APRIL 2005 SHELL NEWS HEADLINES

Friday, 1 April 2005

THE WALL STREET JOURNAL: Shell Is in Settlement Talks Over Oil Reserves Scandal: “Royal Dutch/Shell Group said it is in settlement talks on some of the class-action litigation unleashed after it was forced to reclassify its oil reserves.” (ShellNews.net) 1 April 05

Daily Mail (UK): Shell hopes to iron out reserves lawsuit: “SHELL is in talks to settle one of the two major US lawsuits filed over last year's reserves scandal. It has begun talks with counsel for US pension funds and is hoping for a successful resolution, which would be a big step towards clearing up uncertainty. (ShellNews.net) 1 April 05

THE WALL STREET JOURNAL: Iran Bid For Shell JV Basell Excludes US Ops – Source (ShellNews.net) Posted 1 April 05

THE WALL STREET JOURNAL: Brazil Shell Oil Unit To Invest $200M In 2005 –Report (ShellNews.net) 1 April 05

The Guardian (UK): Shell boss gets £1m bonus despite crisis over reserves: “Jeroen van der Veer, the chief executive of Shell, took home a bonus of nearly £1m last year despite the reserves fiasco that made it the worst year ever for the company's reputation.”: “The SEC filing reveals that the Anglo-Dutch group's oil reserve replacement ratio was a dismal 19% last year…” (ShellNews.net) 1 April 05

FINANCIAL TIMES: Shell's chief executive lands 90% bonus in spite of cuts in reserves: “Jeroen van der Veer, chief executive of Royal Dutch/ Shell, was paid nearly €2.65m (£1.82m) in 2004, a year in which the Anglo/ Dutch oil and gas group had to cut its figures for proved reserves four times”: “The 20-F also revealed that Shell was in settlement discussions with counsel for plaintiffs in legal actions brought under the US Employment Retirement Security Act that it hoped would lead to a resolution. Shareholder class actions are also proceeding, as are separate actions against the company, directors and former directors.” (ShellNews.net) 1 April 05

THE LONDON TIMES: Directors strike it rich after Shell's investors lament their lost billions: “SHELL lost billions of barrels of oil, investors lost billions of pounds in value and the famous brand lost a century of hard-earned credibility but the directors profited handsomely in 2004, notwithstanding.” (ShellNews.net) 1 April 05

THE LONDON TIMES: Worrying amount of room at the top: “One can understand a certain wariness about taking on the task, given the revelations that have emerged about the culture that allowed Shell to so badly mislead investors” (ShellNews.net) 1 April 05

THE LONDON TIMES: “Royal Dutch/Shell, the oil giant, has replaced less than half the oil that it pumped last year with new finds…” (ShellNews.net) 1 April 05

DAILY TELEGRAPH: Shell earmarks $12m for legal aid: “Shell has been forced to lend $12m (£6.3m) for legal representation to former directors who may have been caught up in the company's oil reserves scandal. The US Department of Justice has launched a criminal investigation into last year's reserves restatement and a shareholder class action has been filed with the US District Court in New Jersey. (ShellNews.net) 1 April 05

stuff.co.nz (New Zealand): Shell new discoveries less than half pumped in 2004: “While the figures were broadly in line with previous guidance, they will cement many investors' worries that Shell has lost its knack of finding oil, following a reserves over-booking scandal last year that led the company to downgrade around a quarter of its oil and gas reserves.” (ShellNews.net) 01 April 2005

Glasgow Evening Times: Union demands inquiry into two deaths on oil rig: “A UNION leader today called for a fatal accident inquiry after oil giant Shell admitted charges over the gas poisoning deaths of two Scots on a North Sea rig.” (ShellNews.net) Posted 1 April 05

NewRatings.com: Shell Settlement Talks Seen As Peripheral: “News that Shell (SC, RD) is in settlement talks on some class action litigation is not surprising, says KBC Peel Hunt analyst Tony Alves.” (ShellNews.net) Posted 1 April 05

Saturday, 2 April 2005

FINANCIAL TIMES: Conchology: “Shell Transport and Trading, the UK arm of the Anglo-Dutch oil and gas group, last year chose Rhysota as the shell to feature on the cover of its annual report. Its elegant transparency was perhaps intended to signal the company's new openness after the reserves debacle. Unfortunately, as we noted at the time, the image also resembled liquid going down a plughole.” (ShellNews.net) 2 April 05

FINANCIAL TIMES: Ground water lawsuits warning: “Royal Dutch/Shell warned that US lawsuits linked to alleged contamination of ground water could have a "significant impact" on future results if successful.” (ShellNews.net) 2 April 05

DAILY TELEGRAPH (UK): THE WEEK THAT WAS: “Shell has lent $12m (£6.3m) for legal representation to former directors who may get caught up in the oil reserves scandal. It also says that it had replaced only 49pc of the oil it extracted last year” (ShellNews.net) 2 April 05

THE LONDON TIMES: “It emerges that Jeroen van der Veer, chief executive of Shell, was paid a bonus of €1.35 million (£927,000) last year, almost doubling his total earnings to €2.6 million. It comes after a year in which the oil giant lost billions of barrels of oil.” (ShellNews.net) 2 April 05

LONDON TIMES: One cockroach means more...: “I am holding BG Group, ENI, Premier Oil, Schlumberger, and yes, also Shell, which is on its mettle to replace depleted reserves and to retrieve its reputation as a solid — as opposed to stodgy — powerhouse with a strong recovery potential.” (ShellNews.net) 2 April 05

IPE.com: ABP expects compensation from Shell: “Stichting Pensioenfonds ABP, the largest Dutch fund, expects it could receive compensation from Shell following US legal action relating to the oil giant’s overstatement of its reserves. “We are following the developments,” said a scheme spokesman. “ABP expects that it can rely upon the fact that if a settlement is reached in the US, European investors also will be compensated.” (ShellNews.net) Posted 2 April 05

DAILY EXPRESS (UK): Shell's oil reserves drop extra Ibn barrels: “The company said it was aiming to settle one of the civil class action lawsuits resulting from the scandal. But it is still facing another class action and a criminal investigation from the US Department of Justice. (ShellNews.net) Posted 2 April 05

PetroleumNews.com: Shell dominates: Spends $44.4 million in $46.7 million Beaufort sale with 86 winning bids: “Shell has said for some time that it is interested in Alaska, and the company put its money on the table March 30 in Anchorage…” (ShellNews.net) 2 April 05

news-miner.com: Shell dominates Beaufort lease sale: “Shell Oil Co. dominated a federal offshore lease sale in Alaska that tallied $46.7 million in winning bids” (ShellNews.net) 2 April 05

Sunday, 3 April 2005

Mail on Sunday (UK): Auditors clean up at Shell: “AUDITORS who failed to spot the massive overstatement of reserves at Shell raked in record fees from the oil giant last year. KPMG and Pricewaterhouse-Coopers earned £22m for preparing Shell's accounts… the highest amount ever paid by a British company for a basic audit.”: “In a series of downgrades, Shell was forced to slash its estimate of proven reserves by a staggering six billion barrels, almost 30%, after admitting it had misled investors for years.”: “Shell still faces a criminal investigation from the US Justice Department and class action lawsuits from disgruntled shareholders over the scandal”:  “The reserves scandal shattered Shell's reputation…”: “its ratio of reserve replacement, a key indicator, had collapsed to a paltry 19% - the lowest of any oil major. That means Shell is finding less than a fifth of what it produces. 'It is clearly a concern,' Shell acknowledged” (ShellNews.net) Sunday 3 April 05

INDEPENDENT ON SUNDAY (UK): Shell and BASF risk US anger as Iranians near deal to buy Basell: “Iran's National Petrochemical Company (NPC) is close to sealing a politically sensitive $4.4bn (£2.3bn) deal to buy Basell, the polymer business jointly owned by Shell and BASF, the German chemical giant.”: “The difficulty for NPC comes because of the US government embargo resulting from the row about the Iranian nuclear programme, which the US alleges is being used to develop weapons.” (ShellNews.net) 3 April 05

The Observer: Shell moves Sakhalin pipeline but faces new destruction row: “…concerns remain outstanding regarding location, oil spill response, ship-whale collisions, sedimentation, noise and cumulative impacts…” (ShellNews.net) Sunday 3 April 05

Oil & Gas Journal: Shell Transport and Trading Company: Filing of the 2004 Form 20-F: “It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including… …potential litigation and regulatory effects arising from recategorisation of reserves” (ShellNews.net) Posted 3 April 05

ameinfo.com (United Arab Emirates): Three Shell experts to present key addresses at Middle East Petroleum & Gas Conference (ShellNews.net) Posted 3 April 05

Monday, 4 April 2005

THE NEW YORK TIMES: Shell Inflated Reserves by 41%: “Royal Dutch/Shell Group reports its oil and gas reserves as of 2002 was overstated by 41 percent; Shell has made five cuts in reserve number, leading to investor lawsuits, replacement of three senior executives and more than $150 million in fines; US Justice Department is conducting criminal investigation into Shell's statements of its oil and gas reserves” (ShellNews.net) Posted 4 April 05

Asia Pulse: SAKHALIN 2 PROJECT TO SUPPLY LNG TO U.S., S.KOREA: “Royal Dutch/Shell Group, Mitsui & Co and Mitsubishi Corp. have secured long-term contracts to ship liquefied natural gas (LNG) from Sakhalin to the U.S. and South Korea” (ShellNews.net) 4 April 05

THE INDEPENDENT: Green activists to challenge ExxonMobil on Kyoto stance: “Exxonmobil, the world's biggest oil company, is facing a new showdown with environmental activists at its forthcoming annual general meeting.”: “Exxon spends just $10m a year on research aimed at developing alternatives to fossil fuels. This compares, for instance, with more than $100m a year spent at BP, while Shell will invest $1bn between 2003 and the end of this year on developing renewable energy sources.” (ShellNews.net) 4 April 05

BARRON’SOnline: Oil's Well: “The sense that reserves have peaked appears to be showing up in numerous ways beyond year-end reserves and Royal Dutch Shell's writedowns (ShellNews.net) 4 April 05

DAILY TELEGRAPH (UK): City checklist: “Auditors who failed to spot the overstatement of reserves at Shell, KPMG and Price Waterhouse Coopers, earned £22m for checking the company's accounts” (ShellNews.net) 4 April 05

Tuesday, 5 April 2005

Accountancy Age: Firms pocket millions for Shell work: “Oil company Shell pays record-breaking amount for audit work during one of the most controversial periods in its history.”: “KPMG and PwC pocketed $70m (£37m) for their work with Shell during its troubled last 12 months, according to the oil company's latest filing with the SEC.”: “During the last year Shell suffered its oil reserves scandals, overstating the number of barrels of oil it held in reserves by billions…” (ShellNews.net) Posted 5 April 05

AccountancyAge.com: £1m bonus for Shell boss despite reserves fiasco: “Shell's 2004 reserves debacle fails to stop its CEO receiving a £1m bonus.”: “The SEC discovered that Van der Veer, who replaced Sir Philip, and whose basic salary is uro 1.28m, also received a deferred bonus in 2004 of euro 267,460 as well as an additional 150,000 stock options.” (ShellNews.net) Posted 5 April 05

Irish Times: Court orders Mayo farmers not to obstruct Shell pipeline: “Six Mayo landowners were restrained by High Court orders yesterday from interfering with the laying by Shell E&P Ireland Ltd of a gas pipeline across their lands. The interlocutory injunctions will continue until the full hearing of proceedings brought by Shell against the six, or until a further order of the court.” (ShellNews.net) 5 April 05

Irish Independent: Judge restrains residents in pipeline dispute: “The interlocutory injunctions will continue until the hearing of the action brought by Shell against the six or until further order of the court.” (ShellNews.net) 5 April 05

THE WALL STREET JOURNAL: Chevron, Exxon, Shell Reach Pact On LNG Project (ShellNews.net) 5 April 05

AFX Europe (Focus): ChevronTexaco, Exxon, Royal Dutch agree Australia gasfield development - report (ShellNews.net) 5 April 05

AFX Europe (Focus): Australia's Woodside confirms gas find off northwest coast: “Woodside, which is about one-third owned by Shell…” (ShellNews.net) 5 April 05

FINANCIAL TIMES: Unocal deal fuels consolidation debate: “…Royal Dutch/Shell has been linked repeatedly with a bid for BG, as it looks to recover from the scandal that forced it to cut its proved reserves by almost one-third last year and part company with its three most senior executives” (ShellNews.net) 5 April 05

FINANCIAL TIMES: In search of room to grow: “BP and Shell are respectively the biggest and second-largest holdings in the fund and jointly account for more than 10 per cent of the portfolio, or more than £40m worth of assets. "They offer strong cashflow and very good dividend growth," says Mr Nutt, who has managed the fund since it launched in January 1996.” (ShellNews.net) 5 April 05

Business Standard (India): Shell India to get first LNG cargo soon (ShellNews.net) 5 April 05

London Evening Standard: BG set to bid in £1.7bn First Calgary: “News of its interest comes amid renewed speculation that BG Group may itself be a takeover target for the big guns in the industry, most notably Shell…” (ShellNews.net) 5 April 05

Stuff.co.nz (New Zealand): Shell has at least four Intergen offers – sources: “Shell is selling Intergen as part of a $US12 billion divestment programme that seeks to refocus the company's operations and rebuild investor confidence after a damaging oil reserves over-booking scandal last year” (ShellNews.net) 5 April 2005

Wednesday, 6 April 2005

THE WALL STREET JOURNAL: BBL To Supply Gas To UK Via Royal Dutch/Shell Gas Plant: “The BBL Company and Shell U.K. Limited, a subsidiary of Royal Dutch/Shell said Tuesday they have signed contracts to start building a natural gas terminal at Bacton that will supply gas from the BBL pipeline to the U.K. gas network.” (ShellNews.net) Posted 6 April 05

Asia Pulse: SHELL'S GUJARAT TERMINAL TO RECEIVE FIRST LNG CARGO THIS MONTH (ShellNews.net) 6 April 05

THE LONDON TIMES: Need to Know: “At least four companies are understood to be preparing to bid for Royal Dutch/Shell’s Intergen power generation business, which could fetch about $4 billion (£2 billion).” (ShellNews.net) 6 April 05

ninemsn.com.au (Australia): Energy giants reach agreement on Gorgon: “Exxon Mobil Corp, Royal Dutch/Shell Group and ChevronTexaco Corp have reached agreement on the ownership of the $11 billion Gorgon liquefied natural gas (LNG) project in Western Australia” (ShellNews.net) 6 April 05

FINANCIAL TIMES: First Calgary faces delay in bid process (ShellNews.net) 6 April 05

AFX UK (Focus): Cameroon says Total/Shell to invest 11 million usd in offshore block over 3 years (ShellNews.net) Posted 6 April 05

Thursday, 7 April 2005

Houston Chronicle: Shell is hoping to book disputed reserves again: Fields off coast of Australia had been overstated: “Shell, based in London and the Hague, last month said its oil and gas reserves as of 2002 were overstated by 41 percent, the culmination of five cuts that led to investor lawsuits, the loss of three senior executives and more than $150 million of fines. The Justice Department is conducting a criminal inquiry.” (ShellNews.net) 7 April 05

BLOOMBERG: Shell Abandons Argentine Gasoline Price Increase (Update1): “The Royal Dutch Shell Group, Europe's second-largest oil company, scrapped a price increase at more than 900 gas stations in Argentina after President Nestor Kirchner's call for a boycott on the company drove down sales as much as 60 percent.” (ShellNews.net) 7 April 05

fxstreet.com: Shell, BG lead FTSE to 3-wk high as M&A talk swirls: “Shell climbed 2.5 percent as dealers said a research note from UBS triggered speculation it could launch a full takeover [nL07710054] for Woodside, <WPL.AX> the Australian firm valued at more than $13 billion that it was blocked from buying in 2001 but in which it still holds a 34 percent stake.” (ShellNews.net) 7 April 05

Financial Times: Ousted Rexam executive stands to receive £2.5m: “Rexam, the consumer packaging group, is to pay Stefan Angwald, its former chief executive, up to £2.5m after he worked only four- and-a-half months in the job.”: “The Rexam payment comes after Jeroen van der Veer, chief executive of Royal Dutch/Shell, was paid nearly €2.65m (£1.82m) in 2004 - a year in which the Anglo/Dutch oil and gas group had to cut its figures for proved reserves four times. Mr van der Veer received a 90 per cent bonus on his salary at the year end.” (ShellNews.net) 7 April 05

AFX Europe (Focus): Shell, Sibir ship first oil from 1.25 bln usd Salym field in Siberia: “The Royal Dutch/Shell Group and Sibir Energy PLC have shipped the first oil from the Salym field in western Siberia” (ShellNews.net) 7 April 05

AFX Europe (Focus): Shell lowers prices in Argentina after presidential pressure: “Almost a month ago, Kirchner called for Argentines to boycott Shell after it announced a 4.2 percent hike in fuel prices amid signs of rising inflation in the country.” (ShellNews.net) 7 April 05

edubourse.com (France): Shell - New equity arrangements for Australian Greater Gorgon project: “The development of Greater Gorgon gas will strengthen the Royal Dutch/Shell Group's leadership in the Asia Pacific LNG market and emphasises the importance of Australian gas in Shell's global portfolio." (ShellNews.net) Posted 7 April 05

Fort Saskatchewan Record (Canada): Shell sorry for delay: “Shell Chemicals is apologizing for the delay in warning its neighbours of a March 14 chemical leak.”: ”On the day of the leak, Shell’s incident commander, Ted Oud, told media that calls went out about 15 minutes after the incident. That was a misunderstanding, says company spokesperson Beverly Loat.” (ShellNews.net) Posted 7 April 05

THE WALL STREET JOURNAL: Gorgon Gas Deal Boosts A$11Bn LNG Export Plan: “Under the new framework agreement, Greater Gorgon's 40 trillion cubic feet (tcf) of natural gas resources will be owned 50% by ChevronTexaco, 25% ExxonMobil and 25% Shell.” (ShellNews.net) Posted 7 April 05

THE WALL STREET JOURNAL: ChevronTexaco Seeks to Finalize Deals With Chinese LNG Buyers: “ChevronTexaco, ExxonMobil Corp. and Royal Dutch/Shell Group have agreed to jointly develop several natural-gas fields off the Australian coast, according to officials familiar with the agreement.” (ShellNews.net) Posted 7 April 05

Oil & Gas Journal: Brunei Shell Petroleum Awards Astrata Group Inc. with Multi-million-dollar Five-year Contract To Support Onshore and Offshore Oil and Gas Exploration (ShellNews.net) Posted 7 April 05

Friday, 8 April 2005

THE WALL STREET JOURNAL: Gazprom: "Substantial Step" Made In Talks With Shell: “MOSCOW -- OAO Gazprom and Royal Dutch/Shell Group are still in talks on a possible swap of natural gas assets, the Russian state-controlled gas monopoly said late Thursday.” (ShellNews.net) 8 April 05

ninemsn.com (Australia): Woodside silent on Shell takeover talk: “Woodside Petroleum has declined to add to speculation Royal Dutch/Shell might launch another tilt at Australia's largest independent oil and gas company.”: “Nor would the Anglo-Dutch company add fuel to the rumour. "Shell does not comment on market speculation," a spokeswoman said.” (ShellNews.net) 8 April 05

FINANCIAL TIMES: Shell bid rumours boost Footsie: “The London market gained for the third straight day yesterday amid rumours Shell might be considering a significant acquisition.”: “Shell was linked as a possible bidder for Woodside, the Australian oil and gas company with a market capitalisation of £7bn. Analysts said a deal was possible. Shell owns 34 per cent of Woodside and had a takeover attempt rebuffed in 2000.” (ShellNews.net) 8 April 05

The Guardian (UK): Suitors queue for Somerfield:  “Shell gained 12p to 496p on talk it may launch itself into a $13bn (£7bn) acquisition of Australia's Woodside to bolster reserves…” (ShellNews.net) 8 April 05

THE LONDON TIMES: Shell's rise fuelled by rumours of Australian adventure: “Dealing rooms picked up on speculation that the oil group could again attempt to take control of Woodside Petroleum, the Australian oil and gas group in which it holds a 34 per cent stake. UBS analysts in Australia said a deal for Woodside would be a logical move for the company and would go some way to increasing reserves. Last year the group reclassified some of its proven reserves.” (ShellNews.net) 8 April 05

Daily Telegraph (UK): High oil prices pose serious risk, says IMF (ShellNews.net) 8 April 05

Daily Mail (UK): Shell pensions boost: “Its £28bn pension funds have a £1.5bn deficit…” (ShellNews.net) Posted 8 April 05

THE WALL STREET JOURNAL: Shell Hopes To Keep 30% Stake In Venezuela Nat Gas Deal: (ShellNews.net) Posted 8 April 05

Saturday, 9 April 2005

Casper Star Tribune: Shell Oil hopes to begin shale oil production by 2010: “With crude oil topping $50 a barrel more than 20 years after the oil shale bust of the 1980s, Shell Oil Co. is testing a new technology it hopes will make extracting oil from rock beneath northwestern Colorado profitable and environmentally sustainable” (ShellNews.net) 9 April 05

insidedenver.com: Shell unearths shale experiment: “Deep in this rich treasure trove of shale oil, the giant Royal Dutch Shell has been cautiously - and until this week quietly - experimenting with a new technology to free oil trapped eons ago…” (ShellNews.net) Posted 9 April 05

LONDON EVENING STANDARD: Shell cagey on possible bid for Aussie outfit: “ROYAL Dutch/Shell has refused to comment on speculation that it might launch another bid for Australia's Woodside Petroleum…” (ShellNews.net) Posted 9 April 05

Philippine Daily Inquirer: SFC, Chevron Texaco to match Korea firm's Malampaya bid: “SHELL Philippines Exploration BV (Spex) and Chevron Texaco Malampaya LLC has decided to match the bid of a Korean group led by LG International Corp. for about half of the Philippine National Oil Co. Exploration Corp.'s stake in the Malampaya Deep Water Gas-to-Power project…” (ShellNews.net) 9 April 05

THE LONDON TIMES: Chandler makes £25m sale: “Sir Colin, while head of defence sales at the Ministry of Defence, negotiated a deal under which Saudi Arabia paid for arms in oil, which BP and Shell sold on behalf of the British suppliers.” (ShellNews.net) 9 April 05

Sunday, 10 April 2005

THE BUSINESS: State oil firm loses out on US bid: “CHINESE state oil firm Cnooc's sudden departure from the bidding war over US oil firm Unocal in favour of ChevronTexaco's $18.4bn (£9.8bn, €14.4bn) offer suggests that, however high they raise the stakes, buying a US company is still, sometimes, a step too far.”: “Chevron now takes third place among the western major oil companies in terms of oil and gas reserves, jumping ahead of Royal Dutch/Shell and Total.” (ShellNews.net) 10 April 05

The Observer (UK): Oil giants go on the prowl: “And if Shell thought it was safe, it ought to remind itself that TotalFinaElf, the French colossus, might dust off its takeover plans ... and so on.” (ShellNews.net) 10 April 05

NEW SCIENTIST: Oil vs whales: “THE oil giant Shell has agreed to re-route a controversial oil pipeline off Russia's east coast, apparently bowing to pressure from environmentalists. But campaigners say it is not the pipeline that is the problem, but the oil platforms.” (ShellNews.net) Posted 10 April 05

THE LONDON TIMES: Diversity can make all the difference: “The policy has proved good value for Shell…” (ShellNews.net) 10 April 05

THE WALL STREET JOURNAL: Shell, BP Win Oil Concessions Deals In Algeria (ShellNews.net) Posted 10 April 05

Monday, 11 April 2005

Reuters: Shell wants level playing field in Russia: “Royal Dutch/Shell Group has called on the Kremlin not to discriminate against foreign oil companies when it awards contracts to exploit the nation's oil resources.” (ShellNews.net) 11 April 05

Yahoo Business News: Royal Dutch/Shell says held 'very positive talks' with Gazprom over gas projects: “Royal Dutch/Shell Group has had 'very positive discussions' with Russian group OAO Gazprom over a cooperation in various gas projects, according to John Barry, chief executive of Anglo-Dutch group's Russian operations. 'I can confirm that our chief executive (Jeroen van der Veer) met with Gazprom officials last Thursday, and the meeting was very positive'… (ShellNews.net) 11 April 05

THE WALL STREET JOURNAL: Australia's Woodside: Not Aware Of Shell's Intentions: “Recent media speculation, sparked by a report from investment bank UBS, has focussed on the possibility of Royal Dutch/Shell Group revisiting its A$10 billion-plus bid for Woodside which Canberra rejected in 2001 as being against the national interest.” (ShellNews.net) 11 April 05

THE WALL STREET JOURNAL: Shell's Gorgon LNG Deal Worth More Than US$10B: “A deal to sell liquefied natural gas from the Gorgon project offshore Western Australia to a Mexico receiving terminal is worth more than US$10 billion, project partner Royal Dutch/Shell (RD) said Monday” (ShellNews.net) Posted 11 April 05

TheAge.com (Australia): Shell to sell gas to US in $10b deal: “Most of the gas will be used to satisfy Mexico's growing energy needs, with the excess to be exported to California in the United States, where there is also a requirement for new natural gas supply sources.” (ShellNews.net) 11 April 05

au.biz.yahoo.com (Australia): Shell LNG deal set to ease reserves troubles: “The Gorgon booking alone accounted for 14 percent of the resulting reserves cut. Top executives were sacked, and the scandal triggered a full-scale corporate restructuring.” (ShellNews.net) 11 April 05

FINANCIAL TIMES: Trust fund: “BG and Murphy Oil are obvious targets.”: “Shell and second-tier players like ConocoPhillips - which cut production growth targets last week - might be tempted. Either way, with Arabia's treasures still firmly off-limits, fear of dwindling reserves is causing the post-1998 consensus to crumble. Shareholders' trust will be tested.” (ShellNews.net) 11 April 05

Tuesday, 12 April 2005

Russian News And Information Agency RIA Novosti: GAZPROM TO GET STAKE IN SAKHALIN-2: “Gazprom and Shell are about to make an agreement on granting Gazprom a stake in the Sakhalin-2 project…” (ShellNews.net) 12 April 05

Washington Times: Russia extends license of Shell subsidiary: “A Russian subsidiary of oil giant Royal Dutch Shell was given an extension to dig for oil by the Russian government Tuesday…” (ShellNews.net) 12 April 05

Financial Times: Gorgon signs to sell LNG to N America: “The deal, worth more than US$10bn over 20 years, is the project's first firm order and would also be Australia's first long-term LNG supply contract to North America.” (ShellNews.net) 12 April 05

Wednesday, 13 April 2005

jamaica-gleaner.com: Protesting Shell workers call in sick: “They are protesting what they say is the management's method of operating the company.” (ShellNews.net) 13 April 05

THE INDEPENDENT (UK): Shell pledges £1m to revamp Festival Hall (ShellNews.net) 13 April 05

FINANCIAL TIMES: Regulators must not abandon corporate penalties: “Surveys show that investors have not forgotten the devastating losses from Enron and that they strongly support all types of penalties. Agencies worldwide increasingly use corporate penalties. For example, last autumn Callum McCarthy, Britain's chief regulator, announced the largest monetary penalty ever imposed by his agency against Royal Dutch/Shell.” (ShellNews.net) 13 April 05

THE WALL STREET JOURNAL: Australian LNG Exports Could Grow Sharply – Govt: “Shell said Monday that under a 20-year deal, it has committed to take up to 2.5 million tons/year from Gorgon for Sempra's Energia Costa Azul terminal in Baja California, starting from 2010. Shell has rights to 50% capacity of the terminal, construction of which began early this year.” (ShellNews.net) 13 April 05

THE WALL STREET JOURNAL: ExxonMobil: Asian LNG Buyers Facing U.S. Competition: “Billings' comments come just a few days after Royal Dutch/Shell (RD) unveiled a US$10 billion deal to sell liquefied natural gas from its part-owned Gorgon project offshore Western Australia to a receiving terminal in Mexico” (ShellNews.net) 13 April 05

THE WALL STREET JOURNAL: A Nigerian Cop Cracks Down On a Vast Black Market in Oil (ShellNews.net) 13 April 05

FINANCIAL TIMES: Shell, BG and Chevron in Nigerian gas venture (ShellNews.net) 13 April 05

OilVoice.com: Shell and Total Awarded Offshore PSC in Cameroon (ShellNews.net) Posted 13 April 05

Thursday, 14 April 2005

DAILY TELEGRAPH (UK): One Shell of a fight against poverty: “The pictures in its London headquarters pretty much tell the story like it was. The clear country roads, the open top sports car and always the reassuring catch line: "You can be sure of Shell". Not any more you can't. If ever a company has fallen from grace it is Shell.”: “For Kurt Hoffman, however, the fines, corporate machinations and high profile attacks on Shell, the corporate oil giant, are only part of his problem. As director of the charitable Shell Foundation he has to face people on the front line in countries such as Nigeria, where the oil group's activities have been condemned by aid agencies and non-governmental organisations, and convince them of his good intentions.” (ShellNews.net) 14 April 05

AFX Asia (Focus): Malaysia's Petronas-Shell JV makes fourth successive gas discovery (ShellNews.net) 14 April 05

DAILY TELEGRAPH (UK): Killer in the kitchen: “One of the Shell Foundation’s flagship investments is the $10m (£5.3m) Breathing Space programme…” (ShellNews.net) 14 April 05

HOUSTON CHRONICLE: Shell joins project for LNG in Nigeria (ShellNews.net) Posted 14 April 05

FINANCIAL TIMES: Oil majors take a back seat as the minnows pursue Iraq deals: “Royal Dutch/Shell has a chairman for Iraq, Wolfgang Ströbl, who has not set foot in the country since 2002.” (ShellNews.net) 14 April 05

FINANCIAL TIMES: Market fails to see value in Unocal deal: “…Chevron will now be in a more competitive position with BP, ExxonMobil and Royal Dutch/Shell in both scope and scale.” (ShellNews.net) 14 April 05

THE NEW YORK TIMES: Solar Firms Say Silicon Shortage Will Stall Growth: “In the face of the looming crisis, managers of companies including Shell Solar and Norway's REC lined up at a conference at the Semicon trade fair in the German city of Munich…” (ShellNews.net) Posted 14 April 05

AFX Asia (Focus): Hong Kong and China Gas plans JV with Royal Dutch/Shell in Hangzhou – report: “Royal Dutch/Shell and Hong Kong and China Gas (Towngas) plan to take a combined 49 pct stake in a joint venture with municipal gas distributor Hangzhou Gas…” (ShellNews.net) 14 April 05

Lloyds List: Majors link in Nigeria LNG project: Shell, BG and Texaco involved in multi-million-dollar plan to create one of the world's biggest producers, writes Tony Gray (ShellNews.net) 14 April 05

Friday, 15 April 2005

Guardian Weekly (UK): Shell moves Sakhalin pipeline but protests continue: “Shell is facing yet more environmental protests over its controversial $12bn oil and gas pipeline off the east coast of Russia.” (ShellNews.net) 15 April 05

FT: BP plays and wears it back to front: "Even Shell, which has been in a little bit of trouble lately, does this the right way round. It's appalling that you've got the order of business wrong." (ShellNews.net) 15 April 05

NEW YORK TIMES: Oil Companies in Venezuela Face More Control by State: “BP, Shell and ChevronTexaco, all of which have contracts that would be affected by the new policy, could not be reached for comment” (ShellNews.net) 15 April 05

Washington Times: Shell subsidiary finds more Malaysia gas (ShellNews.net) Posted 15 April 05

Business Times (Malaysia): Petronas, Shell find gas in Block PM301: “…a joint venture between Petronas Carigali Sdn Bhd and Shell Exploration and Production Malaysia BV, has made its fourth gas discovery in Block PM301 off the north-east coast of Peninsular Malaysia.” (ShellNews.net) 15 April 05

YAHOO BUSINESS NEWS: Shell In Talks To Build $90 Mln Gas Pipeline In China (ShellNews.net) Posted 15 April 05

The Times-Picayune: Alliance asks Shell to modify LNG port: Current system called threat to fisheries: “An alliance of conservation and fishing organizations took aim at Shell Corp. on Wednesday, calling on the company to modify a planned natural gas port in the Gulf of Mexico that is considered a threat to Louisiana's fishing industry.” (ShellNews.net) Posted 15 April 05

THE WALL STREET JOURNAL: 32 Oil Pacts Must Switch To New Venezuela Law: "ChevronTexaco, BP PLC, Repsol, Total, Petrobras, Royal Dutch Shell and China National Petroleum Corp., or CNPC, all operate projects that need to be migrated to the new law. Venezuela is the world's fifth largest oil exporter and holds the largest oil reserves outside of the Middle East." (ShellNews.net) Posted 15 April 05

THE WALL STREET JOURNAL: First Calgary Gives Bidders A Rare Chance (ShellNews.net) Posted 15 April 05

Saturday, 16 April 2005

BLOOMBERG: Iran Expects to Win Bid for Basell in a Month, Official Says (ShellNews.net) 16 April 05

THE WALL STREET JOURNAL: Shell Shuts Down Brent Alpha Gas Output Over Leak (ShellNews.net) Posted 16 April 05

Petroleum News: Shell Oil tests new oil shale technology: “With crude oil topping $50 a barrel more than 20 years after the oil shale bust of the 1980s, Shell Oil Co. is testing a new technology it hopes will make extracting oil from rock beneath northwestern Colorado profitable and environmentally sustainable.” (ShellNews.net) 16 April 05

Dateline Alabama: Environmentalists, fishermen seek to stall Shell's deepwater LNG port in Gulf: “Fishermen and environmentalists… asked a federal appeals court on Friday to stop Shell Oil Co. from going ahead with plans for an LNG port off the coast of Louisiana.” (ShellNews.net) Posted 16 April 05

Sunday, 17 April 2005

THE SUNDAY TELEGRAPH (UK: 'Shell will be the better for its trauma': “The group has some way to go before it regains the trust of investors, following the furore sparked by last year's disclosures about its massive overstatement of oil reserves. Despite being fined by regulators and being sued for billions in the US by shareholders, Oxburgh believes the episode will make Shell a stronger company over the long run.” (ShellNews.net) 17 April 05

Persian Journal (Iran): Shell to Open Iran's Soroush Field in Weeks: “Royal Dutch Shell Group has pumped oil into a new platform and facilities in Iran's offshore Soroush field in preparation for commissioning of the field…” (ShellNews.net) Posted 17 April 05

Convenience Store News (USA): Shell Launches Gas-Card Promotion (ShellNews.net) 17 April 05

Monday, 18 April 2005

THE NEW YORK TIMES: Shell's Jiffy Lube Chain Rolls Into China: “Royal Dutch/Shell Group and China's top car maker aim to open 600 of Shell's Jiffy Lube maintenance outlets in China by 2015…”: “Shell executive vice president David Pirret told reporters on Monday the partners hoped in the venture's first year to launch 10 Jiffy Lube outlets, introducing to China a U.S. drive-in chain that specializes in 10-minute oil changes and other car tune-ups.” (ShellNews.net) 18 April 05

THE WALL STREET JOURNAL: Shell, Shanghai Auto To Launch Jiffy Lube JV: “The joint venture will be called Anji Jiffy Lube Automotive Services Co. and Shell will partner Shanghai Automotive Industry Sales Corp., a unit of Shanghai Automotive Group Co., to launch the shops.” (ShellNews.net) 18 April 05

MarketWatch: Shell plans car-maintenance JV in China: “Royal Dutch/Shell Group said Monday it plans to launch a car-maintenance joint venture in China modeled on its Jiffy Lube stores in the U.S.”: “Shell acquired Jiffy Lube in 2002 as part of its purchase of Pennzoil-Quaker State Co. Jiffy Lube has 2,200 outlets in North America serving 80,000 cars per day.” (ShellNews.net) 18 April 05

ShareWatch.com: Royal Dutch Shell upped at Merrill on tech support: “The broker also told clients that it sees potential for some positive news…” (ShellNews.net) 18 April 05

Tehran Times: Iran expects to win bid for Basell in a month: official: “According to all the documents, we are the winner…”: (ShellNews.net) 18 April 05

BUSINESS WEEK: Week of woes for BP: "Taken with a revival by arch rival Shell and a new law that may restrict development, Russia is proving more of a headache for BP than the company hoped.: Royal Dutch/Shell's Russia strategy, built on mega-projects such as its $12bn Sakhalin liquefied natural gas (LNG) scheme, may yet trump BP's bold $7.5bn joint venture with TNK in 2003.": "Shell also seems to be having a better time from state gas monopoly Gazprom, which is in effect pitting BP against its Anglo-Dutch rival." (ShellNews.net) 17/18 April 05

AFX Europe (Focus): Sibir Energy says early drilling results from Salym fields 'above expectations': “The fields are being developed by Salym Petroleum Development (SPD), a 50/50 joint venture between Shell Salym Development BV and Sibir's subsidiary Evikhon.” (ShellNews.net) 18 April 05

THE WALL STREET JOURNAL: Sibir Energy: Salym Wells Production Exceeding Target: “SPD is a 50/ 50 joint venture company between Shell Salym Development B.V. and Evikhon, a subsidiary of Sibir.” (ShellNews.net) 18 April 05

Tuesday, 19 April 2005

Lloyds List: Further Shell gas find off Malaysia: “SHELL has discovered more gas off the northeast coast of Peninsular Malaysia with the Bumi South well and is considering a multi-field development.” (ShellNews.net) 19 April 05

Yahoo! Business News: Woodside says Shell stake may become less relevant: “Speculation over the future of Shell's stake in Perth-based Woodside intensified earlier this month on the back of an analyst report stating Australia's biggest independent oil and gas producer would be attractive for Shell because of its reserves and production growth potential.” (ShellNews.net) 19 April 05

FINANCIAL TIMES: Quick as a flash: “Royal Dutch/Shell and Shanghai Automotive Group Company have created a joint venture to build car maintenance centres in China.” (ShellNews.net) 19 April 05

THE WALL STREET JOURNAL: Shell's N Sea Brent Alpha Gas Platform Still Shut Down-Co (ShellNews.net) Posted 19 April 05

Daily Telegraph (UK: Gas group slumps as Algeria sale grinds on: “Investors now look unlikely to receive a cash windfall from one of the eight groups, thought to include Shell, Total and BG.” (ShellNews.net) 19 April 05

The Independent (UK): THE PRICE WE PAY FOR PETROL: “Should we panic? Visibly, our rulers have begun to do so, though their efforts to secure the Iraq oilfields "the world's largest remaining reserve " have so far proved counterproductive. Perhaps, on the contrary, we should rejoice. The $100 barrel (not to speak of the $200 and $300 barrels that will surely follow) may prove to be our saviour " the only solution to the impossible bind in which we now find ourselves.” (ShellNews.net) 19 April 05

Wednesday, 20 April 2005

LONDON EVENING STANDARD: SAIC to link up with Shell: “SHANGHAI Automotive Industry Corporation (SAIC), which walked away from rescuing MG Rover, is to form a joint venture with oil giant Shell setting up a car maintenance business across China.” (ShellNews.net) Posted 20 April 05

FINANCIAL TIMES: Fear of fining: “FSA”: “And its fining regime is, if anything, still a little on the light side relative to offences. Royal Dutch/Shell got a £17m fine - four times that of the largest previous one - but that was a long way behind the £66m imposed on the company in the US.” (ShellNews.net) 20 April 05

FINANCIAL TIMES: Index dropped as trust benchmark: “Investor disquiet at the growing concentration of the FTSE All-Share Index was highlighted yesterday when City of London Investment Trust said it was dropping the index as its benchmark.”: “Clearly, much depends on the share price performance of giants such as Shell.” (ShellNews.net) 20 April 05

THE NEW YORK TIMES: Royal Dutch Shell to Sell InterGen Unit: “The energy giant is still trying to focus its operations after the turmoil caused by an energy-reserve accounting scandal last year.” (ShellNews.net) 20 April 05

FINANCIAL TIMES: BASF steps up share buy-back plans: “…the planned disposal of Basell, its 50:50 plastics joint venture with Royal Dutch/ Shell. This is expected to bring BASF and Shell about €1bn each.” (ShellNews.net) 20 April 05

Convenience Store News: Shell Offers Operators a Break on Credit-Card Fees: “According to the company, the temporary relief is not a long-term solution and Shell is actively negotiating with card issuers, such as Visa, MasterCard and American Express, to secure more competitive processing fees.” (ShellNews.net) 20 April 05

London Evening Standard: Merrill sees opportunity in link-up of Shell's two arms: “Longer-term, Merrill is worried by management's direction and lack of strategic vision. "Merger and acquisition activity may also feature at some stage in an attempt to address a flat production profile at the end the decade and a lower reserve life than its peers," says Merrill’s Mark lannotti.” (ShellNews.net) Posted 20 April 05

Canadian Press: Shell sells InterGen unit for US$1.75B to AIG, Ontario Teachers' Pension Plan: “Royal Dutch/Shell Group of Cos. is selling its InterGen NV power-plant business to the private-equity arms of American International Group Inc. and the Ontario Teachers' Pension Plan for $1.75 billion US (ShellNews.net) Posted 20 April -05

FINANCIAL TIMES: Shell makes the first move in disposal plan: “It is looking to spend its way back to health after it was forced to cut its proved reserves by a third last year and replaced only one in five of the barrels of oil and gas it extracted.” (ShellNews.net) 20 April 05

THE WALL STREET JOURNAL: Oil Giants Face New Competition For Future Supply (ShellNews.net) Posted 20 April 05

THE WALL STREET JOURNAL: The Petroleum Puzzle Of Business and Politics (ShellNews.net) Posted 20 April 05

THE WALL STREET JOURNAL: Shell to Sell InterGen Utility To Private-Equity Groups: “Shell is also close to agreeing on a buyer for Basell, a chemicals joint venture with BASF AG of Germany, for as much as $7 billion…”: “Shell is working to fulfill a promise made to investors last September to unload as much as $12 billion in businesses by the end of next year to refocus its operations in the wake of its reserves-accounting scandal last year.” (ShellNews.net) Posted 20 April 05

Thursday, 21 April 2005

San Diego Union Tribune: Shell warns oil producers on Chinese, Indian deals (ShellNews.net) 21 April 05

La Source (Australia): SHELL AND FERRARI TOGETHER FOR ANOTHER FIVE: “Shell has been involved with Ferrari since 1950…” (ShellNews.net) 21 April 05

WALL STREET JOURNAL: Shell: Group Net Income Up $358M Under IFRS (ShellNews.net) 21 April 05

THE WALL STREET JOURNAL: SEC Requested Info From Shell On Iran - Shell Spokesman: “The Securities and Exchange Commission in 2003 requested information from Royal Dutch Shell (SC, RD) on its dealings with Iran, a spokesman for the company said Thursday” (ShellNews.net) 21 April 05

THE WALL STREET JOURNAL: Shell Sells 1st Regasified LNG From India Hazira Plant: “Shell Gas & Power Thursday announced the start-up of the Hazira LNG receiving terminal, located near Surat in the state of Gujarat in Northwest India.” (ShellNews.net) 21 April 05

BUSINESS WEEK: Bringing Europe Inc. Into Sharper Focus: Red ink is turning black overnight -- and vice-versa -- as companies adopt one standard for financial reporting: “… Royal Dutch/Shell Group acknowledges that if IFRS rules had applied in 2004, it would have been forced to disclose the full extent of its pension deficit, which would have wiped nearly $5 billion off its balance sheet.” (ShellNews.net) Posted 21 April 05

The Guardian: The end of oil is closer than you think: Oil production could peak next year, reports John Vidal. Just kiss your lifestyle goodbye: “Shell says its reserves fell last year because it only found enough oil to replace 15-25 % of what the company produced.” (ShellNews.net) 21 April 05

THE SCOTSMAN: Shell to sell North Sea assets: “SHELL has slapped a "for sale" sign on three of its North Sea oil fields, with several more expected to come on to the block in the next two years.”: “It needs money to fund a $45bn spending plan, designed to replace rapidly falling reserves.”  (ShellNews.net) 21 April 05

THE HERALD (SCOTLAND): Oil giant to offload cluster of fields in the North Sea: “The sale… is in line with the Royal Dutch/Shell Group's strategy expected to deliver some $12bn (£6.3bn) to $15bn from sales and swaps up to 2006.” (ShellNews.net) 21 April 05

LEGAL WEEK (UK): Shell head joins breakaway in-house group: “Shell’s UK general counsel, Richard Wiseman, has signed up to The In-House Lawyers’ Association (IHLA) providing the breakaway in-house group with a major coup.” (ShellNews.net) 21 April 05

DAILY TELEGRAPH (UK: What the next generation wants: Roland Gribben finds that young entrepreneurs have very clear ideas of their expectations from the new government: “The insight into the political thinking of young people starting to climb the entrepreneurial ladder emerges from research by Shell LiveWIRE, the non-financial support service provided by the Anglo-Dutch oil giant…” (ShellNews.net) 21 April 05

FINANCIAL TIMES: Best to be prepared for any eventuality: “Mudlark hears that Royal Dutch/Shell has put together a team in The Hague with the sole purpose of making plans about how to fight off a hostile takeover.” (ShellNews.net) 21 April 05

FINANCIAL TIMES: Shell and Total in India gas deal: “Royal Dutch/Shell, the Anglo-Dutch energy group, and Total of France are to supply "tens of millions of dollars" worth of liquefied natural gas to India, one of the world's fastest-growing energy consumers.” (ShellNews.net) 21 April 05

Friday, 22 April 2005

sify.com (India): Shell-Total begins Hazira LNG terminal:” The company sold the first gas from the terminal to Gujarat State Petroleum Corporation (GSPC) today, Marc den Hartog, Shell India Director (Gas and Power), said.” (ShellNews.net) 22 April 05

Convenience Store News: Shell Offers Operators a Break on Credit-Card Fees: “According to the company, the temporary relief is not a long-term solution and Shell is actively negotiating with card issuers, such as Visa, MasterCard and American Express, to secure more competitive processing fees.” (ShellNews.net) 22 April 05

Saturday, 23 April 2005

THE WALL STREET JOURNAL: Venezuela Tax Chief: New Tax For Oil Cos Began This Week: “The tax hike will affect a number of foreign companies including ChevronTexaco and Royal Dutch Shell, among others.” (ShellNews.net) Posted 23 April 05

The Guardian (UK): Hauliers plan fuel protest over tax: “Mr Williams led the blockade of the Shell oil refinery in Ellesmere Port, Cheshire, in September 2000…” (ShellNews.net) 23 April 05

The Guardian (UK): It's an ill wind for the city of Dongyang: “Why are the oil companies allowed to ignore planning laws? Is it bribery, or just plain stupidity by the authorities?”: “…Shell, Esso, BP and the rest get away with ruining some of the loveliest villages we have left.” (ShellNews.net) 23 April 05

Sunday, 24 April 2005

THE BUSINESS (EU): Record profits over for oil's biggest three: “Royal Dutch/Shell is expected to post net income of $4.7bn (£2.4bn, €3.6bn) on Thursday, shy of the $5.2bn UK record it set at February's fourth-quarter results.” (ShellNews.net) 24/25 April 05

THE INDEPENDENT ON SUNDAY (UK): The week ahead: Oil, drugs, beer, cigarettes and Dettol. What more do you want?: “As for Shell, the Anglo-Dutch group should also have benefited from high commodity prices, with net income up from $4.1bn to $4.6bn.” (ShellNews.net) 24 April 05

THE SUNDAY TELEGRAPH (UK): Industry calls for 'ministry of energy': “A government-backed advisory group of some of Britain's largest energy companies has called for the creation of a new "super" department for energy.”: “The group includes representatives from Shell and BP, the oil giants, as well as utilities.” (ShellNews.net) 24 April 05

Monday, 25 April 2005

THE NEW YORK TIMES: Natural Gas Makes Qatar Richest Country: “In 1971, when Shell's prospectors found the gas bubble while drilling for oil offshore, gas was seen as a useless byproduct, flared off when recovering oil.”: “The world has changed since then. Demand for clean-burning gas for heating and power plants has soared. And gas resources in the industrialized world are drying up.” (ShellNews.net) Posted 25 April 05

The Guardian (UK): Crackdown on 'failure payouts': Directors of ailing firms handed huge bonuses must repay their unearned reward, says investor group:  “It is also believed that cash handouts to Shell executives, paid after last year's reserves scandal, should be repaid.”: “Foreign & Colonial also singled out Sir Phil Watts at Shell, who was ousted in March with more than £1m to cover his monthly salary to June 2005. "His bonuses were paid on the basis of [oil] reserves that were not there," (ShellNews.net) 25 April 05

Asia Pulse: ROYAL DUTCH/SHELL TO SELL GAS TO INDIA'S GSPC AT US$3.70 PER MBTU: “This is the first cargo that Shell has sold from the terminal. The gas has been sourced from Australia's North West Shelf project, in which Shell has a 22 per cent stake.” (ShellNews.net) 25 April 05

THE WASHINGTON TIMES: Singh wins Shell Houston Open: “Vijay Singh parred the first playoff hole Sunday to defeat John Daly and become the first repeat winner of the Shell Houston Open.” (ShellNews.net) 25April 05

THE SCOTSMAN: BP and Shell set to cash in on oil surge: “Shell is preparing for a new phase when its Dutch and UK parent companies merge this year and Thursday will see it announce a quarterly dividend for the first time alongside its results for the three months to end-March.” (ShellNews.net) 25 April 05

FINANCIAL TIMES: UK market share gains to bolster Imperial growth: “Shell… is unlikely to provide positive news on production, and could suffer from its greater reliance on production-sharing deals with countries such as Nigeria, Malaysia and the UAE.” (ShellNews.net) 25 April 05

Tuesday, 26 April 2005

LONDON EVENING STANDARD: Shell hit by Gulf setback: “SHELL, still reeling from the scandal of its overstated reserves last year, today found its attempts to look for new oilfields around the world has hit problems in the Gulf.”: “Shell is a 34% investor in Petroleum Development Oman… the country's government has moved to bring in Occidental Petroleum as a co-investor, ordering Shell to hand over technical and geological data.” (ShellNews.net) 26 April 05

Financial Times: BP beats expectations and boosts FTSE: Shares in Shell were helped by the results and firmed 0.4 per cent to 480p. Shell is due to announce its interim results on Thursday.” (ShellNews.net) 26 April 05

THE INDEPENDENT (UK): The twilight zone: We've been warned about 'peak oil'- the day that heralds the end of cheap energy. It's the biggest threat to our lives and livelihoods, but no one is listening. Former industry insider Jeremy Leggett outlines the six reasons why we need to act now: “Then the Shell reserves fiasco began to unfold in January 2004…” (ShellNews.net) Posted 26 April 05

Los Angeles Times: Shell May Lose Oman Oil Field to Occidental: “Royal Dutch/Shell Group, Europe's second-largest oil company, may lose its rights to a 2.4-billion-barrel oil field in Oman because of a disagreement with the government over how to develop the deposit, officials familiar with the talks said Monday.”: “Shell is seeking new fields after disclosing in January 2004 that it had overstated oil and gas reserves for years.” (ShellNews.net) 26 April 05

AME Info (United Arab Emirates): Qatar Shell, huge investments: “Qatar Shell has signed agreements for the $6-7 billion Qatargas 4 LNG plant and a $2 billion petrochemical plant this year.” (ShellNews.net) 26 April 05

Lloyds List: Auk, Fulmar and Dunlin to leave the nest: “SHELL and ExxonMobil are selling their interests in the Auk, Fulmar and Dunlin production platforms in the UK North Sea.” (ShellNews.net) 26 April 05

THE LONDON TIMES: Race for pumps as fuel protesters take to road: “Sources confirmed, however, that the decision by the farmers’ group to protest at Stanlow and park heavy farm equipment and tractors near the Shell plant had changed the mood among some people.” (ShellNews.net) 26 April 05

DAILY TELEGRAPH (UK): Campaign diary 2005: Running out of gas: “The group Farmers for Action, which caused tremors and long queues at petrol pumps around Britain in 2000, tried to stage a repeat at the same Shell oil refinery at Stanlow, Cheshire, where it had such success before.” (ShellNews.net) 26 April 05

The Guardian (UK): Farmers stage fuel price demonstration: “A Shell spokeswoman said the protest had not caused any disruption to the fuel supply.” (ShellNews.net) 26 April 05

The Guardian (UK): High oil prices will damage markets, warns Bush: “Yesterday the pressure group Farmers for Action launched a protest at Shell's Stanlow refinery in Cheshire that was at the centre of nationwide protests in 2000.” (ShellNews.net) 26 April 05

The Guardian (UK): Greens say big three ignore climate change: “… fuel protestors of five years ago re-emerged to picket a Shell refinery in protest at high fuel prices.”: “A Shell spokeswoman said: "We would like to reassure our customers that we will do our very best to ensure there is no interruption to supply and that our operations are running as normal.” (ShellNews.net) Posted 26 April 05

Reuters: Shell says fuel supply unaffected by protest: “Oil major Shell said on Monday fuel tankers movements in and out of its Stanlow refinery have not been affected by a protest outside the plant by campaigners against high fuel prices.” (ShellNews.net) Posted 26 April 05

THE LONDON TIMES: Fuel protesters say they made their point: “At the height of the protest up to 30 tractors and agricultural vehicles formed a rolling blockade at one of the gates to Shell’s refinery in Stanlow, Cheshire…” (ShellNews.net) Posted 26 April 04

allAfrica.com: Committee Blames Shell, NNPC for High Fuel Price (ShellNews.net) Posted 26 April 05

THE WALL STREET JOURNAL: ExxonMobil: Singapore Naphtha Cracker Study Progressing: “In December last year, Royal Dutch/Shell Group (RD) announced plans to build a $1 billion naphtha cracker in Singapore with a targeted startup date in 2009. Shell is planning to build a unit with a capacity of 600,000 to 900,000 tons/year, together with the Singapore Economic Development Board.” (ShellNews.net) 26 April 05

Wednesday, 27 April 2005

FINANCIAL TIMES: Shell and Oman fall out on oilfield deal: “News of the disagreement between the Omanis and Shell over the best way to extract more from the field will be a blow to the group's prestige in a key country. Shell is recovering from last year's overbooking scandal.” (ShellNews.net) 27 April 05

London Evening Standard: Shell to weather the storm: “Shell's underlying health is under question however.”: “…it was forced to slash its estimate of proven reserves by six billion barrels, almost 30%. The changes came as it admitted having misled investors for years. The scandal shattered Shell's reputation”: “Moreover, Shell revealed recently that its ratio of reserve replacement had collapsed to a paltry 19% - the lowest of any oil major.” (ShellNews.net) Posted 27 April 05

Daily Mail (UK): Fat cats in doghouse over 'cash for failure': “Companies in the investor's sights include Shell, which paid multimillion pound bonuses to directors despite admissions it had overstated its reserves by 23%.”: “Former chairman Sir Philip Watts and exploration and production director Walter van der Vijver pocketed £3.5m between them despite being censured by an independent review.” (ShellNews.net) Posted 27 April 05

allAfrica.com: Shell 'World's Most Ethical Oil Firm': “Despite the controversy over the misstatement of oil reserves and the reshuffle of executives at Shell, the company excelled in many of the 120 points examined in the M&E study.” (ShellNews.net) Posted 27 April 05

THE WALL STREET JOURNAL: Shell Canada 1Q EPS C$1.52: “Shell Canada said revenue rose to C$3.01 billion from C$2.51 billion.” (ShellNews.net) Posted 27 April 05

Thursday, 28 April 2005

FINANCIAL TIMES: Lex live: Royal Dutch/Shell: “…that pesky reserves problem is not going away.”: “Shell will need to keep running just to stand still” (ShellNews.net) 28 April 05

IPE.com (UK): Shell studies worldwide pension consolidation: “Oil giant Royal Dutch/Shell is running a feasibility study on the possibilities of merging its worldwide pension asset and investment advice departments. According to Shell spokesman Henk Bonder the initial focus is on combining the asset and investment advice departments of its UK and Dutch pension funds.”: “If possible, the rest of the 200 Shell pension funds in 65 countries worldwide could also be taking part.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Royal Dutch/Shell Profits Are Stoked by Pricey Oil: “After an energy reserves-accounting scandal last year, Shell has re-invested heavily in its exploration and production business.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Net Profit +42% On High Oil, US Margins (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Exec:Oman Gvt In Talks With Occidental On Oil Field; “It could mean Shell losing its rights to develop the field, despite signing a deal with Oman to exploit its oil deposits for the next 40 years. A spokesman for Shell later confirmed that the talks concerned the right to develop the Mukhaizna field, which potentially holds 2.4 billion barrels of oil” (ShellNews.net) 28 April 05

Manchester Evening News (UK): Shell's £1.6m an hour: “OIL giant Shell today announced it is making profits of £1.6 million every hour - as soaring petrol prices raise the threat of more fuel protests.” (ShellNews.net) 28 April 05

THE WALL STREET JOURNAL: Shell Fined GBP900,000 For North Sea 2003 Fatalities: Shell "has admitted to fundamental failures in health and safety management on Brent Bravo. This has been reflected in the penalties imposed by the court today," (ShellNews.net) Posted 28 April 05

BLOOMBERG: Shell to Lose 10% of Oman Oilfield Acreage as Production Falls: “Royal Dutch/Shell Group will be forced to give up 10 percent of its oil and gas acreage in Oman, its biggest source of oil in the Middle East, as the government considers bringing in other companies to revive production.” (ShellNews.net) 28 April 05

THE SCOTSMAN: Shell Reports 'Excellent First Quarter': “Chief executive Jeroen van der Veer said: “The first quarter was an excellent start of the year for Shell.” (ShellNews.net) 28 April 05

London Evening Standard: Shell shares in oil profits glut: “This performance will also assuage concerns over Shell's management and operative efficiency after the devastating reserves scandal last year.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Royal/Dutch Shell beats forecasts as profits rise 28%: “Shell is looking to recover from the scandal that led to it cutting its proved reserves by a third. It also replaced only one in five of the barrels of oil and gas it extracted last year.” (ShellNews.net) 28 April 05

BBC NEWS: Oil surge boosts Shell's earnings: “Shell has sought to rebuild investor confidence after cutting its reserves estimates last year. On a number of occasions last year, Shell admitted that it had overstated its proven reserves, which saw the company being forced to oust its top directors.”: "The results are much better than expected, and we consider them as positive," said Margarita Shevtsova, analyst at Bank Oyens & van Eeghen. (ShellNews.net) 28 April 05

BLOOMBERG: Shell First-Quarter Profit Rises 28% on Higher Oil, Gas Prices: “Shell paid $151.5 million in U.S. and U.K. fines, dismissed three executives and lost its top-tier credit rating. The U.S. Justice Department is conducting a criminal probe.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Shell fined after oil workers' deaths: “Speaking outside court, Greg Hill, production director for Shell Exploration and Production in Europe, said: "It is clear that we had failures in our systems and we feel 100 per cent responsible for the deaths of these men." (ShellNews.net) 28 April 05

THE NEW YORK TIMES: Court Fines Shell Over Workers' Deaths: “A Scottish court on Wednesday fined oil giant Shell $1.7 million for the deaths of two workers on an offshore platform in the North Sea. Shell U.K. Limited, part of the Royal Dutch/Shell Group of Companies, had earlier pleaded guilty to three counts of breaching health and safety legislation in relation to the deaths of workers Sean McCue and Keith Moncrieff.”: “Shell's European production director Greg Hill said the company accepted 100 percent responsibility for the men's deaths.” (ShellNews.net) 28 April 05

THE LONDON TIMES: Shell fined £900,000 over deaths of North Sea workers: “THE oil company Shell was fined £900,000 yesterday following a “catalogue of failures” that led to the death of two offshore workers.”: “Jake Molloy of the offshore union OILC said of yesterday’s ruling: “It is a record for fines relating to offshore incidents in the UK, but you have to ask what level of fine delivers justice when a company is earning in excess of a million pounds an hour?” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Held in reserve: “There is nothing sinister, however, about Brinded's absence. This is a return to Shell's normal practice for first and third quarters (at least when there's no surprising news about reserves). It appears, then, that investors should begin to worry only if Brinded is unexpectedly present.” (ShellNews.net) 28 April 05

The Guardian (UK): Regulators: Business roundup: FSA names successor to Procter: “Mr Procter had been the FSA's director of enforcement for four years. His tenure will be best remembered for a run of controversial cases. They included… the pounds 17m market abuse fine against Shell - the largest fine ever imposed by a British financial regulator, but still less than 0.2% of the oil group's profits.” (ShellNews.net) 28 April 05

FINANCIAL TIMES: Fuel price protesters plan action at BP refinery: “Protesters have taken action such as picketing and go-slows outside refineries including ExxonMobil's Fawley plant, which is Britain's biggest. Royal Dutch/Shell plants in Stanlow in Cheshire and Jarrow, Tyne and Wear, have also been targeted…” (ShellNews.net) 28 April 05

Friday, 29 April 2005

THE INDEPENDENT (UK): Shell profits surge despite cut in production: “Last year the company cut its proved reserves by a quarter and replaced only 19 per cent of the oil it pumped using the US Securities and Exchange Commission's strict criteria”: “Last year's reserves fiasco, which is still being investigated by four regulatory bodies including the US Justice Department and the California Department of Corrections, led to the sacking of Shell's two top executives.” (ShellNews.net) 29 April 05

THE TIMES (UK): Shell must stop tinkering and start delivering fast: “If Shell is not rescued by a deal, it must work its portfolio even harder and, unfortunately, this is not always its best suit.” (ShellNews.net) 29 April 05

THE TIMES (UK): Shell profits surge 28% despite production fall: “…production continues to decline at the world’s third-largest oil company” (ShellNews.net) 29 April 05

DAILY TELEGRAPH (UK): Shell leaps 48pc on buoyant oil price: “Shell, the oil and gas giant which is trying to recover its reputation after last year's reserves scandal…”: “Shell, which last year revealed that it had overstated its proven oil and gas reserves by over 25pc, is in talks with the US's Securities and Exchange Commission over its reserves statements for 2004.” (ShellNews.net) 29 April 05

THE TIMES (UK): Shell trumpets oil finds as profits soar 28% (ShellNews.net) Posted 29 April 05

The Guardian (UK): Shell beats forecasts with 28% rise in profits: “Bruce Evers, of Investec Securities, said Shell had produced "staggeringly good numbers" with strong evidence of even better times to come. He shrugged off the falling output…” (ShellNews.net) 29 April 05

FINANCIAL TIMES: Shell investors in line for extra windfall: “Shell has lagged far behind BP and ExxonMobil of the US in the scale of share buy-backs as it recovers from last year's reserves overbooking scandal.” (ShellNews.net) 29 April 05

FINANCIAL TIMES: Lex: Marathon task: “Shell's reserves problem remains.” (ShellNews.net) 29 April 05

Lloyds List: LNG lifts Shell earnings by 29%: “After the reserves scandal of last year, the group has been forced to make changes to its corporate structure, with a report to be published in May outlining how the double boards will be unified by July.” (ShellNews.net) 29 April 05

Saturday, 30 April 2005

DAILY MAIL (UK): Shell fuels controversy as profits soar by 42pc: “Shell still has a lot of repair work to do following the oil reserves scandal and after replacing only 19pc of its reserves with new finds last year.” (ShellNews.net) Posted 30 April 05

Sydney Morning Herald: Oil price surge fires up Shell: “Shell, the oil and gas giant which is trying to recover its reputation after last year's reserves scandal, posted a 48 per cent jump in first-quarter profits as a result of the surging oil price and high refining margins. However, overall production fell…” (ShellNews.net) 30 April 05

Financial Post (Canada): Pipeline work halt no bluff, big oil says: Mackenzie Valley project threatened, key partners say: “Hal Kvisle, chief executive of TransCanada Corp., and Clive Mather, chief executive of Shell Canada Ltd., said the pipeline partners should not be asked to solve the socio-economic problems of the North.”: “Stephen Kakfwi, a former premier of the Northwest Territories and now a negotiator for one of the groups, said…"There is no way we are going to let a $7-billion capital project go across our lands and face the prospect we will be as poor as we are today…"  (ShellNews.net) 30 April 05

THE WALL STREET JOURNAL: Exxon and Shell Profits Surge even as Oil Production Declines: "After an energy-reserves accounting scandal last year, Shell has reinvested heavily in its exploration and production business." (ShellNews.net) Posted 30 April 05

THE WALL STREET JOURNAL: Shell Canada Files Regulatory Applications For Oil Sands Expansion Project: “CALGARY -- Shell Canada Ltd. has filed regulatory applications to expand capacity at both the Muskeg River Mine and Scotford Upgrader, which together make up the Athabasca Oil Sands Project in Alberta. Shell Canada owns 60% of the project.” (ShellNews.net) Posted 30 April 05

The Globe & Mail (Canada): Shell seeks to double Athabasca oil sands production: 'Significant capital investment' required (ShellNews.net) 30 April 05

EDMONTON SUN (Canada): Shell eyes expansion: “Shell yesterday applied for a more than $4-billion expansion that is sure to raise the spectre of cost overruns and labour shortages.” (ShellNews.net) 30 April 05

THE WALL STREET JOURNAL: Shell Canada Shareholders OK Three-for-one Share Split (ShellNews.net) Posted 30 April 05

THE WALL STREET JOURNAL: Statoil Bets on Finding Oil: “The big bet, he hopes, will help Statoil, the world's 11th-largest publicly traded oil company by market value, deliver what many of its peers have all but given up on: significant oil-production growth.”: “By contrast, Shell won't see significant new production for several years and says output could dip this year and next before picking up” (ShellNews.net) Posted 30 April 05

THE NEW YORK TIMES: East Timor, Australia Make Breakthrough on Gas Dispute: “The pact postpones establishment of a border across the Timor Sea for up to 60 years in exchange for more revenue from the Greater Sunrise gas field, which Australia-listed Woodside Petroleum Ltd. wants to develop at a cost of A$6.6 billion ($5.1 billion).”: “Woodside has a 33.4 percent stake in Greater Sunrise, ConocoPhillips has 30 percent, and Royal Dutch/Shell 26.56 percent. The balance is held by Japan's Osaka Gas Co. Ltd. Woodside is 34 percent-owned by Shell.” (ShellNews.net) Posted 30 April 05

DAILY TELEGRAPH (UK): White knuckle ride on the fuel rollercoaster (ShellNews.net) 30 April 05

DAILY TELEGRAPH (UK): The week that was: “Oil giant Shell posted a 48pc jump in first-quarter profits on a surging oil price and high refining margins but overall production fell 2pc to 3.85m barrels of oil equivalent a day.” (ShellNews.net) 30 April 05

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