ROYAL DUTCH SHELL GROUP .COM SEPTEMBER SHELL NEWS

The Independent: The $5m royal wedding: “…sponsored by local companies, including the oil and gas firms Brunei Shell…”: “the royal family itself was hit by a major financial scandal surrounding the Sultan's brother, Prince Jefri…”

(Shell's contribution/gift/sweetener was reportedly $500,000!)

The Times: Need to Know: “A group led by Royal Dutch/Shell…”

Business Times (Malaysia): MOU to increase trade ties with Aussie state

Saturday 11 September, 2004

Financial Times: R Dutch/ Shell to give no update of review: “Six weeks ago, Shell, the world's third largest energy group, revealed that its production was declining and that it was unable to find sufficient new sources of oil and natural gas to replace old fields.”

Financial Times: Lombard: The art of inflicting pain: “A lively debate on the subject has ensued since the Financial Services Authority, the City policeman, fined Royal Dutch/Shell a record £17m for market abuse”

The Scotsman: FSA chief hits right note on investor responsibility: “In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors.”

The Independent: btw: “The royal wedding in Brunei was quite a spectacle”: “The Asian wing of Royal Dutch Shell allegedly bunged in 500,000 Brunei dollars (about pounds 160,000)”

Daily Telegraph: Honest John's Agony column extra: “fill up with Shell Optimax”

The Guardian: Russian island oil spill

Financial Times: Opec barely registers on Beaufort scale

The Telegraph (India): HPCL eyes stake in Shell LNG project: “Shell’s $700-million project, with a capacity of 2.5 million tonnes, will be commissioned by 2004.”

Sunday 12 September, 2004

The Business: Total feels no need to deal: “tipped to merge Royal Dutch/Shell out of its misery.”: “But since merger heat began to build around the company, Total's executives have worked hard to dampen it.”

The Business: Buccaneer who struck black gold: “Two years ago, Cairn bought out Shell completely for £4m and kept drilling.”: “Cairn kept going where the mighty Shell gave up”: “Cairn has a market capitalisation of £2bn, compared with £6m when Gammell founded the company in 1980.”

PRWeek.com: News Analysis: Can Shell survive reserves affair? Last week, the FSA imposed the largest fine in its history on Shell for market abuse over the oil reserves scandal. A Shell PR veteran traces the firm's reputational demise.: “the reputation of Shell has been destroyed by hypocrisy, mendacity and deceit. Whether we will ever be able to be 'sure of Shell' again is very doubtful indeed.”

The Independent Shell sale poised to set record: “Analysts say that Shell would use the proceeds to invest in its upstream operations, in particular to boost its flagging oil and gas reserves.”

The Observer: Environmentalist fury over oil spill at Shell pipeline site: “Shell's £6 billion Sakhalin oil pipeline has not even been built yet, but it has already caused a damaging oil slick that has enraged environmentalists and could force potential lenders to pull funds.”: “Refusal to support the project would be a severe embarrassment for Shell.”

The Observer: Opec's new price shock: “BP is one of four oil and energy companies looking to sell off part of its chemicals operations - others include Royal Dutch/Shell, Total and BASF.”

Canberra Times – Australasia: Petrol deals push sales - Woolworths versus Coles: the battle of the supermarket giants: “Coles Myer acknowledged the strength of this strategy by forming an alliance with Shell to provide a similar offer in late 2003.”

TellShell: Should Shell sue The Independent newspaper for libel?

Times of Oman: Shell Oman cares for its customers

Monday 13 September, 2004

New York Times: Oil Up as Ivan Threatens Oil Patch: “Ivan, a rare category 5 hurricane, is expected to cross the western edge of Cuba on Monday and enter the Gulf of Mexico on Tuesday having veered west from its previous path toward Florida.: “The Gulf is home to about a quarter of U.S. oil and gas output. Shell closed 270,000 bpd and ChevronTexaco and Total said they had also shut some output.”

The Lawyer.com: Shell doubles up on advisers for class action: “The ambit of the claim against Shell is likely to be extended today (13 September) when Stanley Bernstein, senior partner of Bernstein Liebhard & Lifshitz, who is acting as the claimants’ lead counsel in the lawsuit, files an amended complaint against the oil company.”

Financial Times: KPMG chairman lobbies for limits to liability in lawsuits: “following a wave of business scandals: “Mr Rake declines to comment on KPMG's audit of Hollinger International, the US publishing company allegedly looted by Conrad Black, its former chairman. But he defends KPMG's audit of Royal Dutch/Shell, the energy company found overstating its oil and gas reserves.”: “…insists auditors cannot "take responsibility for everything".

Financial Times: FSA fights shy of interventionism: “The FSA was criticised by some commentators for its decision to fine Shell £17m for misreporting reserves. This penalised shareholders who had already seen the value of their holdings suffer.”: "However, it does seem reasonable to deliver a message to shareholders that they have the responsibility to ensure senior [managers] manage their company well and they should share in the consequences of management not behaving well."

The Guardian: Davis exit likely to cost Sainsbury's £4m: “He joins the growing list of chief executives such as Sir Philip Watts of Shell who have left companies with large pay-offs in spite of poor performance, sparking shareholder protests.”

Moscow Times: Shell Under Fire After Sakhalin-2 Spill: “Environmental activists renewed criticism of Royal Dutch-Shell's Sakhalin venture Friday…”

THE WASHINGTON TIMES: Oil, gas ease an old enmity: “Sakhalin II, led by Royal Dutch Shell and with 45 percent Japanese ownership, has broken ground for the world's biggest liquefied natural gas plant at Prigorodnye, southern Sakhalin.”

Financial Times: Interview with Tony Trahar (CEO, Anglo American plc): “We have an English chairman, Mark Moody-Stuart”: “Financial Times: What lessons for Anglo American can be learned from the Royal Dutch/Shell issue?”: “Trahar: I think our board as a result of the Shell issues has taken a very detailed look at our policies valuing reserves.”

Financial Times: Call for Opec to let in oil majors to boost output: “Total, together with Royal Dutch/Shell, the Anglo/Dutch energy group, last year became the first western oil companies to sign a natural gas investment deal with Saudi Arabia.”

Financial Times: KPMG head predicts global partnership: “KPMG's Dutch partnership certified the accounts of the Royal Dutch/Shell group, but lawyers seeking damages over its reserves scandal are preparing actions against the firm's US partnership.”

AFX Europe (Focus): Shell to give no governance review at Sept strategy update – FT: “…at a meeting with about 10 UK institutional investors last week, van der Veer said that all decisions regarding future structural changes would be announced in November.”

TellShell.com: Moral, Ethics and Engineered Torture in the Corporate Environment: “It is courageous of Mr Briggs to openly state his professional assessment that the “Reputation of ***** has been destroyed by hypocrisy, mendacity and deceit”.

Tuesday 14 September, 2004

The New York Times: Oil Rises as Hurricane Heads Toward U.S.

Financial Times: Shell faces new dilemma in south Nigeria: “Almost 10 years after execution of the Ogoni author Ken Saro-Wiwa and eight fellow rights activists caused international outrage, Shell is involved in another deepening dispute in the Ogoni region.”: “Shell does want to do essential maintenance in the region on the trans-Niger pipeline, which carries 185,000 barrels a day of production. It has just stationed members of Nigeria's paramilitary mobile police - whose public notoriety is such that they are nicknamed "kill and go" - to guard its facilities after it experienced problems with tampering.”

The Guardian: Shell's pounds 17m will be used to reduce fees levied by regulator: “The reduction is almost entirely due to the penalty paid by Shell for "unprecedented misconduct" in misleading the markets over the reporting of its oil and gas reserves.”

Oil & Gas Journal: Total denies rumors of courtship with Shell, ConocoPhillips

AUSTRALIA PRESS: Shell Considers Queensland Power Exit

AFX Europe (Focus): Shell may undertake 1 bln usd Singapore petrochem project on its own - report

Asia Pulse: CHINA'S CNOOC PREPARES FOR OIL REFINERY PROJECT

The Guardian: BP upbeat on Russian prospects: “The early promise of the venture has also put pressure on BP rival Shell, which was hit this year after it overstated its reserves.”

THE WALL STREET JOURNAL: Hurricane Ivan Drenches Western Cuba; Headed Toward US: “…oil prices shot up nearly $1.50 a barrel Monday as oil and natural gas producers evacuated rigs in the Gulf of Mexico. Shell Oil said it was evacuating 750 workers.”

The Guardian: Ivan intensifies terrible hurricane year for insurers: “Shell was shutting down productions in the gulf as a precaution yesterday and oil prices were rising on fears that damage could lead to sustained reduced production.”

Financial Times: Oil futures up on Hurricane Ivan fears: “Shell Oil, the US subsidiary of Royal Dutch/Shell, said it was shutting production of 272,000 barrels a day in the eastern Gulf.

Lloyds List: Sovcomflot in breakthrough Sakhalin II LNG contract: “Shell-led Sakhalin Energy Investment will time charter the 147,200 cu m vessel for 20 years.”

Wednesday 15 September, 2004

AFX Europe (Focus) Shell reserve inquiry widens as attention turns to executives – report: “Sources told The Times that the investigation was at the earliest of stages and that no arrests or indictments were foreseen at present.”

The Times: Shell inquiry widens as attention turns to executives: “THE US Attorney’s office in New York has demanded boxes of documents related to the alleged oil reserve fraud at Royal Dutch/Shell, signalling an escalation of a federal investigation into the scandal.”: “disgruntled American investors amended their lawsuit to include Sir Mark Moody Stuart…”: “The lawsuit also names PriceWaterhouseCoopers UK and KPMG”

EMAIL FROM BERNSTEIN LIEBHARD & LIFSHITZ LLP: LEAD PLAINTIFF LAWYERS IN ABOVE MULTIBILLION DOLLAR CLASS ACTION LAW SUIT ON BEHALF OF THE PENNSYLVANIA STATE PENSION FUND AGAINST THE ROYAL DUTCH SHELL GROUP, NAMED CURRENT AND FORMER SHELL DIRECTORS AND SHELL AUDITORS: CIVIL ACTION 04431 IN THE US DISTRICT COURT OF NEW JERSEY

The Oregonian: Freedom gap, credibility gap near-cousins: “Royal Dutch/Shell agreed three weeks ago to pay the SEC $120 million to settle an inquiry into the company's vast overstatement of its oil and gas reserves. The fraud inflated profits. No admissions or denials of wrongdoing here, either, but the company nobly vowed not to violate securities laws in the future.”: “You've got to be awed by the corporate stealth operators. Even when they're conspicuously guilty, most of them prove themselves rich enough or influential enough to buy their way out of cell time.”

Oil & Gas Journal: FACTS Inc.: Iran needs to move off high center on LNG exports: “With Shell putting Persian LNG as its top priority, we consider Persian LNG ahead of the pack," said analysts.”

Oil & Gas Journal: Consultant: US pressure disrupts development of Iran's South Azadegan field: “Royal Dutch/Shell Group declined an offer from the third partner, Inpex Corp., to join that consortium.”

Home of F1 News: Ferrari could lose Shell: “It's also suggested that oil company 'Total' CEO Thierry Desmarest may be looking to buy the 'Royal Dutch/Shell' Group.”

Financial Times: Straight-talker ready to take risks: “It was a move so daring that five years later Mr Desmarest was seen - until last week when he ruled it out - as one of the only men capable of considering a bid for Royal/Dutch Shell, Total's far bigger, yet distressed, rival.”

The Australian: Power stations to change hands: “Shell's corporate spokesman Simon Buerk said the company had not announced any intention to sell down its stake. However in a strong hint to possible movements, he said Shell had an active divestment program under way.”

Financial Post (Canada): Ivan shuts down oil production: Crude prices jump as 13,000 workers abandon drilling rigs in Gulf of Mexico: “Motiva Enterprises LLC, a joint venture between Royal Dutch/ Shell Group and Saudi Refining Inc., began shutting its oil refinery in Norco, La., which can process 225,000 barrels of crude oil a day. Motiva is reducing production at Convent, La., which also has a 225,000 barrel a day capacity.”

AP Worldstream: OPEC weighs output increase amid Hurricane Ivan, insurgents' attack in Iraq: “Shell began pulling workers off its platforms Sunday. BP and others followed suit Monday”

Business Times (Malaysia): Retail sector may see extra RM400m in festive sales: “Such changes, it said, should attract the right investments in upstream exploration to reverse the trend of Malaysia's dwindling oil reserves. The recent deep-water discoveries by Shell and Murphy Oil have not been a catalyst for such incentives.”

THE WALL STREET JOURNAL: OPEC Mulls Output Hike As Traders Wait For Ivan's Impact: “Shell began pulling workers off its platforms on Sunday. BP and others followed suit on Monday.”

The Guardian: Crude prices rise as Ivan halts production in Gulf of Mexico: “There was encouraging demand for new exploration acreage in the UK North Sea. Energy minister Mike O'Brien offered 97 offshore licences to 58 companies. Among those that have been awarded new scope for work in the North Sea are BG, Shell and Total.”

The Scotsman: Hurricane Ivan fuels oil rise: “Shell said that it had shut 270,000 barrels per day of oil production in the eastern Gulf and would evacuate workers from the central Gulf”

Lloyds List: Battening down the hatches: “Shell Oil has closed 270,000 barrels per day of oil output from its tension-leg platforms”

Lloyds List: North Sea licences awarded: “European oil majors BP, Eni, Shell and Total, plus US oil companies Amerada Hess, ChevronTexaco, Apache and Kerr-McGee have gained licences in the round.”

EUBusiness.com: EU Commission approves Repsol's acquisition of Shell Portugal assets

THE WALL STREET JOURNAL: John Wood Group Reappointed By Shell UK

Thursday 16 September, 2004

Financial Times: Former Shell chief challenges regulator’s censure: “The FSA violated my statutory rights to review and rebut the allegations contained in their recently published Final Notice against Shell, because I was both identified and prejudiced by the publication,” Watts said in a statement.”

Forbes.com: Former Shell Chairman Appeals Censure: “The Financial Services Authority's final notice, issued on Aug. 24, said Shell had made false or misleading announcements in relation to its hydrocarbon reserves and reserves replacement ratios between 1998 and 2003, and had made those announcements despite indications and warnings that they were false.”

London Evening Standard: Shamed Shell chief hits back: “The move is a bolt from the blue from Shell's former chairman, ousted in disgrace in March over the scandal that has led to the worst year in the group's history.”

ABC.net.au: Shell offers 'no comment' on power stations' future

San Jose Mercury News: Problems mount for sale of Bakersfield refinery, sources say: "We'll explore our options if we believe Shell is not acting in good faith.": “Lockyer and the Federal Trade Commission have already launched investigations into whether a shutdown would violate antitrust laws.”

AllAfrica.com: Globacom, Shell Partner to Curb Unemployment: “Economic and social experts have described unemployment and poverty as the main reasons for the restiveness in the Niger Delta.”

THE WALL STREET JOURNAL: Oil Cos Agree To Code Easing North Sea Pipeline Access: “Oil companies in the North Sea, including heavyweights BP PLC (BP) and Royal Dutch/Shell Group (RD, SC) have agreed with the U.K. government to adhere to a new code of conduct aimed at easing access to undersea pipelines.”

Friday 17 September, 2004

ABC7Chicago.com: Illinois sues Shell Pipeline Co.: “The Illinois attorney general's office is suing the subsidiary of Shell Oil Company”: “A spokesman for Shell Pipeline Company says officials did not know that the 200 tons of soil they dumped at a landfill was contaminated with benzene -- a chemical that has been linked to cancer”

BBC NEWS: Dozen killed in Lagos fuel blast: “Nigeria is one of the world's major oil producers but most of the population lives in poverty.”

THE S*** HITS THE FAN: CLICK HERE TO ACCESS: THE AMENDED COMPLAINT FILED 13 SEPT 2004 BY BERNSTEIN LIEBHARD & LIFSHITZ LLP, LEAD PLAINTIFF LAWYERS IN A U.S. MULTIBILLION DOLLAR CLASS ACTION LAWSUIT FILED AGAINST ROYAL DUTCH SHELL, CURRENT & FORMER DIRECTORS, AND AUDITORS/CONSULTANTS PricewaterhouseCoopers LLP & KPMG Accountants: CIVIL ACTION 04431 IN THE US DISTRICT COURT OF NEW JERSEY

London Evening Standard: Vision needed to revitalise Shell: “It is just six months since possibly the biggest post-Enron scandal erupted at Shell with the stunning admission that a group regarded as one of the most reliable in the world had lied about the health of its business.”

London Evening Standard: Shell 'to create single board': “ONE OF the most outspoken shareholder activists in Shell believes the creation of a single board under chief executive Jeroen van der Veer is now a 'fait accompli'.”

CNNMoney: Shell may present recovery plan: “Royal Dutch/Shell Group is expected to try to put the damaging scandal of its overstated oil reserves behind it when it gives its annual strategy presentation next week.”

THE WALL STREET JOURNAL: Shell's Ousted Ex-Boss Breaks Cover, Slams FSA: “Both of Shell 's parent companies - Royal Dutch Petroleum Co., of The Hague, and London-based Shell Transport & Trading Co. - as well as Watts, Van de Vijver and other individuals face purported class action law suits in the U.S. from aggrieved shareholders. Watts and other involved individuals still also face probes from the SEC and the U.S. Justice Department.”

Financial Times: Sir Philip drops a fightback bombshell: “Topping the roster of misdemeanours was the assertion that Shell had "announced false or misleading proved reserves and reserves replacement ratios to the market throughout the period 1998 to 2003 inclusive".

New York Times: Ousted Shell Chairman Assails Regulators: “Sir Philip continues to face investigations by British and American regulators and is a defendant in some of the dozen investor lawsuits filed against Shell since its restatement of reserves.”

The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal: “The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net)

International Herald Tribune: Shell's ex-chairman makes counterattack: “The overstatement of Shell's reserves by 20 percent, first disclosed in January, has led to more than a dozen shareholder lawsuits, the loss of the company's top-tier credit rating and the departure of three senior executives, including Watts. His defense may slow Shell's efforts to move forward, one analyst said.”

Bloomberg: Shell Decides Against Update on Governance Next Week (Update1)

Financial Times: Lombard: Sir Philip comes out fighting: “Much more than personal reputation looks at stake here. The FSA has not closed its inquiry into Shell, and Sir Philip's lawyers indicated on Thursday there was an ongoing investigation in relation to him.”

The Independent: Ex-Shell chief Watts demands public tribunal to clear his name

The Independent: Outlook: Sir Phil Watts: “…if I were Sir Phil, I'd lie low and save my redundancy cheque for the welter of class actions that are already being heaped upon him. He's on a hiding to nothing defending himself against the FSA, for even if he does show abuse of process, he won't escape blame for this shameful episode. If Sir Phil's not to blame, who on earth is?”

The Times: Ousted Shell chief takes FSA to court: “The FSA accused Shell of “unprecedented misconduct” resulting in market abuse and breach of listing rules.”

Daily Telegraph: The week in which a watchdog came under a heavy Shelling: “Sir Philip Watts is hardly going to enjoy being linked with Robert Maxwell but he probably owes the fat fraudster rather more than he realises.”

Daily Telegraph: Watts attacks FSA over 'flawed' Shell inquiry: “Sacked boss says watchdog violated his rights in ruling on reserves scandal”

The StarOnline (Malaysia): Shell to invest RM50mil on 50 autoserv outlets nationwide

Oilvoice.com: Shell Awarded Eight Blocks in 22nd Offshore Licensing Round

Indo-Asian News Service: India - Angola may foil Shell's bid to sell shares to India

Saturday 18 September, 2004

The Guardian: You can't be sure of Shell, says the City: With an investor charm offensive this week and a terrible year behind them, executives must be nostalgic for the group's imperial past: “Shell will this week make a desperate attempt to draw a line under the oil reserves scandal…”

Financial Times: Test of power for market watchdog: Sir Philip Watts, ousted chairman of Royal Dutch/Shell, has complained that the FSA "identified and prejudiced him" in its action against the company.

Irish Independent: Shell keen to put scandal behind it

AP Worldstream: Shell finds no damage at 5 U.S. Gulf oil gas platforms

The Times: Inside info: Shell: Erum Loan, the Shell recruitment manager for the UK, Ireland and Southern Europe, tells us what is needed if you want to get a graduate career with the oil giant away from the oilrigs and forecourts

The Times: BUSINESS WEEK: Times Online's guide to the week's business stories: “We can be pretty sure of Shell delivering a strategy briefing. But what, after such a torrid 2004 for the oil giant, might it contain?”

Oilvoice.com: Shell Awarded Eight Blocks in 22nd Offshore Licensing Round

Indo-Asian News Service: India - Angola may foil Shell's bid to sell shares to India

Sunday 19 September, 2004

THE MAIL ON SUNDAY: Day of destiny draws near at troubled Shell: “Shares in Shell fell as low as 348p in the wake of the scandal, and while it has since regained its pre-crisis level, it is still lagging far behind rival BP…”

The Observer: Our red badge of failure: “Did the great Shell really falsify its oil reserves over many years, with top people conniving at, instead of jumping on, the deceit?”: “Yes, they did.”

Scotland On Sunday: Eyes on Shell again as new boss tries to fight back: “…Cairn Energy - the Edinburgh firm which looks set to rake in bucketloads of cash from Indian assets it bought for a song from Shell - officially begins trading on the FTSE100 tomorrow.”

Sunday Herald: Different approaches to dealing with shame: “Now, most people confronted with the evidence displayed in an e-mail trail between senior people in the company discussing reserves going back more than two years would have opted for keeping their headdown. Not Sir Philip.”: “Mind you, with the number of other investigations still being conducted into the Shell reserves affair, it was unlikely that Sir Philip was going to be free of “my learned friends” any time soon.”

The Business: Judgment day for new Shell boss as he faces the City: “Hopes that the group would seal a gas deal in Libya by the time of the meeting appear to have been dashed. Shell's lead negotiator in Libya last week told The Business that agreement had yet to be reached.”

The Observer: When Shell freezes over: “The Anglo-Dutch group will tighten up its sloppy board structure, which arguably contributed to the reserves scandal. Power will be concentrated in one board, rather than three, and the group will have a single chief executive. But big deal. That's what most sensible companies do already."

The Observer: Shell 'to scrap dual board structure': “Shell chief executive Jeroen van der Veer has accepted that the beleaguered Anglo-Dutch oil company must overhaul its complicated structure and introduce a single board, according to a key investor.”

Independent On Sunday: Shell weighs multi-billion share buyback to win over investors: “Shell, the tarnished oil giant…”

Sunday Telegraph: City Diary: Hedge Hopper: “Martyn Hopper of Herbert Smith is the legal beagle sinking his teeth into the Financial Services Authority for being beastly to Sir Philip Watts, the ousted former chairman of Shell.”

The Business: Opec paying price for ban on oil majors: “Qatar, eager to catch up in the Middle East, has given Exxon Mobil, Total and Royal Dutch/Shell stakes in the North Field and used them to build liquefied natural gas schemes.”

GreenBiz.com: What Matters Most: Shell Oil's CSR Crisis in the North Sea: “Shell’s actions -- and Greenpeace’s reactions -- had created a full-scale international incident.”: “What Greenpeace had helped Shell to realize what that its reputation was a far more valuable and perishable commodity than the Brent Spar itself”

THE WALL STREET JOURNAL: Shell Has A Chance To Impress With Strategy Update: “management will Wednesday try to convince the market that the humbled Anglo-Dutch oil giant is on the road to recovery after years of weak performance and a headline-grabbing reserves scandal.”

Monday 20 September, 2004

THE NEW YORK TIMES: YUKOS Woes Drive Oil Above $46 a Barrel: “Shell Oil (SHEL.L) (RD.AS) said Monday it saw no significant impact from Hurricane Ivan on its oil and gas production facilities in the Gulf of Mexico, and expects full, or near full, recovery in output this week.”

Daily Mail: Shell launches charm offensive: “Shell shares at 417 1/2p have recouped their losses on the reserve shock. That should help in fighting US legal claims, but it is largely due to the soaring price of crude.”

Daily Telegraph: Shell asks publisher how to manage its Anglo-Dutch split: “Executives at crisis-hit oil and gas giant Shell have approached Reed Elsevier for tips on how to copy its management structure”

Financial Times: NLNG still faces challenges: “Investors in the $12bn project - the Nigerian government and oil companies Royal Dutch/Shell, Total and Eni - are hoping the optimism surrounding the project will survive challenges presented by Nigeria and the world gas market.”

Financial Times: FSA chief pledges to 'make an example' of groups breaching rules: “He indicated that the record £17m fine imposed on Royal Dutch/Shell for overstating its oil reserves set a new benchmark for the level of fines that would be levied on leading companies that failed to discharge their responsibilities to investors.”

The Scotsman: Comment: “Walter van de Vijver, head of exploration at Shell, got £2.5m and his boss Sir Philip Watts £1.1m. These hand-outs are a disgrace. They undermine popular capitalism. They throw goodwill down the drain.”: “Little wonder small investors are turning away in droves from the stock market.”

Financial Times: “While Royal Dutch/Shell has been grappling with its corporate structure in the wake of the scandal over its overbooking of reserves, attention has been drawn away from the parlous state of its oil exploration business.”

Asia Pulse: ANGOLA BLOCKS INDIAN DEAL TO BUY SHELL STAKE IN OIL FIELD

The Times: Need to Know: “Royal Dutch/Shell, the oil giant, is on Wednesday expected to unveil its annual strategy after a year of shock downgrades of its oil and gas reserves.”

THE WALL STREET JOURNAL/BARRON’S ONLINE: Scapegoat?: “Sir Philip Watts, Royal Dutch/Shell's ousted chairman, defended his role in the oil conglomerate's energy-reserves scandal.”

THE WALL STREET JOURNAL: Australia's Coles Myer Set To Unwrap Bumper FY04 Profit: “It now has some 600 Coles Express outlets via its alliance with Shell (RD), which analysts recognize has helped lure shoppers from competitors.”

THE WALL STREET JOURNAL/ DOW JONES NEWSWIRES: Air Liquide In 15-Yr Deal To Supply Energy To Shell Unit

Tuesday 21 September, 2004

PRNewswire: 130,000 New Shell Credit Card Applications During Second Quarter Promotion

London Evening Standard: 'Plumber' seeks legal aid for appeal: “The setback comes only a week after former Shell chairman Sir Philip Watts said that he was taking the FSA to the tribunal for the way it allegedly pointed the blame at him when it fined Shell £17m for market abuse relating to oil reserves overstatements.”

The Pasadena Citizen: Shell Deer Park refinery set to implement environmental mandates: “Officials at Shell DP had no comment on the pending county lawsuit.”

The Herald: Cairn’s net asset value soared 275%, claims fund manager: “…Cairn is considered a possible takeover target for the bigger multinationals such as BP, Exxon or Shell who need to continue growing their reserves either through new discoveries or buying up smaller players.”

IFAOnline: Oil’s well for now, renewables can wait a while, says managers: “Capable management contrasts with stories of, for example, Shell ‘losing’ billions of barrels of proven reserves…”

Financial Times: Mudlark: Shell risks cracks at Plaisterers' Hall

The Guardian: Market forces: “Shell, meanwhile, added 5p to 422.5p as dealers bet that the company would announce radical changes at tomorrow's strategy update.”

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: UPDATE: Australia Gorgon, NW Shelf Seek S Korea Gas Deal

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: Russian Supply Constraints Push Crude Futures Higher: “Monday Royal Dutch/Shell Group unit Shell Oil said it had restored full oil and natural gas production at a number of its offshore Mexico fields and was ramping up output at others.”

Wednesday 22 September, 2004

Reuters: Shell makes oil find off Malaysia: "We are delighted to announce this highly significant discovery, our second offshore Sabah oil discovery within a year," Shell Malaysia Chairman Jon Chadwick said in the statement on Wednesday.

London Evening Standard: Shell's battle plan fails to win City: “But the overhaul promised by the Dutchman left the City distinctly unimpressed after he failed to commit to increasing share buybacks and admitted that it may be 2009 before oil and gas output grows.”

London Evening Standard: FSA bites back over ex-Shell boss

YahooNews/PRNewswire: Shell Hosts Strategy Review: Regaining Upstream Strength, Delivering Downstream Profits: $45 billion in capital expenditure 2004-2006 anticipated: Focus on more Upstream gas and oil: Extend LNG leadership position: $10-12 billion in divestments planned 2004-2006: "Disclaimer statement": "subject to risk factors...": including potential litigation and regulatory effects arising from recategorisation of reserves..."

Bloomberg: Shell Says It Will Sell More Assets, Increase Capital Spending: “The company settled investigations with the SEC and the U.K.'s Financial Services Authority in July. Probes by the U.S. Justice Department, the Dutch securities regulator and the Euronext stock exchange are continuing.”

The Times: FSA chief's warning on upsurge in legal challenges: “CALLUM McCARTHY, chairman of the Financial Services Authority, hit out last night at the soaring number of lawsuits against the City regulator in what appeared to be a veiled swipe at Sir Philip Watts, the former chairman of Shell.”

The Times: Strategy to emerge from Shell: “The oil company’s annual strategy presentation, to be held today in London, is viewed as a crucial test for Shell’s senior directors. Analysts are looking for evidence that Shell can fill the gap left by the removal from its proven reserves of 4.4 billion barrels of oil and gas.”

The Times: European Briefing; Western oil firms face risk of being stung by Russians: “Oil companies don’t mind difficult governments so long as they let them run the oil business. In Russia, it is clear that no such deal is on offer and it would be foolish for BP or Shell to believe that Russia is the answer to their oil reserve problems.”

Financial Times: FSA chairman warns against embracing 'litigious society': “…Sir Philip Watts, the ousted chairman of Royal Dutch/Shell, said he planned to challenge the FSA's findings on the company's oil reserves.”

Financial Times: Tough choices for oil companies in the quest to head off a global capacity crunch: How technology can squeeze more crude out: “Oil companies have found it difficult to locate new oil reserves. Shell this year became the industry's most dramatic example, having to cut its proved reserves estimate by more than 20 per cent after struggling to find oil and providing the US Securities and Exchange Commission with false data from 1994 to 2002.”

Financial Times: Nigerian gas venture to get $1.28bn loan: “…international banks and credit agencies lent $1.06bn to a Royal Dutch/ Shell-backed Nigerian liquefied natural gas project intended to become one of the largest in the world.”

Financial Times: Gazprom looks to the world stage: “Separately, Gazprom is trying to muscle its way into the Sakhalin-2 project where Shell holds a 55 per cent interest.”

The Guardian: Appeals slow FSA disciplinary process: “The latest high-profile application to the tribunal was made last week by Sir Philip Watts, former chairman of Shell…”

Bloomberg: Shell Chairman May Accelerate Asset Sales, Buyback (Update1): “Royal Dutch/Shell Group Chairman Jeroen van der Veer, saddled with lawsuits and government probes related to Shell's oil and gas reserves…”: Probes by the U.S. Justice Department, the Dutch securities regulator and the Euronext stock exchange are continuing."

Daily Mail: City watchdog flexes its muscles: “McCarthy heralded Shell's record £17m fine, saying it was four times greater than any previous penalty. He said he wanted to change the behaviour of firms and individuals, suggesting that fines could continue to grow.”

AFX UK (Focus): Shell to spend 4 bln usd to boost Canada's Athabasca bitumen output UPDATE

Thursday 23 September, 2004

THE WALL STREET JOURNAL: Shell Pegs Budget For Exploration To Higher: “Mr. van der Veer declined to discuss details of an internal review of the company's corporate structure. Shell is studying whether to change its dual-board structure, which critics have blamed for obscuring accountability in Shell's reserves scandal. The company expects to unveil options in November.”

The New York Times: MARKET PLACE: A Strategy for Shell? “…it has paid $150 million in fines after investigations by United States and British regulators. It still faces about a dozen lawsuits and may suffer more negative publicity as one of the executives, Sir Philip Watts, the former chairman, mounts his defense.”

Daily Telegraph: City diary: On omission to explain: “…Xpose Awards - "celebrating the confusion between rhetoric and reality". BAE Systems, Shell and British American Tobacco fight it out for the "best omission" award”

Daily Telegraph: We'll be running to stand still until 2009, says Shell: “…Mr Van der Veer was dismissive of suggestions it might merge with French giant Total. He said: "The fact that [that story] can get legs shows that our reputation is not where we want it to be.": “Shell was embarrassed about selling a field in North India to oil minnow Cairn Energy for a few million dollars which later yielded hundreds of millions of barrels of oil, he said.”

Daily Telegraph: City comment: For a company that has so long considered itself top of the heap in the oil game, the humiliation inside can only be guessed at. Even Jeroen van der Veer, Shell's top executive, had to admit the business was in crisis…”: “Shell's slide show was ghastly. Meaningless management-speak phrases such as "fix and reset the business" and "growth in markets of choice" might have been designed to reassure, but instead showed that Shell's problems extend beyond its reserves issue.”

Daily Telegraph: FSA denies Watts' complaint: “The Financial Services Authority yesterday said it was "confident" of seeing off a claim from Sir Philip Watts that his rights had been "violated" after the FSA fined Shell £17m over the reserves scandal.”

The Scotsman: Wall Street rattled by Fed as Shell fails to please City: More questions than answers: “Most investors believe the overstatement of reserves fiasco shows Shell was seriously flawed under the current management structure, and want a single unified board instead.”

The Scotsman: Shell fails to impress City with growth plan: “SHELL yesterday said it would plough $45 billion (£25bn) into the business between 2004 and 2006 to drive organic growth in the wake of the oil reserves overstatement fiasco that prompted big regulatory fines and damaged the group’s City credibility.”

KESQNewsChannel3: Companies show interest in Shell's Bakersfield refinery

The Guardian: Shell's revival plan falls flat in the City: Oil group to invest $45bn with no guarantee that production will increase: “A crucial strategy briefing to reignite City confidence in Shell fell flat yesterday with investors "underwhelmed" by forecasts of flat production growth and no major commitment to share buybacks.”

Financial Times: Slick display glosses over difficulties: “While most observers agreed that its presentation was slick and thoughtfully put together, the lack of underlying substance was also apparent to some.”: “To shift attention away from the reserves debacle, Mr Brinded pointed out that Shell's underlying resources were still some 60bn barrels of oil, the same as before the reserves readjustment. However, one analyst said Mr Brinded's highlighting of the 60bn barrel figure was misleading…”

Financial Times: Shell spending plans dash buy-back hopes: “Royal Dutch/Shell again disappointed the markets… …it dashed hopes for a share buy-back, announcing that it would spend $45bn (€37bn) over the next three years as it seeks to repair the damage caused by its reserves scandal.”

The Times: Troubled Shell puts faith in high oil price for recovery: “The focus on growth drew scorn from analysts, who said Shell should focus on generating cash. “It was a fairly inept performance,” one said.”

The New York Times: Shell's New Strategy: Spend, Sell Assets: “Years of under-investment and scatter-gun exploration of smaller-than-needed prospects has left Shell failing to find more oil and gas than it pumps out of the ground each year.”

Financial Times: Shell Plan Disappoints Investors: “Scandal-hit oil giant Royal Dutch/Shell will invest $45 billion over three years to boost reserves and production but its shares fell on disappointment it did not extend a stock buyback program.”: “Shell's reserves cut caused the ousting of its previous top directors, led to $150 million in regulatory fines and cost the group its ``AAA'' top-grade credit rating.”: “Shell is such a long turnaround story that BP looks a less risky bet,'” said Cavendish Asset Management fund manager Paul Mumford.”

Financial Times: Lex: “Royal Dutch/Shell is trying to regain its reputation.”: “Thanks to high oil prices Shell's share price has more than regained the ground lost in this year's reserves scandal. But, while a rising tide lifts all boats, there is little in Shell's strategy to significantly narrow the gap with rival BP”

The Guardian: Shell unveils $15bn recovery plan: “The reserves scandal forced Shell's chairman, Philip Watts, to resign, along with Walter van de Vijver, its oil and gas chief and its chief financial officer, Judy Boynton. The company was fined by the financial services authority in the UK and the securities and exchange commission (SEC) in the US.”

Friday 24 September, 2004

Voice of America: Shell Oil Evacuates Employees from Niger Delta in Nigeria

Reuters: Shell evacuates staff from Nigerian conflict: “Multinational oil giant Royal Dutch/Shell has evacuated non-essential staff from two oil production plants in Nigeria where troops are fighting a major offensive against rebel militia, a spokesman said.”

payvand.com: Shell & Repsol Sign 4 Billion Dollar Natural Gas Deal With Iran

AlertNet.Org: Shell evacuates staff from Nigerian delta conflict: “Anglo-Dutch oil giant Royal Dutch/Shell has evacuated non-essential staff from two flow stations in the Niger delta, where Nigerian government forces have been attacking rebel militia, a company spokesman said on Friday.”

The Guardian: Democratic Dutchman with a charisma bypass: “One of his endearing traits is to ask his exploration director Malcolm Brinded, a more natural performer it must be said, to tell him if he gets things wrong: "Malcolm, check me if I drop the ball," van der Veer said at one stage.”: “An outsider would be better suited for that post, especially as van der Veer's name comes up, along with other Shell directors, in class actions in the US. It must be hard to focus on the way forward with the cloud of the past hanging over you…”

London Evening Standard: Eerie echo for new Shell boss: “Whether van der Veer turns out to be the leader Shell needs is not yet clear.”: “another faceless unknown emerged from the depths of a huge oil company to explain why the business was on its knees, why the board had decided to fire the chairman and what he, as the new man in charge, planned to do to put things right.”

The Times: COMMENT: Well, well, well: “Shell has made six "significant finds" since the start of last year and they might have been involved in more had it not, famously, sold for a pittance its stake in the fruitful Mangala field in India to Cairn.”: “…Shell's great lucky break was that its annus horribilis has coincided with the strongest oil market for more than 20 years.

The Times: Pumping jargon but not profits: “…there is even a new mantra, Enterprise First, with which to goad the staff into “top-quartile performance”."

The Times: Need to Know: “Royal Dutch/Shell and Repsol, the oil and gas giants, have reached a project framework agreement with the Iranian Government…”

THE WALL STREET JOURNAL/DOW JONES NEWSWIRES: UPDATE:Tax Bill Approval Means Boost For Wind Energy Cos: “The tax credit should also push forward projects sponsored by companies like Shell Wind Energy, which is owned by Royal Dutch/Shell Group”

The Independent: Michael Harrison's Outlook: Shell supertanker steers into deeper waters: “brotherly love has been notable for its complete absence inside the South Bank politburo, where the motto has been stab someone in the back before you are made to walk the plank yourself.”: “The truth is that Shell will not begin to emerge from the black cloud which enveloped it in January until it has fundamentally changed the way the business is run and governed.”

Financial Times: Total tiptoes to Russia: “Quite simply, Total was envisaging a bid for its larger but troubled oil rival Shell. Last week, Mr Desmarest poured cold water on the idea, stating he was not interested in big acquisitions.”: “To qualify for membership of the club of super oil majors, an American dimension is even more necessary than a Russian one. There is an easy way to achieve this: merging with a debilitated Shell before it recovers or is taken over by another rival.”

Financial Times: Shell to spend $45bn over three years: “Royal Dutch/Shell intends to spend $45bn over the next three years as it looks to repair the damage caused by its oil reserves scandal.”: "They needed to show whether they had the right people in charge to fix things. I think they have failed dismally here."

The Guardian: Shell failed to bounce back from Wednesday's drubbing. It slipped 11.25p to 406.75p after Deutsche Bank, which has been one of its biggest fans, re moved the stock from its buy list

CityWire.co.uk: Thursday Papers: Shell under pressure - tips and comment: Shell comes in for a hammering in the press today after yesterday's disappointing statement.

Business Times (Malaysia): Shell's service efficiency scheme to boost jobs: “The official was asked to comment on a news report posted on the rediff.com's website recently which said that Shell is cutting 600 to 800 IT jobs in the US and relocating them offshore, mainly to India and Malaysia.”

Financial Times: Observer: Shell-shocked: The chairman of the Anglo-Dutch oil giant told yesterday's strategy meeting that things had got so bad that even those French upstarts at Total had been rumoured to be considering a bid.

Financial Times: Letters: Market in need of a 'most probable' reserve estimate: By Eric Knight

AFX Europe (Focus): Repsol, Shell sign 4 bln usd gas contract with Iran govt - report

Lloyds List: Shell pledges $45bn to rebuild reserves and reputation: “The strategic review is designed to restore investor confidence after Shell's shock disclosure in January th