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Posts on ‘July 26th, 2005’

Bloomberg.com: BP, Shell, Eni Results May Put European Oil-Stock Gains at Risk

Bloomberg.com: BP, Shell, Eni Results May Put European Oil-Stock Gains at Risk

“The company disclosed in January it overstated oil reserves for more than five years.”

July 26 (Bloomberg) — European energy stocks have been the region’s best performers during a three-month market slump, and earnings reports from BP Plc, Royal Dutch/Shell Group and Eni SpA this week may decide whether they maintain that position.

“We’re at a critical moment,” said Marcus Kueppers, who helps oversee about $1.9 billion at Oppenheim Asset Management in Cologne, Germany. “While the earnings are important, the outlooks are the best guide to where gains might be made.” 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 Independent: Back to jail after ‘Rossport 5’ again fail to purge contempt

Irish Independent: Back to jail after ‘Rossport 5’ again fail to purge contempt

“Earlier, Mr Rogers described as “an audacious suggestion” the terms of a letter from Shell which was opened in court and stated by the company as maybe providing an opportunity for the protesters to purge their contempt.”

Tuesday 26 July 2005

HOPES that five men jailed amid the dispute over Shell’s Co Mayo pipeline could be released were dashed yesterday.

The ‘Rossport Five’ – who have now been in prison for 27 days – were again returned to prison after failing to purge their contempt at the High Court.

Their supporters had hoped that revelations that the oil company had welded together at least 3km of pipeline without Government consent would help break the deadlock over their imprisonment. 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: Minister will not interfere in Shell High Court case

Irish Times: Minister will not interfere in Shell High Court case

“Commenting after yesterday’s High Court hearing, a spokeswoman for the Minister said this position was “absolute” and was not influenced by the fact that Shell E&P Ireland has been found to be in breach of ministerial consents.”

Tuesday July 26, 2005

Lorna Siggins, Marine Correspondent

Minister for the Marine Noel Dempsey has said he will not interfere in the judicial process, even though five north Mayo residents opposed to the Corrib gas pipeline face imprisonment until at least October.

Commenting after yesterday’s High Court hearing, a spokeswoman for the Minister said this position was “absolute” and was not influenced by the fact that Shell E&P Ireland has been found to be in breach of ministerial consents. 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: Controversy over Mayo gas pipeline

Irish Times: Controversy over Mayo gas pipeline

“This giveaway agreement was presided over by a government led by CJ Haughey, and the terms were arranged by the then Minister who dealt with such affairs, Ray Burke. This man has since been investigated and found to have engaged in a mass of corrupt and illegal dealings, and has served a jail term.”

Tuesday July 26, 2005

LETTERS

Madam, – The continuing and unhappy imprisonment of a group of protesters from Co Mayo who seek to have Shell prevented from high-pressure gas pipeline construction draws attention to another matter of enormous importance to the people and economy of this island.

I refer to the agreement, drawn up years back, between the then Haughey government and international oil companies, regulating the sale of prospecting rights, control, development and ensuing profits of the oil and gas resources off our western coast. 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: Watts Accuses U.K.’s FSA of `Mischief’ in Shell Reserves Probe

BLOOMBERG: Watts Accuses U.K.’s FSA of `Mischief’ in Shell Reserves Probe

“The regulator, which didn’t mention Watts’s name in the penalty notice, rejected the accusations and said it’s still probing Watts.”: “The watchdog’s imposed a record 17 million-pound ($30 million) fine on Shell last year amid investor lawsuits, the loss of the company’s top-tier credit rating and the departure of Watts and two other executives. Clearing his name may provide Watts with ammunition for a defense in any class-action suits against him.”

Posted Tuesday 26 July 2005

(Bloomberg) — Philip Watts, ousted as chairman of Royal Dutch Shell Plc last year, accused the U.K.’s Financial Services Authority of “mischief” for implicating him personally when it punished the company for overstating oil reserves.

Watts today stepped up a campaign to clear his name of wrongdoing by asking an independent tribunal to support his claim that the FSA “identified and prejudiced” him when it published findings of an inquiry into Shell and fined the company last July. The regulator, which didn’t mention Watts’s name in the penalty notice, rejected the accusations and said it’s still probing Watts. 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.

Watts new? Hardly

Financial Times: Watts new? Hardly

“He was even still wearing the shell-shaped ring that had always seemed to be a token of his corporate loyalty. It turns out to have been his wedding ring.”

Tuesday 26 July 2005

By Clay Harris

Published: July 26 2005

Sir Philip Watts walked into the Financial Services and Markets Tribunal yesterday looking not a day older than when he disappeared from the scene in March 2004. He wore the same glasses, his hair was no greyer and no thinner than it had been. In fact, Watts looked healthier and less stressed than he ever did as Shell’s chairman.

The stiff, sometimes forced smile, with which he ends all his sentences was still there, and his need to break any silence with a joke had not diminished. He was even still wearing the shell-shaped ring that had always seemed to be a token of his corporate loyalty. It turns out to have been his wedding ring. 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.

Former Shell boss challenges the FSA to launch proceedings

Financial Times: Former Shell boss challenges the FSA to launch proceedings

“Yesterday’s one-day hearing was Sir Philip’s first legal move since he was forced to resign from Shell in March 2004, following the company’s admission that it had incorrectly booked nearly 4bn barrels of oil and gas.”

Tuesday 26 July 2005

By Carola Hoyos and Barney Jopson

Published: July 26 2005

Sir Philip Watts, former chairman of Royal Dutch Shell, yesterday challenged the Financial Services Authority to launch proceedings against him to determine his role in the Anglo-Dutch oil company’s reserves scandal.

Lawyers for Sir Philip told the Financial Services and Markets Tribunal, which hears appeals against the FSA: “The applicant’s principal concern is that he be provided with an opportunity to clear his name. 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: Former Shell chairman accuses FSA of prejudice

The Independent (UK): Former Shell chairman accuses FSA of prejudice

“Representing the FSA, Anthony Grabiner QC dismissed Mr Pannick’s claims, insisting that Sir Philip was not identified or prejudiced by its announcement of the fine. ‘This is all nonsense,’ he said.”

Tuesday July 26, 2005

James Daley

Sir Philip Watts, the former chairman of Shell, accused the Financial Services Authority of mischievous behaviour yesterday, claiming that its handling of disciplinary proceedings against the oil giant last year had been prejudicial towards him.

Speaking on behalf of Sir Philip at a one-day hearing of the Financial Services & Markets Tribunal in London, David Pannick QC criticised the regulator for failing to give Sir Philip a right to reply before it fined Shell a record pounds 17m for overstating its oil reserves last summer. 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 Guardian: Ex-Shell chief seeks to clear his name

The Guardian (UK): Ex-Shell chief seeks to clear his name

“…his legal team argue that the Financial Services Authority had damaged his reputation when it fined Shell a record £17m a year ago for “unprecedented misconduct”. The fine followed the admission by the Anglo-Dutch group that it had over reported its reserves by almost a quarter.”: “For the FSA, Lord Grabiner said that Sir Philip was using the tribunal to “take on the media” which used the Shell fine to identify him.”

Tuesday July 26, 2005

Jill Treanor

Sir Philip Watts yesterday began the process of trying to “clear his name” almost 18 months after resigning as chairman of oil group Shell.

In his first major public outing since his departure in March 2004, Sir Philip attended a City tribunal to hear his legal team argue that the Financial Services Authority had damaged his reputation when it fined Shell a record £17m a year ago for “unprecedented misconduct”.

The fine followed the admission by the Anglo-Dutch group that it had over reported its reserves by almost a quarter. Sir Philip is arguing that the FSA identified him – and prejudiced him – when fining Shell, even though he was not named personally when the so-called final notice against Shell was issued. 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.

FSA dismiss as ‘nonsense’ an appeal by Sir Philip Watts

THE LONDON TIMES: Need to know: “The Financial Services Authority has dismissed as “nonsense” an appeal before the Financial Services and Markets Tribunal by Sir Philip Watts, the former Royal Dutch Shell boss, that the regulator’s report into Shell’s reserves scandal unfairly damaged his reputation.”

Tuesday 26 July 2005

Natural Resources

Up 0.96%

The Financial Services Authority has dismissed as “nonsense” an appeal before the Financial Services and Markets Tribunal by Sir Philip Watts, the former Royal Dutch Shell boss, that the regulator’s report into Shell’s reserves scandal unfairly damaged his reputation.

Afren, the newly-listed oil and gas company, has appointed Charles Jamieson as nonexecutive chairman. Mr Jamieson was the long-serving chief executive of Premier Oil.

BHP Billiton, the Anglo-Australian miner, will invest $4.3 million (£2.5 million) to become the biggest external shareholder in European Nickel, the AIM-listed company, with an 8.9 per cent stake. 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.

Oil Profits May Be Peaking

THE WALL STREET JOURNAL: Oil Profits May Be Peaking

“Shell recently announced that its giant gas development in Sakhalin, Russia, could cost as much as $20 billion, twice the original estimate.”

High Energy Prices Drive Earnings,
But Some See Turn in 2006

By BHUSHAN BAHREE
Staff Reporter of THE WALL STREET JOURNAL
July 26, 2005; Page A2

The world’s major oil companies are expected to report banner earnings as they start unveiling quarterly results this week. But with the companies’ costs rising and energy-price increases slowing, many analysts say, 2005 may prove to be the industry’s high-water mark for some time.

BP PLC, the second-largest publicly traded energy company by market capitalization, is expected to post record net profit for its second quarter when it releases its results today. Analysts expect the three largest companies — BP, its bigger rival Exxon Mobil Corp. and No. 3 producer Royal Dutch Shell PLC — to post net income for the April-June quarter that is up as much as 40% from a year earlier. The Big Three are on pace to post combined net profit of about $60 billion for the full year. 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 Age (Australia): Shell-Todd `Pohokura’ row goes to trial

The Age (Australia): Shell-Todd `Pohokura’ row goes to trial

“Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.”

Tuesday 26 July 2005

Energy heavyweights Shell New Zealand and Todd Petroleum will take a row over who develops and operates the gas field Pohokura to a full trial – a fresh sign their 50-year relationship is falling apart.

The High Court rejected Todd’s application for an interim injunction to stop Shell and Austrian oil company OMV voting to stop Shell Todd Oil Services acting as operator of the gas field, sited off the Taranaki coast.

Todd said that it intended to appeal against the decision. 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: Shell chairman: Protestors can end dispute

IrelandOn-Line: Shell chairman: Protestors can end dispute

“As the men began their fifth week behind bars Andy Pyle, Shell Ireland chairman, said it was difficult to see a way forward unless they purged their contempt. “We have looked at all the alternatives that could make a breakthrough here, as I say it was very clear in court yesterday that nothing could be done until the five landowners purge their contempt,” Mr Pyle said. “I think the case is clearly in their hands.”

Tuesday 26 July 2005

The five men jailed over protests against a pipeline from the Corrib gas field off the Mayo coast are the only people with the power to resolve the dispute, it was claimed today.

The landowners were sent to prison for contempt of court after they refused to comply with an order banning them from blocking Shell E and P Ireland access to their farms.

As the men began their fifth week behind bars Andy Pyle, Shell Ireland chairman, said it was difficult to see a way forward unless they purged their contempt. 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.

RTE NEWS (Ireland): Shell to respond to allegations

RTE NEWS (Ireland): Shell to respond to allegations

“On Saturday the Minister for Natural Resources, Noel Dempsey, said he believed that the company has breached the permissions it was granted and had asked the company for an immediate response.”

Tuesday 26 July 2005

The Chairman of Shell Ireland, Andy Pyle, has said it is difficult to see how the dispute over the laying of a gas pipeline in Co Mayo can be resolved.

Mr Pyle said the company would be responding this week to allegations that it had breached the consents it had been granted in relation to the development of the controversial pipeline.

On Saturday the Minister for Natural Resources, Noel Dempsey, said he believed that the company has breached the permissions it was granted and had asked the company for an immediate response. 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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