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Posts on ‘August 24th, 2012’

Solitary part-timer conducted group audit

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

The Guardian: Solitary part-timer conducted group audit

“The FSA makes clear that Shell’s reserves difficulties began in 1997”

Terry Macalister

Wednesday August 25, 2004

The crucial auditing of Shell’s global oil and gas reserves was undertaken by one part-time engineer.

The revelation comes in the report by the Financial Services Authority, which describes group reserves auditing (GRA) of a key value indicator as “deficient and ineffective”.

Shell’s decentralised structure needed a robust internal reserves auditing function. Instead, it “had engaged as GRA a petroleum engineer – who worked only part-time and was provided limited resources and no staff – to audit its worldwide operations,” the FSA says. 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 settles fraud case for $150M

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

CNN: Shell settles fraud case for $150M

Oil company agrees to pay SEC for overstating reserves, also settles market abuse case in Britain.

August 24, 2004

NEW YORK (CNN/Money) – Royal Dutch/Shell has agreed to pay about $150 million to settle charges by U.S. and British regulators that it vastly overstated oil reserves.

Under the settlement, Shell has also agreed to commit another $5 million to establish an internal compliance program under the direction and oversight of the company’s legal director, the Securities and Exchange Commission said in a statement.

The company units cited by the SEC, Royal Dutch Petroleum and Shell Transport, neither admitted to or denied any wrongdoing, the commission said. 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 still wrestling with its moment of shame

FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

The Independent: Shell still wrestling with its moment of shame

“Shell is bluntly accused of making false and misleading statements about its oil reserves over a five-year period, of doing so despite internal warnings that the statements were false”

JEREMY WARNER

United Kingdom; Aug 25, 2004

SHELL CAN only hope that yesterday’s parallel statements from the Financial Services Authority and the US Securities and Exchange Commission on the reserving debacle that threatened to engulf the company earlier this year finally closes the chapter on one of the darkest and most disreputable periods in its history.

The statements themselves make humiliating reading for a company that invests so heavily in public trust. Where once you could be sure of Shell, there seems very little you can be sure of now. Shell is bluntly accused of making false and misleading statements about its oil reserves over a five-year period, of doing so despite internal warnings that the statements were false, and then of blithely failing to correct the misleading impression given. 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 hoping for big returns in offshore oil exploration

CTV Atlantic Published Thursday, Aug. 23, 2012 7:10PM ADT

A company that pioneered exploration off Nova Scotia in the 1960s is back in a big way, but Shell isn’t interested in natural gas. It wants oil, and it plans on spending $970-million looking for it as part of the second largest exploration project in the world.

Today, Shell executive Erik Goodwin drew a sold out luncheon crowd to hear about the company’s offshore exploration plans, which were first announced in January.

“We really are bringing our best technology to this venture and bringing significant deepwater experience,” says Goodwin. 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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