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Posts on ‘January 20th, 2006’

Court Sets 1 March 2006 Deadline For Non-U.S. Purchasers of Royal Dutch/Shell Transport Securities

Lead Counsel in the securities class action against Royal Dutch/Shell Transport arising from the recategorisation of Royal Dutch/Shell Transport’s proved reserves of oil and natural gas in 2004, have advised us that the United States District Court for the District of New Jersey recently ruled that non-U.S. purchasers of Royal Dutch/Shell Transport’s securities may enforce their rights under the U.S. securities laws and sue for the losses sustained when Royal Dutch/Shell Transport’s securities dropped in value upon disclosure of the recategorisation. 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.

Lloyds List: Shell teams up with ONGC

Martyn Wingrove

SHELL and Oil ' Natural Gas Corp have signed a co-operation agreement covering up and downstream projects, mostly in India.

The two companies are looking at future projects right through the energy value chain to develop together under their memorandum of understanding.

ONGC chairman Subir Raha and Shell India chairman Vikram Singh Mehta signed the agreements in front of India's Minister of Petroleum, Shri Mani Shankar Aiyar.

The agreement covers exploration and production of hydrocarbons and distribution of natural gas and oil products. It will also look into refining, petrochemicals and coal gasification. 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.

Financial Times: BG takes stake in Nigerian offshore venture

By Delphine Strauss

Published: January 20 2006

BG, the UK oil and gas group, said on Friday it was entering the Nigerian upstream sector through a deal giving it a 45 per cent interest in an offshore exploration venture.

BG acquired the stake under a farm-in agreement with Sahara Energy Exploration and Production, which won a license for the area in 2005 and will itself retain a 45 per cent interest. Seven Energy Nigeria holds the remaining 10 per cent.

The partners signed a production sharing contract on Thursday to start work at Block 332, located in deep water off the western Niger Delta around 100km south-east of Nigeria’s business capital Lagos. 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.

Ekklesia, UK: Churchgoers urged to lobby Shell on corporate responsibility

Christians who hold shares in oil giant Royal Dutch Shell are being asked to support a move to make the company more socially and economically accountable to those at the receiving end of its operations.

The Ecumenical Council for Corporate Responsibility (ECCR), an organisation supported by Christian Aid and others which works to promote shareholder activism in the UK churches, is planning to bring a resolution calling for greater responsibility to the company’s 2006 Annual General Meeting.

ECCR believes that Shell’s impact on some of its ‘frontline’ communities – those living close to its operations – “merits urgent attention.” 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.

Reuters: Venezuela trims Shell back tax bill to $13 mln

CARACAS, Venezuela, Jan 20 (Reuters) – Venezuela on Friday sharply reduced its demand for back taxes, fines and interest against the local affiliate of major oil company Royal Dutch Shell (RDSa.L: Quote, Profile, Research) to $13 million, after the company appealed.
The government initially had demanded Shell de Venezuela pay $131 million in back taxes last year, but the company presented more evidence during the appeal process and authorities revised the amount owned.
Venezuela, the world's No. 5 oil exporter, has demanded payments from other foreign oil companies after probing taxes paid by the energy sector during 2001 to 2004. The investigation focused on companies that held operating contracts with state oil firm PDVSA signed in the 1990s.
Earlier this month authorities said Venezuela had collected $125.6 million in back taxes out of the initial $651 million demanded from 19 of the 22 petroleum companies that held the oil field operating contracts until last year.
The broad probe into back taxes came after President Hugo Chavez last year ordered the companies with the 32 oil field operating contracts to sign agreements to create joint ventures giving PDVSA a controlling stake in the deals. 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.

Bribery and Corruption at Shell

On Friday 13 January 2006 we received the following comment from a Shell insider in response to a Dow Jones article concerning an alleged attempt to bribe the Mayor of Sakhalin.
The Dow Jones report about the $50,000 reminds me of a comment that I heard within Shell – something to the effect that Shell were under increasing financial pressure from the Russian “mafia” – it's not exactly unusual for cash to change hands in Russian deals, but this example (while perhaps better documented than others) may be little more than the tip of the iceberg. 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.