By Michael Harrison, Business Editor Published: 31 August 2006 Sir Philip Watts’ two-year battle to clear his name ended in victory for the former Shell chairman yesterday after the US Securities and Exchange Commission decided not to take any action against him over the oil giant’s reserves reporting scandal. The decision marks the end of [...]
Posts from ‘August, 2006’
The Herald (Scotland): Ex-Shell chief cleared in oil scam
KARL WEST August 31 2006 American regulator the Securities & Exchange Commission yesterday confirmed it will be taking no action against Sir Philip Watts, former Shell chief executive, over the oil reserves overbooking scandal. Watts and other senior managers were ousted after Shell admitted in early 2004 that it had deceived investors by overstating [...]
Dow Jones Newswires: Nigeria Min Appears Before House Panel On Shell – Report
31 August 2006 LAGOS -(Dow Jones)- Nigeria’s oil minister Wednesday appeared before a House committee to answer questions concerning an alleged underpayment to the government by a unit of Royal Dutch Shell PLC (RDSA), a private television station reported. Channels TV said that Minister of State for Petroleum Edmund Daukoru presented the Committee on [...]
The Times: Problems arise when tails are counted as legs
August 31, 2006 Analysis by Patrick Hosking THE worst scandal to hit Shell in its 170-year history came out of the blue one January morning in 2004. Shell executives confessed in a conference call to amazed City analysts that the company’s reserves of oil and gas had been overstated by 25 per cent. [...]
The Wall Street Journal: SEC Decides Not to Act Against Ex-Shell Chairman
DOW JONES NEWSWIRES August 30, 2006 3:32 p.m. The U.S. Securities and Exchange Commission has decided to take no action against the former Royal Dutch Shell PLC boss over a reserves overbooking scandal, his lawyer said Wednesday. The SEC conducted a two-year joint investigation with the U.K.’s Financial Services Authority and concluded that no action [...]
MarketWatch: SEC drops investigation of former Shell exec
By Jim Jelter, MarketWatch Last Update: 2:52 PM ET Aug 30, 2006 SAN FRANCISCO (MarketWatch) — The U.S. Securities and Exchange Commission has dropped its two-year investigation of Philip Watts, the former Royal Dutch Shell chairman, deciding to take no action against him for the company’s overstatement of its oil and gas reserves, according to [...]
The Scotsman: Russia tells Shell to review pipelines
Wed 30 Aug 2006 Russia tells Shell to review pipelines MOSCOW (Reuters) – Russia’s environmental watchdog, which has already ordered to Royal Dutch Shell to stop work on onshore pipelines on Sakhalin, said on Wednesday the group needed to redraw the plan. “Onshore pipeline construction can be resumed only after the project is reworked, [...]
MarketWatch: SEC Closes Watts Investigation (*the chief crook gets off)
SEC Concludes Investigation of Royal Dutch/Shell’s Former Chairman Last Update: 1:13 PM ET Aug 30, 2006 WASHINGTON, Aug 30, 2006 (BUSINESS WIRE) — Late yesterday, the United States Securities and Exchange Commission (“SEC”) provided notice that it had completed its investigation into the circumstances surrounding the recategorization of proved oil and gas reserves by Royal [...]
UpstreamOnline: Delta security tops union agenda
By Upstream staff Nigerian oil unions met today to discuss deteriorating security in the Niger Delta and union leaders said a complete withdrawal of their members from Africa’s oil heartland was one option to be considered. But oil company sources said an ultimatum to the government over kidnappings and attacks on oil installations was a [...]
AFX News: US SEC ends probe on former Shell chairman on reserves scandal
Wednesday, 30th August 2006 13:08 LONDON (AFX) – The US Securities and Exchange Commission has concluded its investigation on Philip Watts, former chairman of the Royal Dutch/Shell Group, regarding his role on the Anglo-Dutch oil major’s oil reserves crisis in 2004, according to Watt’s lawyers. The SEC, which conducted a two-year joint investigation with the [...]
UpstreamOnline: SEC drops probe into ex-Shell boss
By Upstream staff The US Securities & Exchange Commission has decided to take no action against former Shell boss Phil Watts over a reserves overbooking scandal, Watts’ lawyers said today. Watts and other senior managers were ousted after Shell admitted in early 2004 that it had overstated the size of its oil and gas reserves [...]
Dow Jones Newswires: Shell Worker Death Upgrades Strike Threat At Talks Wed – Union
Wednesday August 30th, 2006 / 11h15 LONDON -(Dow Jones)- The Royal Dutch Shell PLC (RDSB)-led joint venture in Nigeria confirmed late Tuesday that a local employee was killed following a clash 10 days ago between the military and rebels in the Niger Delta, a development that raises the specter of strike action at a [...]
Washington Post: New Probe Another Problem for BP
U.S. Panel, Justice Dept. to Examine Firm’s Oil and Gas Trading By Stephen Voss and Mathew Carr Bloomberg News Wednesday, August 30, 2006; Page D02 BP PLC, the world’s third-largest oil company, is under investigation by U.S. authorities for possible manipulation of crude oil and gasoline markets, a further blow to a reputation that has [...]
Financial Times: BP faces two US probes over trading
By Rebecca Bream Published: August 30 2006 03:00 | Last updated: August 30 2006 03:00 BP has revealed that it now faces two investigations into its trading activities in the US, adding to its troubles following the forced shutdown of its Prudhoe Bay field in Alaska. The oil major yesterday confirmed media reports that it [...]
Shell-Mex & BP Limited
Comment posted on The Scotsman article: “FTSE boosted by oil on troubled water” http://business.scotsman.com/index.cfm?id=1277052006#new BP and Shell have both made extravagant claims in multimillion dollar global advertising campaigns about their lofty business ethics and undying commitment to the environment. The reality is rather different. Many of their own workers lives have been lost in recent [...]


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