the project, but it also hurts its credibility…”

Sunday July 24, 2005

Oliver Morgan

After a century as a two-headed Anglo-Dutch monster, Royal Dutch Shell last week left the 20th century and launched itself as a single company on the stock markets of London and Amsterdam.

It was the culmination of a year of pressure from shareholders resulting in an acceptance – albeit apparently reluctant – of the need for change from a notoriously flat-footed management. But no sooner did the new company arrive than it was slapped in the face by investors. Royal Dutch Shell shares – there are now two categories, of which more below – fell, despite the fact that fund managers are thought still to be underweight in the stock. 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 ‘breached’ pipeline consent

THE SUNDAY TIMES (UK): Shell ‘breached’ pipeline consent

“THE government has ordered Shell to explain why the oil company appears to have breached the terms of permission it was given to carry out work on the controversial Corrib gas pipeline in Mayo.”: The Department of the Marine made another embarrassing climbdown concerning the project last month, when it emerged that an “independent” risk assessment of the pipeline was being carried out by a company jointly owned by Shell and BP.”

Sunday 24 July 2005

Richard Oakley and Scott Millar

THE government has ordered Shell to explain why the oil company appears to have breached the terms of permission it was given to carry out work on the controversial Corrib gas pipeline in Mayo.

Noel Dempsey, the marine minister, has written to the company demanding the explanation after his inspectors found that Shell had carried out works other than the preparatory ones for which it has consent.

“Shell has an opportunity to reply to me on this, but as far as I am concerned this is very serious,” Dempsey said yesterday. 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.

US Class Action reserves scandal lawsuit against Royal Dutch/Shell

ShellNews.net: Newark Star-Ledger report on the multi-billion dollar US Class Action reserves scandal lawsuit against Royal Dutch/Shell and named former and current directors, including Royal Dutch Shell CEO Jeroen van der Veer and Shell E & P Executive Director, Malcolm Brinded

Sunday 24 July 2005

By Alfred Donovan

Civil Action 04431 in the US District Court of New Jersey

The Newark Star-Ledger article (link below) reports on a court hearing on the US Class Action Lawsuit brought against Royal Dutch/Shell and named former and current directors, including former Group Chairman Sir Mark Moody-Stuart; the first CEO of Royal Dutch Shell plc – Jeroen van der Veer, and Shell E & P Executive Director, Malcolm Brinded.

New York lawyers Bernstein Liebhard & Lifshitz LLP are the lead lawyers acting for Pennsylvania State Pension Funds – the plaintiffs. The lawsuit alleging that Shell reported “materially false and misleading information” about its reserves and cash flow to boost its stock price, and allegedly engaged in securities fraud,is also brought against Shell auditors/consultants, PriceWaterhouseCoopers & KPMG. 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.

Latest on US Class Action hearing against Royal Dutch/Shell

ShellNews.net: Shell still under heavy fire in US Courts: Latest on US Class Action hearing against Royal Dutch/Shell

Updated 11am Sunday 24 July 2005

By Alfred Donovan

(new third paragraph: updates information on most recent court hearing)

Civil Action 04431 in the US District Court of New Jersey: The Newark Star-Ledger article (link below) reports on a court hearing on the US Class Action Lawsuit brought against Royal Dutch/Shell and named former and current directors, including former Group Chairman Sir Mark Moody-Stuart; the first CEO of Royal Dutch Shell plc – Jeroen van der Veer, and Shell E & P Executive Director, Malcolm Brinded. 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 NEWARK STAR-LEDGER: Hearing in Newark could determine fate of Shell lawsuit

THE NEWARK STAR-LEDGER: Hearing in Newark could determine fate of Shell lawsuit

 “…securities fraud case against the world’s third-largest oil company. The hearing before U.S. District Chief Judge John Bissell gets to the heart of the case against Royal Dutch/Shell Group.”: “It isn’t clear how many people were affected by the alleged fraud. But the case is regarded as one of the most significant securities fraud actions because of the size of the company and the length of the class period, which is roughly five years. It is being closely watched by regulators and lawyers around the world.”: “There was activity in the United States to perpetuate… fraud,” said Stanley Bernstein, the lead attorney.”: “Attorney Norton was co-lead counsel in a separate case before Bissell concerning the oil company. That case, brought by pension holders, settled earlier this week. Shell agreed to pay $90 million — about 80 percent of the claimed losses — to the pension plan so it can be distributed to members.”

Posted Sunday 24 July 2005

Thursday, July 14, 2005

BY KATE COSCARELLI

Star-Ledger Staff

A “monster” of a two-day hearing that kicked off in a Newark courtroom yesterday will determine the success and shape of a securities fraud case against the world’s third-largest oil company.

The hearing before U.S. District Chief Judge John Bissell gets to the heart of the case against Royal Dutch/Shell Group. Nearly a dozen lawyers were on hand to argue whether the case should be thrown out, and, if not, whether foreign investors should be included in the class. 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 Business: Warlords in Nigeria fall out over who has oil riches

The Business: Warlords in Nigeria fall out over who has oil riches

“… Shell is the most vulnerable to unrest in the Delta. Its joint venture with Nigeria’s state oil company turns out 1m barrels per day, making it the second largest oil producer in the Shell Group worldwide. Approaching 30% of all oil reserves controlled by Shell are found in Nigeria. Asari is aware of the company’s vulnerability – his last round of attacks forced Shell briefly to evacuate 254 staff from the Delta.”

Sunday July 24, 2005

THE most sensitive issue facing Nigeria – the distribution of oil revenues will come to a head over the next 12 months. Unless a solution is found, violence is likely to erupt in the Delta region of the south of the country, where most of the 35bn barrels of proven oil reserves lie.

Such an outcome would drive up global prices and threaten the interests of some of the world’s largest companies.

The spark for renewed unrest in Africa’s largest country, with 130m people, may already have occurred. On 12 July, a national political reform conference, called by President Olusegun Obasanjo, broke up without agreement. This gathering was charged with debating constitutional changes and, most importantly, deciding a new formula for the distribution of national oil revenues. 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.

From Madagascar to the Faroes, oil companies seek out the last frontier

The Business: From Madagascar to the Faroes, oil companies seek out the last frontier

“…Royal Dutch Shell has appointed 80 staff to a new exploration division centred on exploring the waters around the Faroes. That is ten times what it should need to manage its one exploration licence, pointing at a push in the region.”

Sunday July 24, 2005

By: Richard Orange

ON THE face of it, there’s nothing much to link two places as far-flung and disparate as the Faroes and Madagascar. But these islands are two key locations that feature in what looks likely to be the last great land grabs by the international oil industry.

Exxon Mobil last week surprised its peers by buying up rights to explore 13,100 square miles of northern Madagascar from UK company Sterling Energy, which will keep a 30% stake.

The US oil firm is throwing all its weight at exploring the island, which until last year was largely dismissed by Africa’s oil men. Last year it bought into two blocks owned by Vanco Energy, and the island is expected to open a new licensing round later this month. 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 Business: Shell field off Nigeria risks more delays

The Business: Shell field off Nigeria risks more delays

“Royal Dutch Shell’s flagship $2.7bn (£1.5bn, €2.2bn) Bonga project off Nigeria is believed to be suffering damaging delays, just a week after the company stunned investors by doubling the costs of its Sakhalin gas project to $20bn.”

Sunday July 24, 2005

By: Richard Orange

Royal Dutch Shell’s flagship $2.7bn (£1.5bn, €2.2bn) Bonga project off Nigeria is believed to be suffering damaging delays, just a week after the company stunned investors by doubling the costs of its Sakhalin gas project to $20bn.

The company last week signed up the accommodation vessel for project workers for an extra five months until March, indicating that considerable work is still needed on the floating production platform beyond the latest target for first production in October. 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 BUSINESS: BP overtakes Shell on profits

THE BUSINESS: BP overtakes Shell on profits

“Jonathan Wright at Citigroup said: “We look for BP to be the star performer of the results season while Royal Dutch Shell causes us concerns with the risk of further project delays.”

Sunday July 24, 2005

By: Richard Orange

BP IS set to trump Royal Dutch Shell on Tuesday with record $5.7bn (£3.2bn, €4.6bn) quarterly profits, thus overtaking its arch rival as the most profitable UK company.

Shell results on Thursday are expected to come in below BP’s, with profits of some $5.4bn. Shell last year produced $18bn profit, the greatest ever for a UK company, while BP lagged behind at just over $16bn.

Shell was ahead again in the first quarter of 2005, posting $5.3bn to BP’s $5bn, but BP has started to pull ahead as Shell’s production declines – some 4% this quarter to 3.4m barrels per day – and BP responds better to current conditions thanks to the quality and geography of its refining business. BP is expected to report a 3% increase in production to 4.1m barrels per 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.

IrelandOn-Line: Rabbitte calls on shell to free ‘Rossport Five’

IrelandOn-Line: Rabbitte calls on shell to free ‘Rossport Five’

“Labour Party leader Pat Rabbitte today called Shell on to waive the injunction against the ‘Rossport Five’ by lifting a High Court injunction against them.”

Sunday 24 July 2005

Labour Party leader Pat Rabbitte today called Shell on to waive the injunction against the ‘Rossport Five’ by lifting a High Court injunction against them.

The five Mayo men have spent a month in prison for blocking the construction of an offshore pipeline near their home.

However, Communications Minister Noel Dempsey said yesterday that Shell may have breached the terms laid down by the Government when granting permission for the project.

“In light of yesterday’s statement by the minister that the energy giant may have breached the terms of the permission given for developing the pipeline, things should be resolved by Shell going to court next week to have the injunction lifted,” said Mr Rabbitte. 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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