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January, 2008:

From 29 January 2004: Evening Standard: Shell’s hard case

By Chris Blackhurst
29 January 2004 

SIR PHILIP Watts went down a storm last Friday. There, I’ve written it – so you’d better believe it. And if that sentence reads like the no-nonsense, minimal-smalltalk, tell-you-straight – so much so you can feel like you’re dealing with a battering ram – Watts, then … tough. 

But he did get a good reception, did the chairman of Shell. He put on quite a show, apparently, speaking to and taking questions from 900 of his most senior employees worldwide. After telling them they were all ‘ambassadors for Shell”, he went on to explain the group’s recent shock decision to cut proven oil and gas reserves by 20% or 3.9bn barrels – a move that wiped £3bn off the company’s value. ‘Ask any question you like,” he said. So they did. They asked whether he was going to resign. No, he said, he had no intention to do so.  read more

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UpstreamOnline: Shell shock: the supermajor said it would delay releasing its reserves data

UpstreamOnline image

Shell ‘to delay reserves data release’

By Upstream staff

Anglo-Dutch supermajor Shell will reportedly delayed the release of oil reserves figures that normally accompany its annual profits figures, due out on Thursday.

The UK’s Telegraph newspaper reported that some analysts had been told that reserves figures were not even “up for discussion”, leading to speculation that the company reserves figures were poor.

However, Colin Smith, an analyst with Kleinwort Benson, told the newspaper the delay was “necessarily coy”, saying Shell’s reserves figures had been weakened and made more difficult to calculate after the company last year handed over a controlling stake in its giant Sakhalin 2 project off eastern Russia to Russian gas export monopoly Gazprom. read more

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Daily Telegraph: Shell keeps schtum on the three Rs

By Damian Reece, Head of Business
Last Updated: 6:47am GMT 29/01/2008

Reserve replacement ratio. Three words to make the eyelids droop – unless you are part of the oil industry. The three Rs are an oil chief executive’s virility symbol, a measure of how much bigger and healthier his company is compared to rivals. With crude having nudged record levels, oil companies can’t pump fast enough. But what matters for their futures is how much oil they’ve got left in the ground.

This ratio is closely watched by investors looking for long-term value in oil companies and is why Royal Dutch Shell’s decision to delay data on its RRR has raised eyebrows. There is no accounting requirement that says Shell must release RRR data along with its profit figures. Some companies do, some don’t. But Shell has always done so in the recent past, and the City liked the transparency of having all the figures in the open on one day. Even companies that prefer to wait until after they’ve published their results (the time-lag is usually due to the need to reconcile UK and US accounting practices) will often give the market a decent steer. But it would appear that Shell will say nothing. And when there’s an information void, there is rumour. read more

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Daily Telegraph: Shell sparks fears over oil reserves

By Russell Hotten
Last Updated: 1:10am GMT 29/01/2008

Royal Dutch Shell is to delay publication of key data about its oil reserves that it would normally have released alongside profits figures being published on Thursday.

The decision has disappointed some analysts, who have been told that the subject will not even be “up for discussion” and which has sparked concern the reserves numbers could be poor.

The amount of reserves booked by Shell is always a sensitive issue for the company as it was the revelation in 2004 that Europe’s largest oil firm had overstated the amount of oil in its wells that led to the resignation of chairman Sir Philip Watts and investigations by regulators in London and New York. read more

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The Canadian Press: Goldnev shares up 278 per cent as lab results show high yield from oil shale

Lauren Krugel, THE CANADIAN PRESS
January 28, 2008

– Shares in Goldnev Resources Inc. (TSXV:GNZ) soared nearly three fold in massive trading Monday after positive results were confirmed for a core hole drilling program at the Pasquia Hills oil shale permits in east-central Saskatchewan.

On the TSX Venture Exchange, Goldnev stock jumped 39 cents to close at 53 cents on a volume of nearly 50 million shares, making it the most heavily traded issue by far on the junior market.

“The laboratory results revealed an excellent high oil yield of 61 litres per ton of rock … which equates to recoverable oil in place of 57 million barrels of oil per section of land,” the Calgary-based firm said in a release. read more

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The Guardian: Storm forces investors into safe haven

Investors were searching out safe havens yesterday as London shares headed south again.

Nick Fletcher
Tuesday January 29 2008

The FTSE 100 index was in the red all day, following hefty overnight falls in Asia on growing fears of recession not just in the US but possibly in Japan and elsewhere. A recovery on Wall Street yesterday afternoon – prompted by increasing speculation of a half-point cut in US interest rates this week – helped London shares climb back from their worst levels. So having fallen as far as 5705.1, the leading index closed down 80.1 points at 5,788.9. read more

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Shanghai Daily: Government squeeze on oil giants

Tuesday 29 January 2008: Created: 2008-1-29 0:10:49
Author:Fred Pals

STATE-CONTROLLED energy companies OAO Gazprom and Petroleo Brasileiro SA are winning the battle for investors as their governments squeeze Exxon Mobil Corp, BP Plc, and Royal Dutch Shell Plc for access to oil and gas.

Russia’s Gazprom forced BP and Shell last year to cede control of gas deposits that can supply Asia for more than five years, while Brazil pulled 41 exploration licenses from an auction after Petrobras found an eight-billion barrel oil field in November. read more

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The Guardian: Nigeria agrees $15.2 bln oil budget for 2008

Reuters
Monday January 28 2008

ABUJA, Jan 28 (Reuters) – Nigeria has agreed with foreign companies a joint investment of $15.2 billion in oil ventures this year and is seeking debt finance to foot part of its share of the bill, a top official said on Monday.

The five joint ventures that pump the bulk of Nigeria’s crude oil have suffered from decades of underinvestment due to government budget constraints, causing output to stall or even decline despite huge reserves in the ground.

The government has a long-standing target of reaching 4 million barrels per day by 2010, but output has stagnated at around 2 million for the past few years. read more

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rossport solidarity camp: Bring the Pipeline Back to Shell in London

We hope supporters can join us in London to bring the pipeline back to Shell – 15-17th March.
 
Gluaiseacht are mobilising people from all over Ireland to travel to Shell Headquarters in London on St Patrick’s Day to protest the giveaway and mismanagement of our national resources. We will be carrying a 200ft pipeline to Shell’s front door.

The Irish people will not benefit from the Corrib Gas Project. We will have to buy back any gas that Shell will sell to us at the ever increasing full market value. As well as this, Shell will destroy a pristine environment and the health and safety of the local community. read more

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A message from former Shell Executive Paddy Briggs to Hans Bouman

Hans

MorningStar.com: FOCUS: Brinded, Cook, Voser Lead Shell Insiders For Top Job

You and I were both quoted and in my case I don’t really have a problem with what Benoit said. The substantive point I was trying to make (which I think came through) was to express the hope (forlorn I suspect) that Shell is imaginative in its appointment of a successor to Jeroen. I think that perhaps they did need this sincere, but dull, Dutchman to restore some modicum of integrity after the Watts disaster. In that respect, however, I think that Jeroen has been a disappointment. My experience of him is of a decent man, albeit a creatively limited one. Quite why he surrounded himself with the apparatchiks he chose I’m not sure. They are not sycophants – but they aren’t very memorable either. The least popular of them all is Rob Routs about whom I have not heard one complimentary word over the past few years. No wonder there is no feel for marketing at the top in his malevolent hands – not that there was ever much! read more

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Former Shell senior manager Hans Bouman sets the record straight

FROM HANS BOUMAN

Hello John

I saw on your site a posting from the Morningstar in which I was quoted followed by another one posted by you where you ‘accuse’ me of having mellowed. Nothing of the kind!!

I have indeed been contacted by the journalist and agreed on some quotes. But I am also a great believer in the truth, the whole truth and nothing but the truth. My quotes came out a bit distorted, presumably done by the corporation for which the journalist works. I understand that even journalists have bosses. But I will not stand my quote connected to a factual error! read more

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UPI: Walker’s World: Europe’s Green wars begin

Published: Jan. 28, 2008 at 10:41 AM
By MARTIN WALKER
UPI Editor Emeritus

WASHINGTON, Jan. 28 (UPI) — It is ironic that Europe, which likes to think of itself as the center of environmental correctness and the green revolution, should now be the scene of a sharp political struggle over its ambitious emissions targets. Indeed, few EU proposals have aroused quite such a chorus of complaint and derision.

“This is a historic plan to make Europe the first economy on the post-carbon age,” EU Commission President Jose Manuel Barroso told the European Parliament. read more

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The Daily Telegraph (Australia): Petrol firms forced to explain prices

By Heath Aston
January 29, 2008 03:00am

THE bosses of Australia’s big four oil companies will this week be forced to explain why they have failed to pass on falling international petrol prices to local motorists in 2008.

Australian Competition and Consumer Commission chairman Graeme Samuel yesterday renewed his demand for crisis meetings with the chiefs of Caltex, Shell, BP and Mobil.

The Daily Telegraph revealed last week that Mr Samuel had finally “lost patience” with the refiners, accusing them of undermining the national economy and threatening to push interest rates even higher. read more

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FROM A SHELL INSIDER: Hans Bouman mellowed? An unlikely prospect.

FROM A SHELL INSIDER

Dear John

I have read your posting today suggesting that Hans Bouman may have mellowed. That is an unlikely prospect.

I like to share something with you.

It was in October 1995 when Moody-Stuart invited all staff from SIPM and KSEPL for a briefing on the imminent transformation of Shell. I remember it well. Mark was carrying on in a beautiful low voice on the need to ‘unleash talent’ and remove controls. We would not need strong hierarchies anymore and would go for ‘self managing teams’. All the business guru jargon of the day was used. He explained the paralels with a soccer team. Not everyone could be a primadonna or star but a good team would win more than a team that consisted of only stars. Self managing was the word and we would do away with bosses but have ‘coaches’ instead. When he was finished questions were invited. read more

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CNET NEWS.COM: Shell CEO offers oil-centric view on energy, climate change

Posted by Martin LaMonica
January 28, 2008 7:14 AM PST

The CEO of oil giant Royal Dutch Shell Jeroen van der Veer sees an end to easy oil and a potential worldwide “scramble” to mitigate climate change.

On Friday, van der Veer outlined to potential scenarios for energy usage and extraction over the coming century in a speech published on the company’s Web site. 

Regardless of whether countries “scramble” or take in a more orderly approach to adopting low-carbon fuels and renewable energies, getting oil and gasoline not be as easy as it once was, he said. read more

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The Hans Bouman, Malcolm Brinded connection

By John Donovan

In view of the comments about Shell EP Chief Executive Malcolm Brinded attributed to Hans Bouman, a retired senior Shell manager, in a Dow Jones article published today, it seems timely to republish a blunt email from Bouman to Brinded in 2004.

MorningStar.com: FOCUS: Brinded, Cook, Voser Lead Shell Insiders For Top Job

Hans Bouman emails are considered as collector items by Shell insiders because of their highly outspoken, prophetic and eloquent content, often on controversial subjects. Some have fortunately fallen into our hands. As can be seen, his email to Brinded during the dark days following the Shell reserves scandal fully meets this description. His quoted comments about Brinded in the article published today, which focuses on the three principle candidates for the top job at Shell, are more constrained. Perhaps he has mellowed. read more

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MorningStar.com: FOCUS: Brinded, Cook, Voser Lead Shell Insiders For Top Job

1-28-08 5:47 AM EST

LONDON -(Dow Jones)- Malcolm Brinded, Royal Dutch Shell PLC’s (RDSB.LN) head of exploration and production, is competing with the head of gas and power and the chief financial officer for the top job at the company, according to company insiders.
 
The challenge posed by Linda Cook, the head of gas and power, and Chief Financial Officer Peter Voser underscores the shifting nature of Shell’s business. The gas business and financial discipline now have higher priority than they used to, say current and former company staff. read more

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Bloomberg: Statism Beats Capitalism; Gazprom, Petrobras Squeeze Exxon, BP

By Fred Pals and Eduard Gismatullin

Jan. 28 (Bloomberg) — State-controlled energy companies OAO Gazprom and Petroleo Brasileiro SA are winning the battle for investors as their governments squeeze Exxon Mobil Corp., BP Plc, and Royal Dutch Shell Plc for access to oil and gas.

Russia’s Gazprom forced BP and Shell last year to cede control of gas deposits that can supply Asia for more than five years, while Brazil pulled 41 exploration licenses from an auction after Petrobras found an 8-billion barrel oil field in November. read more

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THE WALL STREET JOURNAL: Algeria Oil Tie-Up Thrives

Is Sonatrach Deal
With StatoilHydro
A Lesson to West?
By GUY CHAZAN
January 28, 2008; Page A8

ALGIERS, Algeria — State-owned energy giants are increasingly joining forces to expand internationally, a worrying sign for Western oil companies already besieged by the global stampede to find new reserves.

In recent years, national oil companies have signed a series of deals with each other on technical cooperation and sharing access to resources and markets. Consulting firm PFC Energy says there were two such contracts in 2000; in 2006 there were 16. read more

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FT REPORT – AFRICA: OIL & GAS 2008: At the centre of attention

By Andrew England, Financial Times
Published: Jan 28, 2008

As concerns mount about global energy security, north African producers find themselves in a prime position and attracting much attention.

Algeria is already a big operator in the European market, providing the continent with about 13 per cent of its total gas consumption, while rapid investment in Egypt’s gas sector over the past seven years has seen that nation rise to become the world’s sixth largest liquefied natural gas (LNG) producer. Libya has been attracting renewed interest as it has opened up to international companies after years of isolation as a result of US and United Nations sanctions. read more

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Financial Times: World tour sparks rush for deal

By Ed Crooks
Published: January 28 2008 01:17 | Last updated: January 28 2008 01:17

The fact that after months of delay, the Indian government now appears to be keen to expedite an agreement with Cairn India may have something to do with the fact that Murli Deora, the petroleum minister, and his officials are touring the world looking for foreign investment.

They were in London last week and are in Houston on Monday, on the road show for the seventh round of licences under India’s new exploration licensing policy, trying to attract investors up to and including the super-majors such as ExxonMobil, BP and Royal Dutch Shell. read more

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Financial Times: Algeria: A big test of confidence

By Andrew England
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

When Algeria’s next bidding round finally goes ahead, observers and investors will be watching closely, seeking to gauge the impact that amendments to the hydrocarbons law and the implementation of a controversial windfall tax have had on confidence in the north African state.

Chakib Khelil, the energy minister, had been hoping to hold the round – the country’s seventh – before the end of 2007, but the announcement for pre-qualification applications was only made this month. The government is thought to be offering 15 oil and gas blocks, but further details have not been made public. Mr Khelil has said the government wants to focus on the value bidders offer in terms of expertise, technology and management, as well as the potential for Sonatrach to expand its portfolio globally. read more

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Financial Times: The new scramble for Africa’s resources

By Dino Mahtani
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

In the past decade, Africa has seen an unprecedented boom in oil and gas investment.

With big companies shut out, or deterred from investing in the Middle East, Africa has by contrast offered multinationals relatively lenient terms and extensive access to its oilfields in the past 15 years. The continent has been able to attract money from the biggest supermajors, from ExxonMobil to Shell, looking to exploit its prolific and relatively untapped geology, particularly in the Gulf of Guinea and North Africa. read more

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Financial Times: The oil majors: Trickier times ahead for big fish

By Dino Mahtani
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

Over the past 15 years, Africa has featured prominently on the global exploration map of international oil majors looking to open up new frontiers and book new reserves. Soft fiscal terms in oil rich countries and high oil prices more recently have driven exploration programmes of some of the bigger companies into the deepwater areas of the Gulf of Guinea, which has a prolific oil bearing geology.

With many of the international oil companies locked out of the most productive basins in the Middle East, or up against hostile government policies in producers such as Russia and Venezuela, Africa has come as something of a reprieve. read more

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Financial Times: Nigeria: Unfulfilled potential

By Matthew Green
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

Listening to Nigeria’s top energy officials, it would be easy to assume that Africa’s biggest oil exporter is cruising towards its goal of doubling output by 2010. Talk to oil company executives, however, and anxieties over rising costs, attacks by militants and the government’s push for a bigger share of profits make prospects seem distinctly gloomy.

Forty years after commercial quantities of oil were discovered in Nigeria, President Umaru Yar’Adua has launched the most ambitious reform process the industry has seen. At a time of record oil prices, his success or otherwise in raising output from its current level of about 2.3m b/d will affect the global economy and influence energy security in the US and Europe. read more

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Financial Times: Oil industry: Everyone could emerge a winner

By Matthew Green
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

Emmanuel Egbogah is reluctant to say just how much money he will try to wring out of western majors when he starts renegotiating contracts covering Nigeria’s vast offshore oilfields. But it seems clear that any executives from companies such as Royal Dutch Shell, Chevron and Total which were hoping for a leisurely review will be in for a surprise.

“We don’t intend to sit around, we’re settling to business, and therefore we’re going to deliver on this as quickly as possible,” says Mr Egbogah, a special adviser to Nigerian President Umaru Yar’Adua on petroleum. “There’s a wide margin of areas that we could look for adjustment … With the price of oil as it is today, I think everyone will end up a winner.” read more

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Financial Times: North Africa: At the centre of attention

By Andrew England
Published: January 28 2008 06:10 | Last updated: January 28 2008 06:10

As concerns mount about global energy security, north African producers find themselves in a prime position and attracting much attention.

Algeria is already a big operator in the European market, providing the continent with about 13 per cent of its total gas consumption, while rapid investment in Egypt’s gas sector over the past seven years has seen that nation rise to become the world’s sixth largest liquefied natural gas (LNG) producer. Libya has been attracting renewed interest as it has opened up to international companies after years of isolation as a result of US and United Nations sanctions. read more

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.

Financial Times: Chinese companies: Willing to go where western companies fear to tread

By Martin Clark
Published: January 28 2008 05:38 | Last updated: January 28 2008 05:38

Chinese oil companies have made a beeline for Africa’s natural resources in recent years to secure fuel supplies for the country’s own blistering growth, but not all of these investments will pay off.

State-backed groups such as China National Petroleum Corporation (CNPC) have established strong interests in oil-rich territories such as Nigeria, as well as frontier exploration zones, often muscling traditional western rivals aside. By 2008, Chinese companies had amassed 56 upstream contracts between them across the continent, according to consultants IHS Energy. That is not much compared with the collective total of the international oil companies, but impressive given the lateness of China’s engagement with Africa’s energy industry. read more

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Resource Investor: Shell Heading Toward Stormy Waters in Nigeria

By Sven Ridley-Wordich
27 Jan 2008 at 02:19 PM GMT-05:00

AMSTERDAM (ResourceInvestor.com) — In the next few days, British Dutch oil and gas major Shell [NYSE:RDS-B] could be faced with increased problems. Nigeria, Shell’s major upstream operations area, is set for new discussions regarding Shell’s operations and investments.

The last days, Nigerian news sites have been buzzing with assessments on the possibility of an increased crisis between the oil major and the Nigerian government, as both parties seem to be heading toward different targets. On Friday, January 25, Shell’s CEO Jeroen van der Veer and Nigeria’s president Umaru Yar’Adua will meet in Davos, Switzerland, where both are taking part in the annual meeting of the World Economic Forum. 
 
Some days ago, Van der Veer said  he is prepared to discuss all issues pending, such as renewed contract discussions, the gas flaring issue and possible new investment schemes. Analysts, however, think both leaders will also discuss the growing unease Shell and others are feeling about the unwillingness of the Nigerian government to deal effectively with the Niger Delta uprising, which has resulted in the shutdown of more than 450,000 bpd of crude oil. read more

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The Scotsman: Royal Dutch Shell on course to beat its own profits record

By Hamish Rutherford

ROYAL Dutch Shell is expected to report the biggest-ever profit by a British company – more than $26 billion (£13.1bn) – on Thursday, breaking its own record of 2006.

Consensus forecasts among analysts predict fourth-quarter earnings of $5.82bn, with higher operating costs and lower refining margins biting into profits, even though oil prices reached record levels during the period.

Assuming the consensus is correct, Shell would then have made a full-year profit of $26.65bn, 5 per cent ahead of 2006. read more

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The Guardian: Shell set to stir petrol storm with record profits of £13.6bn

Oil group to post highest earnings by a British firm

RAC urges the chancellor to cancel rise in fuel duty

David Teather , Monday January 28 2008

Shell will be at the centre of a political storm this week when it posts profits of almost $27bn (£13.6bn), the highest earnings ever made by a British company.

The record-breaking profits, on the back of soaring oil prices, seem likely to stir fresh allegations of profiteering. The price of petrol has been increasing sharply, rising from 71p a litre five years ago to about 104p a litre today, according to the AA. read more

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The Times: ‘Protect the Earth as well as profits’

Monday 28 January 2008

LONDON BP and Shell have been accused of using environmentally friendly initiatives as window dressing by Tony Juniper, the departing director of Friends of the Earth (Lewis Smith writes).

Mr Juniper said that the heads of the oil companies were hamstrung by the need to maximise dividends to investors, and that companies must have as much of an obligation to protect the environment as they have to maximise dividends.

He said that Lord Browne of Madingley, when chief executive, had promised to take BP into a new era of sustainability with its Beyond Petroleum campaign, which Mr Juniper helped to initiate, yet it soon became clear that oil and gas exploration would soak up the majority of investment. read more

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EV WORLD: When the Oil Runs Out, Which Scenario Will World Adopt?

By Jeroen van der Veer
Remarks by Royal Dutch Shell CEO Jeroen van der Veer

Open Access Article Originally Published: January 27, 2008

By 2100, the world’s energy system will be radically different from today’s. Renewable energy like solar, wind, hydroelectricity, and biofuels will make up a large share of the energy mix, and nuclear energy, too, will have a place. Humans will have found ways of dealing with air pollution and greenhouse gas emissions. New technologies will have reduced the amount of energy needed to power buildings and vehicles. read more

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Bloomberg: Eni Wins Alaska Break After Biggest Oil Deal Setback (Update1)

By Joe Carroll

Jan. 27 (Bloomberg) — Eni SpA, the energy company stripped of control of the world’s biggest oil project earlier this month, got Alaska to agree to cut its tax rate on a state development to 5 percent if oil prices tumble.

Eni’s royalty payments to the state of Alaska for crude pumped from the Nikaitchuq field will drop from 12.5 percent, if oil falls below $42.64 a barrel, the state’s Department of Natural Resources said on its Web site late yesterday.

The lower rate will apply to a section of the oil field known as Schrader Bluff, which is the first area Eni plans to develop. Royalties will be tied to the price for Alaska North Slope crude sold on the U.S. West Coast, which last fell below the $42.64 threshold in February 2005. read more

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Tehran Times: ‘Iran won’t extend the June 2008 deadline for Royal Dutch Shell Plc’

Headline: POGC, Edison come to terms on developing SP Phase 12

Print Date : Sunday, January 27, 2008
Tehran Times Economic Desk

TEHRAN –- Iran’s Pars Oil and Gas Company (POGC) and Edison SpA, the second-largest energy company in Italy, agreed on the development of South Pars gas field Phase 12, the POGC managing director said here on Saturday.

Ali Vakili, quoted by Moj News Agency, added negotiations between the two sides will be finalized soon.

Among companies eager to invest in South Pars project, Edison is leading the field, said the official. read more

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The Observer: Shell’s record profits to spark fury

Richard Wachman 
Sunday January 27 2008

Oil giant Shell is this week expected to unveil the biggest profit by a British company when it posts earnings of about $26bn thanks to soaring oil prices in 2007.

The figures are expected to spark a political storm, but the ire of lobby groups representing motorists and road hauliers will be directed at the government rather than Shell, as by far the biggest components of petrol prices are fuel duties and VAT.

Sheila Ranger, acting director of the RAC Foundation, established in 1991 to champion the interests of motorists, says: ‘Petrol in Britain is cheap compared to the continent; what makes it expensive are the taxes. Nearly 70 per cent of the cost of a litre of petrol goes the government – it is unacceptable.’ read more

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SCOTLAND on SUNDAY: Shell to test rebound

By William Lyons
Published Date: 27 January 2008

THE FTSE-100 restored much of its losses in a turbulent week that included a swingeing 0.75% cut in US interest rates and a package of tax cuts from George Bush. The index closed at 5,869, down just 0.55% over the week.

Sentiment will be tested over the coming days when the City’s full-year results season kicks off with figures from Royal Dutch Shell and AstraZeneca.

Royal Dutch Shell is expected to reveal full-year profits of more than £13.2bn on Thursday despite a tough end to 2007 for the oil major. read more

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.

The Sunday Times: Vesty’s vegan grandson sees off Shell

January 27, 2008
Isabel Oakeshott, Deputy Political Editor

SHELL has abandoned its sponsorship of one of Britain’s most prestigious wildlife photography exhibitions after protests by environmental groups.

The oil giant confirmed this weekend it would be severing ties with the Wildlife Photographer of the Year show at the Natural History Museum, London, from this year.

The move follows intense pressure from Friends of the Earth and WWF, who have accused the company of using the event to “greenwash” its environmental credentials. read more

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Times Online: Developing responsible strategies

Partnering sustainable development and corporate social responsibility is never easy

January 27, 2008
Steve Farrar

There was trouble on the chicken farm. It had been built by Total, the French oil and gas giant, to help people living in the shadow of its refinery in the central African country of Congo Brazzaville learn the skills necessary to start their own businesses. But a month after it opened, the farm’s first students demanded wages.

When Total refused, pointing out that the exercise was about learning not earning, many walked out, accusing the firm of exploiting their labour. The initiative, supposedly a perfect example of corporate social responsibility (CSR), seemed to have backfired. read more

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The Sunday Herald (Scotland): The Week Ahead

Stocks & shares: Chris Butler
Sunday 27 January 2008

Royal Dutch Shell, the third-largest of the oil giants behind Exxon-Mobil and BP, is producing fourth-quarter figures on Thursday. For the first time the group will disclose separately the results of its oil sands operations in Canada. Normally the Canadian results have been included within the overall exploration and production segment of the figures, but such is the size of the investment and its potential returns that a separate disclosure will be welcomed by analysts. Full-year profits should be around £20 billion, which would be a decrease of 10%. Analysts suggest that weaker refining margins in the industry and currency adjustments will probably mean a fall in profit to £20bn. However, the latest forecasts made by three brokers vary massively with Exane BNP Paribus predicting £21.7bn, ABN Amro going for £24.5bn and one broker who declined to be named predicting less than £13bn. read more

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THE WALL STREET JOURNAL: THE MORNING BRIEF

By JOSEPH SCHUMAN    
January 25, 2008 8:09 a.m.

The Morning Brief, a look at the day’s biggest news, is emailed to subscribers by 7 a.m. every business day. Sign up for the e-mail here.

EXTRACT
 
Times of London: Royal Dutch Shell now expects world demand for oil and gas to outstrip supply within seven years, according to an email sent to employees by CEO Jeroen van der Veer that predicted conventional supplies will not keep pace with soaring population growth and the rapid pace of economic development. read more

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THE WALL STREET JOURNAL: For Peak Oil, Three’s a Crowd

January 25, 2008, 3:32 pm
Posted by Keith Johnson

Has the peak oil crowd added a new member?

An email written by Royal Dutch Shell CEO Jeroen van der Veer has sparked the latest round of debate over the state of oil supplies. In the email, which Mr. van der Veer told his employees to spread around, he says (HT to the Oil Drum. Here’s the whole spiel.):

Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand. As a result, society has no choice but to add other sources of energy – renewables, yes, but also more nuclear power and unconventional fossil fuels such as oil sands. Using more energy inevitably means emitting more CO2 at a time when climate change has become a critical global issue. read more

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THE WALL STREET JOURNAL: Energy Newstand: Gas Pockets

Posted by Keith Johnson
January 25, 2008, 9:51 am

What the Fed couldn’t do, the stimulus package apparently can: AP reports that optimism over the economic package drove oil prices over $90. Bloomberg notes that rate cuts and a weaker dollar are also behind oil’s quick rebound.

More fodder over oil’s future from Royal Dutch Shell. The oil major expects demand to outstrip supply in seven years, reports the London Times. Shell envisions either a mad scramble for resources or greater international cooperation on energy issues. Meanwhile, in an internal email, Shell reportedly said that unconventional fossil fuel sources will become more important. Ask BP: Canada’s Financial Post reports that BP is following up its tar-sands revival with a new $1 billion unconventional natural gas project there. read more

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peakoilstore.com: BREAKING NEWS: leaked letter, SHELL CEO admits Peak Oil !!

January 25, 2008, 03:53:56 AM

Author: “kapitalist”

Hi,
Im from the netherlands (homebase of Shell) , and i just saw this breaking news on our biggest financial programm on national tv. Shell CEO Jeroen van der Veer has sent a letter to ALL HIS EMPLOYEES and to SEVERAL NEWSPAPERS to inform the public that PEAK OIL IS REAL (the reporter used exactly this words), and the demand has exceed the production allready or will very soon. In 7 years from now the difference between production and demand will grow to be extremely big, thats why he says we need all the alternatives (including nuclear).
read more

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Former Shell executive Paddy Briggs comments on Daily Express article: WE’LL BEGIN TO RUN OUT OF OIL WITHIN 7 YEARS

Wikipedia Commons image Paddy Briggs

Former Royal Dutch Shell Executive, Paddy Briggs

Former Shell executive Paddy Briggs comments on Daily Express article: WE’LL BEGIN TO RUN OUT OF OIL WITHIN 7 YEARS:

DAILY EXPRESS: WE’LL BEGIN TO RUN OUT OF OIL WITHIN 7 YEARS

1. January 26th, 2008 07:29

Plus ça change! When I was in The Netherlands in the early 1980s I sat on the Energy commission of the Ministry of Economics as Shell’s representative. There was much debate at the time over the high levels of profits that Shell was making from its (part) ownership of the Groningen gas reserves. Part of Shell’s defence of these profits was that the reserves were finite, that much investment had been made upfront, and that, therefore, it was legitimate for the company to get a good level of financial return. The key variable in this argument was the extent of the reserves. Obviously Shell’s argument to be allowed to secure high levels of return on capital was boosted if the reserves were estimated at a lower level – the higher the actual reserves then the longer they would last and the longer that Shell’s profit streams would last as well. Shell’s reservoir engineers and others assessed the Groningen reserves at a particular level and published their estimates. Shortly after this the then Professor of Energy Studies at Erasmus University in Rotterdam, Peter Odell, went public saying that Shell and other oil majors consistently underestimated hydrocarbon reserves. His argument, as I recall it, was that insufficient attention was given by Shell to future scientific and technology advances that would allow difficult reserves to be tapped or would turn uneconomic reserves into viable ones. read more

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Calgary Herald: Shell predicts energy shortage by 2015

Published: Saturday, January 26, 2008

Royal Dutch Shell PLC forecasts that global demand for oil and gas will outstrip supply within seven years, chief executive Jeroen van der Veer said in a letter to Shell employees.

“We are experiencing a step-change in the growth rate of energy demand due to population growth and economic development, and Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand,” van der Veer said in the letter dated Jan. 22. read more

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DAILY EXPRESS: WE’LL BEGIN TO RUN OUT OF OIL WITHIN 7 YEARS

Daily Express image Jeroen van der Veer 

Jeroen van der Veer, chief executive of Royal Dutch Shell

Saturday January 26,2008
By Graham Hiscott, Consumer Editor 

DEMAND for oil and gas will outstrip supply within seven years, the head of one of the world’s biggest energy producers warned yesterday.

Jeroen van der Veer, chief executive of Royal Dutch Shell, predicts conventional supplies will fail to keep pace with population growth and booming economies.

The comments, from the boss of a multinational energy giant, will be seen as a wake-up call to the world. read more

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The Press Association: Shell expecting profits rise

26 January 2008

Market sentiment will be tested when the City’s full-year results season kicks off with figures from Royal Dutch Shell and AstraZeneca.

Royal Dutch Shell is expected to reveal full-year profits of more than 26 billion US dollars (£13.2 billion) on Thursday despite a tough end to 2007 for the oil major.

Consensus forecasts put fourth-quarter earnings at 5.82 billion US dollars (£2.95 billion) as higher operating costs and lower refining margins bite, even though oil prices soared to 100 dollars a barrel. This would leave full-year earnings at 26.65 billion US dollars (£13.5 billion), 5% ahead of 2006. read more

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z24.nl: Shell verwacht olietekort over zeven jaar

25-01-2008 | Gepubliceerd 11:15

Shell denkt dat er over zeven jaar een olietekort zal bestaan. Shell-baas Jeroen van der Veer denkt dat de huidige conventionele voorraden gas en olie tot 2015 toereikend zullen zijn.

In een e-mail aan Shell-werknemers gaf Van der Veer Shell’s visie op de huidige energievoorraden weer. Deze mail was niet vertrouwelijk en werd naar buiten gebracht door RoyalDutchShellplc.com.

Vandaag zal Van der Veer aanwezig zijn bij het World Economic Forum in Davos. Hier zal hij praten over de energie vooruitzichten van Shell. read more

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The Oil Drum: Shell Energy Futures

Posted by Jerome a Paris on January 25, 2008 – 10:23am

Below the fold is the full text of an email sent by Jeroen van der Veer, the CEO of Shell, to all Shell employees, and explicitly meant for wider distribution. (Update: an almost identical version is now available on Shell’s website)

It is a clear acknowledgement of the reality of peak oil, climate change and of the need for comprehensive policy changes, and is worth reading in full.

From: Jeroen van der Veer, Chief Executive
To: All Shell employees
Date: 22 January 2008 read more

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