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Posts Tagged ‘Oil Reserves’

Shell’s £1bn Africa punt

OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a £1billion gamble on Mozambique in East Africa. “This shows how desperate Shell are to boost reserves,” said one expert. Shell’s £1bn Africa punt Thursday, February 23, 2012 OIL giant SHELL stunned experts yesterday by bidding to boost its reserves with a [...]

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

US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40% John Vidal, environment editor: Tuesday 8 February 2011 22.00 GMT Saudi oil refinery. WikiLeaks cables suggest the amount of oil that can be retrieved has been overestimated. Photograph: George Steinmetz/Corbis The US fears that Saudi Arabia, [...]

Shell Hldr Foundation: Court Declares Shell Settlement Binding

THE WALL STREET JOURNAL MAY 29, 2009, 9:53 A.M. ET Edited Press Release AMSTERDAM (Dow Jones)–The Stichting Shell Reserves Compensation Foundation Today announces Friday that the Amsterdam Court of Appeals has declared the Non-U.S. Settlement Agreement concerning the recategorisation by Royal Dutch Shell PLC (RDSB.LN) of certain of its oil and gas reserves binding. The [...]

Energy-Reserve Revisions

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

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

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

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

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

Investors press for disclosure of tar sands’ climate risk

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

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

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

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

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

FSA fines Credit Suisse £5.6m for deliberate mispricing

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

Have we reached the end of the road for oil?

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

Arctic has 90bn barrels of crude

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

Winterflood challenges FSA over market abuse fine

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

FSA fines Winterflood £4m over market abuse

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

Squeezing Oil From a Stone

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