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Shell’s £1bn Africa punt

OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a £1billion gamble on Mozambique in East Africa.“This shows how desperate Shell are to boost reserves,” said one expert.

Shell’s £1bn Africa punt

Thursday, February 23, 2012

OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a £1billion gamble on Mozambique in East Africa.

It revealed a 195p per share offer for COVE ENERGY which holds an 8.5 per cent stake in one of the world’s biggest gas fields there.

It contains the equivalent in gas of more than TWO BILLION barrels of oil.

“This shows how desperate Shell are to boost reserves,” said one expert. Cove shares raced 25 per cent to 193.5p.

East Africa is one of the fastest growing frontiers for oil and gas exploration. Shell’s offer is one of only a handful of deals in the past decade. read more

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WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

guardian.co.uk home

US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%

John Vidal, environment editor: Tuesday 8 February 2011 22.00 GMT

Saudi oil refinery. WikiLeaks cables suggest the amount of oil that can be retrieved has been overestimated. Photograph: George Steinmetz/Corbis

The US fears that Saudi Arabia, the world’s largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%. read more

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Shell Hldr Foundation: Court Declares Shell Settlement Binding

THE WALL STREET JOURNAL

MAY 29, 2009, 9:53 A.M. ET

Edited Press Release

AMSTERDAM (Dow Jones)–The Stichting Shell Reserves Compensation Foundation Today announces Friday that the Amsterdam Court of Appeals has declared the Non-U.S. Settlement Agreement concerning the recategorisation by Royal Dutch Shell PLC (RDSB.LN) of certain of its oil and gas reserves binding.

The agreement provides relief in the amount of US$352.6 million to qualifying non-U.S. shareholders who bought Shell shares on any stock exchange outside the United States from 8 April 1999 through 18 March 2004. read more

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Energy-Reserve Revisions

In 2004, Royal Dutch Shell PLC disclosed that it had overstated its reserves by 20%, leading to the ouster of its chairman, a Securities and Exchange Commission investigation and closer scrutiny of reserve calculations across the industry.

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Cnooc Plans $29 Billion South China Sea Exploration (Update1)

China, the world's second-biggest oil user, is expediting projects including nuclear power plants, gas pipelines and oil refineries to help stimulate the domestic economy and meet future energy demand. The country will overtake the U.S. as the world's biggest oil and gas consumer in about five years, Royal Dutch Shell Plc said in September.

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UK will face peak oil crisis within five years, report warns

Skrebowski predicts that global oil production will peak in the period 2011-2013 and then decline steadily, with non-conventional sources such as tar sands failing to fill the gap in time to avoid a serious energy crunch.

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Investors press for disclosure of tar sands’ climate risk

The US regulator has been reviewing the regulations on the way reserves are calculated since 2004, when Shell fell foul of its rules and was forced to "lose" a quarter of its assets. The move led to fines, a plunging share price and the exit of its chairman, Sir Philip Watts. In June the SEC issued new proposals that would allow previously excluded resources such as oil sands to be "classified" as oil and gas reserves. They would also allow companies to disclose their "probable" and "possible" reserves as well as "proved" reserves, as at present.

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New reporting rules will boost oilpatch’s reserves: may lead to takeovers

The world's second-largest non-government-controlled oil company by market value, Royal Dutch Shell, is likely to benefit most among the oil majors, analysts said. The company invested heavily in squeezing crude from bitumen-soaked soil in Alberta, and in extracting gas locked in coal beds in Australia and China, as it sought to rebuild its asset base after a reserves overbooking scandal in 2004.

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Cnooc’s Profit Growth to Surpass Exxon, Shell on Output, Prices

Aug. 21 (Bloomberg) -- Cnooc Ltd.'s first-half profit growth may be double that of Exxon Mobil Corp. and Royal Dutch Shell Plc after China's third-largest oil company increased its crude reserves and output amid record prices.

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FSA fines Credit Suisse £5.6m for deliberate mispricing

The largest fine – £17m – was issued to Royal Dutch Shell for market abuse. The FSA cited Shell's "unprecedented misconduct" after it mis-stated its reserves.

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Have we reached the end of the road for oil?

This means that the huge profits being made by multi-nationals such as Shell or ExxonMobil may turn out to be their last hurrah. "The days of the international oil companies are coming to a glorious end," said Fatih Birol, chief economist of the International Energy Agency, last month. "Their reserves are declining and they will have difficulty accessing new ones."

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Arctic has 90bn barrels of crude

The Arctic holds as much as 90bn barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first governmental assessment of the region’s resources.

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Winterflood challenges FSA over market abuse fine

A £4m fine would be the fourth largest ever levied by the watchdog. The record was £17m against Shell for mis-stating its oil reserves.

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FSA fines Winterflood £4m over market abuse

In August 2004, the authority fined Royal Dutch Shell, the Anglo-Dutch oil giant, a total of £17 million for market abuse and breaching listing rules after the oil group overstated the level of its oil reserves.

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Squeezing Oil From a Stone

Shell's process is complicated. The company plans to insert electric heaters hundreds of feet into the ground to heat the oil shale to between 650 degrees and 700 degrees for more than two years.

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Despite 800 billion barrel potential, oil shale a hard sell

Shell, by nearly all accounts the industry leader in oil shale research, landed three of the leases.

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El Paso Ex-Executives Settle Charges Over Reserves

The treatment of El Paso stands in stark contrast to how the SEC handled Royal Dutch Shell PLC in 2004, when it also faced charges of inflating reserves. Shell, which ultimately reduced its proved reserves by 22.5%, paid about $150 million in fines to the SEC and British regulators.

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Untapped Oil Reserves Could Fuel U.S. For 300 Years

In fact, such untapped reserves are estimated at about 2.3 trillion barrels, nearly three times more than the reserves held by Organization of Petroleum Exporting Countries (OPEC) nations and sufficient to meet 300 years of demand -- at today's levels -- for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.

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Oil trading at $136 a barrel on Mideast tension

Renewed concerns about supply disruptions out of Nigeria also emerged as the main militant group there said it would resume attacks in the country's oil-rich river delta region because of Britain's recent pledge to back the government.

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Shell’s future scenarios – Staring into energy’s black hole

Shell’s “energy scenarios” see fossil fuels remaining a huge part of the energy mix to 2050. But are they realistic? And if Shell is right, what does it mean for the planet’s future?

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Shell: time to deliver

GOOD things come to those who wait. No pain, no gain. Every cloud has a silver lining. For investors in Royal Dutch Shell in need of a pep talk, these might be clichés worth repeating.

There is a chance – however remote – that growth might come inorganically, says ABN Amro, describing a merger with BP or Total as "possible and desirable"

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Iraq throws open door to foreign oil firms

Iraq opened its giant oilfields to foreign firms on Monday, putting British and U.S. companies in pole position five years after U.S.-led troops invaded the country to oust Saddam Hussein.

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SEC proposes new rules for oil reserves

In August 2004, the SEC fined Royal Dutch/Shell Group $120 million – one of the largest penalties against a company in an accounting case – in connection with the overstatement of oil and gas reserves. The Anglo-Dutch oil giant’s disclosure that year of reserve inflation stunned shareholders and the oil industry, and led to the dismissal of several top executives.

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SEC ordered to use emergency powers to immediately curb excessive market speculation

SEC Proposes Change In Oil, Gas Reporting: The SEC plan would allow oil and gas companies to include previously excluded sources of oil, such as tar sands, and disclose "probable and possible" reserves, not just those proven to exist.

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22 June 2008: AG Announces $120 Million Settlement with Shell

HARRISBURG - Attorney General Tom Corbett announced a $120 million settlement of a U.S. class action lawsuit against Royal Dutch Shell, which was accused of overstating oil and natural gas reserves and artificially inflating stock prices over a five year period, from April 1999 to March 2004.

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Saudi King: ‘We will pump more oil’

Saudi Arabia will raise oil production to record levels within weeks in an attempt to avert an escalation of social and political unrest around the world.

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Oil: does anyone know which way the wind blows?

As Opec hosts a meeting of global leaders, Mark Leftly sees if sanity can be restored to a world where predictions lurch from $80 to $250 a barrel and from stability to catastrophe.

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Plan Would Lift Saudi Oil Output to Highest Ever

The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia.

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Is this the end of oil?

For generations, we've taken it for granted. But as prices soar and reserves dwindle, the time is fast approaching when mankind will have to live without oil. Are we ready to confront some really inconvenient truths?

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SEC considers shake-up of reporting rules

Reserves reporting, used as a key measure by investors for assessing a company’s long-term financial prospects, has been hugely sensitive in the past. The 2004 revelation of misreporting of reserves by the Royal Dutch Shell group triggered official investigations and lawsuits. It cost executives their jobs and prompted a shake-up of the company’s management structure.

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Spoiling the barrel

Tiny printing on the inside cover of the document reveals a catch-all caveat. The information presented comes not from primary BP research but from "official sources and third-party data" and "does not necessarily represent BP's view of proved reserves by country". This astonishing get-out clause has been inserted in the BP review every year since Shell was caught lying about its reserves in 2004.

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Jeremy Warner’s Outlook: Britain has squandered its North Sea inheritance. Now we are paying the price

Too late now, but Britain has squandered the blessing of North Sea oil and gas by allowing the stuff to be bought up at relatively cheap prices during the years of plenty. With prices now sky-high, there's virtually nothing left to see us through the famine. At no point was any serious thought given to a more strategic use of our oil and gas reserves. We are now paying the price.

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Oil shortage a myth, says industry insider

Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.

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Oil explorers find new fields to conquer

Companies are also dipping into “unconventional” hydrocarbon deposits — the sticky mountains of tar sands in Alberta, Canada and on the banks of Venezuela’s Orinoco river, the “tight sands” gas reserves of western Australia, and the methane trapped in long-disused European coal mines.

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Is it right or fair the describe the Shell reserves scandal as a “Fraud”

Christopher Cox, the Chairman of the SEC is on record as describing the scandal as a “fraud” when he listed European frauds.

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Oil price pushed to new records as US economy plunges further

The price of crude oil was catapulted $11.31 to a new all-time high of $139.12 in New York, its biggest one day gain in dollar terms on record, driven by an almost unprecedented rise in US unemployment and signs that Israel is preparing for outright conflict with Iran and on the Gaza Strip.

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North Sea could see second oil boom due to huge unexplored reserves

The amount of fuel still left in the oilfields could be the equivalent of all that has been extracted since they were first exploited in the 1970s; enough to last another 44 years. Experts explained that the high price of oil meant that it was now financially viable for firms to invest the vast sums required to remove it from depths and pressures that were previously too expensive.

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French oil giant says demand could catch supply

Total, along with Exxon Mobil Corp. and Royal Dutch Shell Plc, the world's two biggest publicly traded oil companies, are facing increasing barriers to oil and gas reserves as resource- holding nations favor national champions.

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North Sea oil reserves ‘will last decades’

In 2004, Shell stunned shareholders when it revised its proven oil and gas reserves, slimming the figure by 20%. The revelation had an instant impact on the company's share price and has served as a lesson to the industry ever since

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Separating the myths from the facts about North Sea oil

To manage costs, Shell has been selling off some of its core assets in the North Sea to newer and more aggressive companies such as Fairfield Energy.

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Aramco sets global strategy

The reformed board now includes James Kinnear, former Texaco president and CEO, Mark Moody-Stuart, former chairman of Royal Dutch Shell Group...

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Is the world about to be running on empty

As evidence emerges of dwindling oil reserves, the price of crude hits $135 a barrel

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Shell blasted on Iraq oil

British oil giant Shell threatens to trigger greater conflict in Iraq with plans to control the development, production and depletion of Iraq's oil reserves, campaigners warn today. This warning, from the coalition Hands Off Iraqi Oil, comes as Shell holds its annual meeting amid growing resistance to the company’s bid to assume control over oil reserves.

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U.S. Government sells 16.1 mln bbl royalty-in-kind oil

WASHINGTON (Reuters) - The U.S. government said on Friday it has sold 16.1 million barrels of oil produced on federal land to four energy companies, putting more supply on the market at a time of record high prices.

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Congressional Pressure Prevails as U.S. Halts Filling of Oil Reserve

Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nation’s strategic oil stocks. But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil prices hit another record Friday.

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‘Peak oil’ is here. Now what?

What does it mean that crude oil is peaking? Essentially it means that the world has used half the oil available to extract and will enter a permanent decline, even as world energy demand is rising, with new economic powerhouses China and India growing at an alarming rate. Peak oil does not mean we are on the verge of running out of oil; the overriding implication is that we are entering a period of relentlessly rising prices and ultimate shortfalls.

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Time to draw a line in the oil sands

Ontario is on the cusp of helping oil-sands emissions explode. Shell Canada wants permits to be granted by the end of this year for a new refinery in Sarnia to process oil from its oil-sands mines in Alberta for use in gas tanks across the GTA. The company will be submitting its environmental assessment in June, but the governments of Canada and Ontario are already being pressed to make crucial decisions about the refinery.

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.
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