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Saturday, January 31, 2015

BIG OIL: Who will blink first to set the M&A scramble in motion

BIG OIL: Who will blink first to set the M&A scramble in motion

Screen Shot 2015-01-31 at 08.53.48With more than $110 billion of oil and gas assets on the block as companies big and small count the cost of the collapse in oil prices, it is now a question of who will blink first to set the M&A scramble in motion.

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Article published by Reuters 30 Jan 2015 under the headline:

Buyers bide their time in $110 bln oil asset sell-off

* Half of the assets on sale are in North America
* North Sea could prove a hard sell
* Potential buyers holding out for further price falls
Wave of deals expected within three to six months
By Ron Bousso
LONDON, Jan 30 (Reuters) – With more than $110 billion of oil and gas assets on the block as companies big and small count the cost of the collapse in oil prices, it is now a question of who will blink first to set the M&A scramble in motion.
Energy groups with spare cash, venture capital funds and multinational and state oil companies are eyeing assets with valuations that have largely tracked the halving of the oil price to less than $50 a barrel since last June.
But with the exception of a few recent moves, including Repsol’s $3 billion acquisition of Talisman Energy , buyers have largely stayed on the sidelines.
“Deals have just about dried up because you’re catching a falling knife,” said Simon Henry, chief financial officer at Royal Dutch Shell.
Though it hopes to sell assets worth $5 billion to $6 billion this year, Shell is not ruling out purchases of others that will increase its production base, Henry said.
Diverging views on when oil prices will recover leave plenty of potential for disagreement over the value of producing assets.
“If you end up paying at $50 (per barrel) plus a $30 premium and the oil price stays at $40 for three years you look a fool, or vice-versa,” Henry said.
Strength in refining and trading and low debt mean Shell appears more able than some rivals to cover dividends from operating cash flow.
The entire industry is in the midst of spending cuts to ensure shareholders get their pay-outs. Those savings will take time to kick in but, even in the short term, bank borrowing will help avoid hasty sales of assets.
The waiting game will continue for a little while yet, says Rupert Newall, BMO Capital Markets’ co-head of investment banking for Europe, the Middle East and Africa.
“We are going to need another three months of these prices before sellers will become more realistic about the price environment they are selling into today,” Newall said.
DISTRESSED ASSETS
But as companies become “more desperate”, as Shell’s Henry puts it, and the divergence between valuations narrows, mergers and acquisitions are expected to flow.
“That will be driven in large part by financing challenges where there is a lot of debt rollover,” Henry said, adding that such pressure could be most keenly felt with smaller and medium-sized operations in North America but also some of the smaller European companies.
While private equity funds aim to buy distressed assets that they expect to flourish once the oil price stages its eventual recovery and majors look to expand production on the cheap, Asian national oil companies are expected to chase global capacity to secure supplies for their energy-hungry economies.
Potential buyers include Asian state-run companies such as Chinese oil champions CNPC, Sinopec and CNOOC, as well as Indian and Japanese companies.
Based on company filings and announcements compiled by oil and gas consultancy 1Derrick, assets worth about $112 billion dollars are being offered for sale.
Half of these are North American, mostly U.S. oil and gas shale fields such as Anadarko’s Wyoming field and Reliance Industries’ Eagle Ford assets, as well as ConocoPhillips’ oil-sands operations in Canada.
Outside North America, Russian oil giant Rosneft is offering its non-core operations while Apache has mainly Egyptian assets for sale.
A total of 22 asset packages valued at about $16.6 billion were put up for sale in the fourth quarter of 2014, compared with 56 worth $41.1 billion in the previous nine months, says 1Derrick analyst Mangesh Hirve.
NORTH SEA PROFIT SQUEEZE
Similarly to Shell, BP is another oil major that has said it would consider acquisitions even as it sheds operations in higher-risk, higher-cost regions such as Nigeria and Iraq.
“The area where we believe there is going to be less interest is in the North Sea, which is a mature, high-costs oil province,” HSBC said.
Top players in the North Sea, including Total, BG Group and ConocoPhillips, are all trying to sell assets in the region, 1Derrick says, and the chief executive of French group Total said at the World Economic Forum last week that the company would be investing less in mature fields to focus on assets with potential for higher returns.
A host of small operators could also try to sell North Sea assets as profit margins are increasingly squeezed.
“In the North Sea, we have a proliferation of relatively small companies; very few move the needle for fund managers,” said Jon Fitzpatrick, head of Macquarie Capital’s oil and gas team.
With so much on offer around the world, it looks unlikely that investors such as Carlyle International Energy Partners will jump the gun.
As its managing director Marcel Van Poecke said this month: “After a crash like this, there is clearly more upside than downside. This will be a great time to invest, but there is no need to rush into it.”
(Additional reporting by Dmitry Zhdannikov; editing by David Goodman)

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Oil rout gives Exxon and Shell reason to buy rival ‘sisters’

Oil rout gives Exxon and Shell reason to buy rival ‘sisters’

Screen Shot 2015-01-31 at 08.53.48…a major deal over the next year that will bring together two of the super majors, or see one of their smaller rivals swallowed up, is highly likely – and almost a certainty if historical precedent is anything to go by. Certainly, if the oil rout of the late 90s is anything to go by, a major deal among the industries big “sisters” is just around the corner.

Article By Andrew Critchlow, Commodities editor, The Telegraph, published 30 Jan 2015 under the headline:

Oil rout gives Exxon and Shell reason to buy rival ‘sisters’

First there were the “Seven Sisters”, a term coined in the 1950s to describe a cabal of the world’s biggest international oil companies (IOCs), which at that time controlled the supply of fossil fuels with a vice-like grip.
Then came the Yom Kippur war of 1973 and the subsequent Middle East oil crisis, which would gradually see their power over more than three-quarters of the world’s crude wrestled back by newly independent states in the Persian Gulf.
By the late 1990s – with oil prices at around $20 (£13.20) per barrel – the original seven had grown much bigger and been morphed into new giants, which consumed their smaller rivals in a race to acquire what little of the world’s oil and gas reserves still remained open to them.
By early 1999, a bone-shuddering plummet in the price of crude to $10 per barrel spurred a frenzied wave of mergers and acquisitions across the sector as companies moved quickly to grow bigger in order to survive. Exxon – the descendant of John D Rockefeller’s behemoth Standard Oil of New Jersey – swallowed up Mobil, creating what was until recently the world’s biggest company by market value.
A few months earlier, Sir John Browne pulled off the defining moment of his career when he transformed BP into Britain’s biggest oil major for a time by splashing out $48bn for Amoco – another relic of the giant Standard Oil conglomerate in the US. French super major Total gobbled up Petrofina and Elf, which had been a major sponsor of Nigel Mansell’s race-winning F1 car.
Now, a new oil shock – which has seen crude prices plummet by 60pc since June – has created an environment in which deal makers are once again talking about another spate of consolidation among the giants of the oil and gas industry: Exxon Mobil, Chevron, ConocoPhillips, Royal Dutch Shell, BP, Total and Italy’s ENI.
Could seven become six? Or will these giants of the industry spend capital, that would otherwise be employed in developing new oil fields, on buying up the best of the smaller operators? An oil and gas mega-merger is also a cute way to return value to shareholders at a time when the industry’s reliability for paying healthy dividends is being challenged.
Therefore, a major deal over the next year that will bring together two of the super majors, or see one of their smaller rivals swallowed up, is highly likely – and almost a certainty if historical precedent is anything to go by.
Two companies appear to be most vulnerable to being swallowed up: the giant BP and the smaller BG Group. Four years after the Gulf of Mexico Deepwater Horizon disaster blew a hole in its balance sheet and its Macondo oil well, the British supermajor is ripe to be the first victim in this next round of consolidation. Its enterprise value has slumped to £92bn since reaching a high of £130bn in 2007, while the level of debt on its books has more than doubled to £33bn over the same period, according to Bloomberg data.
Under the leadership of chief executive Bob Dudley, BP has spent most of the past four years conducting a garage sale of its assets to raise more than $38bn to cover the staggering cost of compensation, fines and clean-up from the Deepwater episode. The latest sale came this week when it offloaded part of a stake in two promising offshore fields in the Gulf of Mexico to Chevron. However, we are approaching the end of its £14bn legal battle with the US government under the Clean Water Act, and the limits of what Mr Dudley may be prepared to offload from the company’s portfolio.
So now may be the time to gobble up what remains in one bite. Out of the big six super majors, only Exxon Mobil would appear to have deep enough pockets and the necessary clout in Washington to pull off this particularly ambitious deal.
A merger of the two would create a global corporate titan of almost unimaginable scale, with a combined enterprise value in excess of £400bn, leapfrogging Apple as the world’s largest company by a £70bn margin.
Its gargantuan size would come despite the slump in oil prices, but it is that drop which has arguably made the deal even more conceivable. Although neither company will comment on speculation surrounding a potential merger, the logic for them coming together has been made more compelling by Brent crude trading under $50 per barrel.
The other potential deal that increasingly makes sense, given the market-wide slump in energy prices, would see BG Group swallowed up by Royal Dutch Shell. The Anglo-Dutch giant is the most gas-focused of all the six supermajors. BG has a significant liquefied natural gas portfolio. It would thus would fit into Shell’s strategy to build a significant market lead in the delivery of a fuel that is powering growth in Asia’s rapidly developing economies.
Asked about the opportunities for acquisitions during Shell’s earnings this week, chief executive Ben van Beurden certainly didn’t rule out the prospect, despite slashing $15bn off its capital expenditure plans over the next three years. Mr van Beurden said that Britain’s largest oil company would take an “opportunistic” view when it comes to weaker capitalised upstream explorers.
BG Group could certainly fall into that category. It has endured a tough year following the departure of Chris Finlayson and pressure to bring major projects, such as its Queensland gas venture, on stream on schedule.
According to advisory firm AT Kearney, a lot will happen in the year ahead. “For some, the shake-out will be painful, but for those in the driver’s seat, it is a rare opportunity to reshape the competitive landscape to their advantage,” it said. “The sands are shifting, and all companies will need to be clear on their strategies to thrive – or even survival – in 2015.”
Certainly, if the oil rout of the late 90s is anything to go by, a major deal among the industries big “sisters” is just around the corner.


The TRUTH will set you FREE.

Friday, January 30, 2015

Shell overstated its fourth quarter results by $178 million

Shell overstated its fourth quarter results by $178 million
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Screen Shot 2015-01-06 at 21.26.38Fri Jan 30, 2015 4:48pm GMT

(Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it had overstated its fourth quarter results by $178 million (118.44 million pounds) due to an error in the valuation of its fuel inventory.

The company said its underlying earnings, which are most closely watched by analysts and investors, were unaffected by the mistake.
“A stock valuation error in its downstream operations was discovered,” Shell said in a statement.
“Royal Dutch Shell’s fourth quarter and full year 2014 earnings, on a current cost of supplies (CCS) basis are unchanged,” the company said in the statement.
However, as a consequence of the error, Shell reduced fourth quarter income to shareholders from $773 million to $595 million. Full year income was cut from $15,052 million to $14,874 million.
Shell shares were down 1.8 percent to 20.22 stg each at 1631 GMT.
The Anglo-Dutch energy company reported on Thursday fourth-quarter 2014 adjusted net income of $3.3 billion which was weighed down by weaker than expected earnings from oil and gas production.
Shell, the largest of the European energy majors, also announced a relatively modest three-year, $15 billion cut in spending to help it weather the plunge in oil prices.
(Editing by Elaine Hardcastle)




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Shell knew of fraud and moneylaundering activities during purchase of an oilfield in Nigeria

Shell knew of fraud and moneylaundering activities during purchase of an oilfield in Nigeria

Screen Shot 2014-10-30 at 09.22.43This story is currently being reported by multiple Dutch news publishers on 31 Jan 2015

Non professional translation

Shell knew of dubious practices in Nigeria

Shell knew of fraud and moneylaundering activities during the purchase of an oilfield in Nigeria.
This is a statement in OneWorld magazine in an investigation of “dubious” trading in the African Country.
According to OneWorld, Shell acted against its own business principles, as is shown in a reconstruction of the purchase of the oilfield.
Shell paid together with ENI more than a billion dollars for a licence in oilfield 245, off the coast of Nigeria.
This field contains about a quarter of all Nigerian reserves.
Shell would have known that the money would be moved on to the controversial company Malabu of which former oilminister Dan Etete was the primary shareholder.
Etete has been convicted in France for money laundering.
According to One World, it is laid down in Shell’s Statement of General Business Principles that the company will not do business with probable criminals.
ONE DUTCH VERSION
‘Shell wist van dubieuze praktijken Nigeria’
Vrijdag 30 januari 2015 14:48
AMSTERDAM (ANP) – Oliemaatschappij Shell wist van fraude en witwaspraktijken bij de aankoop van een olieveld in Nigeria. Dat stelt magazine OneWorld in een onderzoek naar ,,dubieus” handelen van Shell in het Afrikaanse land. Volgens OneWorld handelde Shell onder meer tegen de eigen gedragscode in, zo blijkt uit een reconstructie van de aankoop van het olieveld.
Shell betaalde samen met het Italiaanse concern ENI in 2011 ruim een miljard dollar voor de licentie van olieveld 245, voor de kust van Nigeria. Dat veld omvat ongeveer een kwart van alle Nigeriaanse oliereserves. Daarbij zou Shell hebben geweten dat het geld werd doorgesluisd naar het omstreden bedrijf Malabu, waarvan voormalig olieminister Dan Etete de voornaamste aandeelhouder was. Etete is in Frankrijk veroordeeld wegens witwassen.
In de gedragscodes van Shell staat volgens OneWorld onder meer dat het bedrijf niet handelt met vermoedelijke criminelen
RELATED

Screen Shot 2015-01-20 at 22.34.58Safe sex in Nigeria (15 June 2013)

Court documents shed light on the manoeuvrings of Shell and ENI to win a huge Nigerian oil block and on the dilemmas of their industry

DEALS for oilfields can be as opaque as the stuff that is pumped from them. But when partners fall out and go to court, light is sometimes shed on the bargaining process—and what it exposes is not always pretty. That is certainly true in the tangled case of OPL245, a massive Nigerian offshore block with as much as 9 billion barrels of oil—enough to keep all of Africa supplied for seven years.
After years of legal tussles, in 2011 Shell, in partnership with ENI of Italy, paid a total of $1.3 billion for the block. The Nigerian government acted as a conduit for directing most of that money to the block’s original owner, a shadowy local company called Malabu Oil and Gas. Two middlemen hired by Malabu, one Nigerian, one Azerbaijani, then sued the firm separately in London—in the High Court and in an arbitration tribunal, respectively—claiming unpaid fees for brokering the deal.
The resulting testimony and filings make fascinating reading for anyone interested in the uses and abuses of anonymous shell companies, the dilemmas that oil firms face when operating in ill-governed countries and the tactics they feel compelled to employ to obfuscate their dealings with corrupt bigwigs. They also demonstrate the importance of the efforts the G8 countries will pledge to make, at their summit next week, to put a stop to hidden company ownership and to make energy and mining companies disclose more about the payments they make to win concessions. On June 12th the European Parliament voted to make EU-based resources companies disclose all payments of at least €100,000 ($130,000) on any project.
The saga of block OPL245 began in 1998 when Nigeria’s then petroleum minister, Dan Etete, awarded it to Malabu, which had been established just days before and had no employees or assets. The price was a “signature bonus” of $20m (of which Malabu only ever paid $2m).
The firm intended to bring in Shell as a 40% partner, but in 1999 a new government took power and two years later it cried foul and cancelled the deal. The block was put out to bid and Shell won the right to operate it, in a production-sharing contract with the national petroleum company, subject to payment of an enlarged signature bonus of $210m. Shell did not immediately pay this, for reasons it declines to explain, but began spending heavily on exploration in the block.
Malabu then sued the government. After much legal wrangling, they reached a deal in 2006 that reinstated the firm as the block’s owner. This caught Shell unawares, even though it had conducted extensive due diligence and had a keen understanding of the Nigerian operating climate thanks to its long and often bumpy history in the country. It responded by launching various legal actions, including taking the government to the World Bank’s International Centre for the Settlement of Investment Disputes.
Malabu ploughed on, hiring Ednan Agaev, a former Soviet diplomat, to find other investors. Rosneft of Russia and Total of France, among others, showed interest but were put off by Malabu’s disputes with Shell and the government. Things moved forward again when Emeka Obi, a Nigerian subcontracted by Mr Agaev, brought in ENI (which already owned a nearby oil block). After further toing and froing—and no end of meetings in swanky European hotels—ENI and Shell agreed in 2011 to pay $1.3 billion for the block. Malabu gave up its rights to OPL245 and Shell dropped its legal actions (see timeline).
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The deal was apparently split into two transactions. Shell and ENI paid $1.3 billion to the Nigerian government. Then, once Malabu had signed away its rights to the block, the government clipped off its $210m unpaid signature bonus and transferred just under $1.1 billion to Malabu.
Tom Mayne of Global Witness, an NGO, has followed the case closely; he believes things were structured this way so that Shell and ENI could obscure their deal with Malabu by inserting a layer between them. Mr Agaev, Malabu’s former fixer, lends weight to this interpretation. It was, he says, structured to be a “safe-sex transaction”, with the government acting as a “condom” between the buyers and seller.
It is not hard to see why the oil giants would want to avoid being seen to be dealing directly with Malabu, a shell company with tainted provenance. Its ultimate beneficial owner is widely believed to be Mr Etete, the very minister who had awarded it the block while serving under Sani Abacha, the late, staggeringly corrupt dictator.
In 2007 Mr Etete was found guilty of money-laundering by a French court. His conviction was upheld in 2009. The trial centred on bribes he had allegedly demanded from foreign investors while in government. He used these to buy, among other things, a French mansion and about €1m-worth of Art Deco furniture, according to French court documents.
Then in 2011 Mr Obi, one of the middlemen in the final deal with Shell and ENI, took his claim for unpaid fees to the High Court in London, calling on Mr Etete to give testimony. For unclear reasons, he agreed to do so—but the hearings had to be moved briefly to Paris so that Mr Etete could give evidence, because he had been barred from Britain for failing to disclose his French conviction on entering the country.
Mr Etete claims he has never been more than a consultant to Malabu. If so, he is unusually hands-on. He was the company’s main negotiator and its representative in the High Court, where he admitted to being the sole signatory on its bank accounts. Indeed, there is no evidence of anyone else making decisions for Malabu.
When asked in court about others purportedly linked to the company and its record-keeping, Malabu’s company secretary, Rasky Gbinigie (who describes Mr Etete as a “family friend”), insisted that he had lost the firm’s copy of the register of shareholders and all minutes of meetings, that there was no written correspondence between him, the directors and the shareholders, and that he had no documents to verify who put up the company’s original share capital.
A not-so-secret alias
Last year Nigeria’s Economic and Financial Crimes Commission (EFCC) looked into Malabu after Mohammed Abacha, a son of the former dictator, complained that he had been a founding shareholder but had been illegally cut out. In an interim report later in the year, the commission said that one Kweku Amafegha “stood in” as a nominee director for Mr Etete. In the High Court’s hearing in Paris Mr Etete admitted that he had himself used the surname Amafegha to open accounts in the past. It was, he said, an alias that “I have always used when I go out for secret missions internationally.”
In the same hearing Mr Etete said of OPL245: “I put my blood, I put my life into this oil block”—quite a commitment for a mere consultant. Yet, when asked directly if he was its owner through Malabu, he denied it. When presented with transcripts of a recording in which he supposedly claimed that “It is my block”, he dismissed the transcripts as inaccurate.
Shell and ENI did not respond to The Economist’s questions about whom they believed to be the beneficial owner of Malabu. Whether or not they suspected it to be Mr Etete, their dealings with him were extensive. He met ENI executives repeatedly. High Court testimony indicated that Shell officials had met him as recently as December 2009, after his money-laundering conviction was upheld. In an e-mail that came out in court, a Shell man talked of having had lunch and “lots of iced champagne” with Mr Etete, who had requested figures from Shell on what it was willing to pay Malabu for the block.
ENI says it considered cutting a deal with Malabu directly, until it emerged that the firm might not have full ownership of the oil block because of “existing disputes”, including with Mr Abacha. Mr Obi testified that Shell broke off direct talks with Mr Etete for the same reason, and because he was “an impossible person to deal with”.
But the oil giants were clearly reluctant to throw in the towel. Shell was loth to walk away from a block in which it had already invested tens if not hundreds of millions of dollars. (The company will not say how much.) ENI was attracted by the size of the block, the prospect of accompanying tax holidays and a waiver of the usual requirement that production revenues be shared with the national oil company.
Shell and ENI reject the suggestion that their joint purchase was a thinly disguised transaction with a dodgy brass-plate company. Shell says it made payments to the Nigerian government only and that it has acted at all times in accordance with Nigerian law. It previously said it had “not acted in any way that is outside normal global industry practice”. ENI says its payments to the government “were made in a transparent manner through an escrow arrangement with a major international bank”. That bank was JPMorgan Chase. A Lebanese bank had earlier declined to handle the payments, it emerged in court.
The companies’ claim that they bought the block from the state, not Malabu, is disingenuous, says Mr Mayne of Global Witness. It is also contradicted by Nigeria’s attorney-general, Mohammed Bello Adoke, who told a parliamentary committee last July that the companies “agreed to pay Malabu”, with the government acting as an “obligor” and “facilitator.”
The attorney-general was unusually active in helping the deal along. He held meetings with Shell, ENI and Malabu, helped to structure the final agreement and even advised on payments to middlemen, according to Mr Obi. In Nigeria it is highly unusual for an attorney-general to be so involved in a big oil deal. The lead is typically taken by the petroleum ministry, which in this case was said to be livid at being sidelined—particularly when Mr Adoke requested that it extend the deadline it had given Malabu to pay its long-owed signature bonus. Mr Adoke, it was suggested in the High Court, had been lawyer to none other than Mr Etete before serving in government. (Mr Adoke could not be reached for comment.)
Where did the money go?
The attorney-general has rejected as “without basis” claims in the Nigerian press that much of the money the government paid to Malabu in the 2011 deal was “round-tripped” back to bank accounts controlled by public officials. But where that money did end up is shrouded in mystery. Of the $1.1 billion, $800m was paid in two tranches into Malabu accounts. This was then transferred to five Nigerian companies that appear to be shells. One of these, Rocky Top Resources, received $336.5m, some of which seems to have been passed on to unknown “various persons”, according to the EFCC’s report. Some $60m went to an account controlled by Mr Etete, who has said that he received $250m in total for his role in the deal. He said in court that “Malabu shareholders decided to spend their money the way they deemed fit” and that he is investing on their behalf.
Among the listed owners of three of the recipient companies is Abubakar Aliyu, who is reported to have close business ties to a senior politician, Diepreiye Alamiesegha, the former governor of Bayelsa state. Mr Alamiesegha’s skills in escapology would impress Houdini. Detained in Britain on money-laundering charges in 2005, he jumped bail. After returning to Nigeria, he was sentenced in 2007 to two years for each of six corruption-related charges, though he served only a few hours in prison. In March 2013 he received a controversial pardon from Goodluck Jonathan, Nigeria’s president. Local press reports have made unsubstantiated allegations linking both the president and Mr Alamiesegha to the Malabu deal.
The EFCC’s report states: “Investigations conducted so far reveal a cloudy scene associated with fraudulent dealings. A prima facie case of conspiracy, breach of trust, theft anmd [sic] money laundering can be established against some real and artificial persons.” Officially, the EFCC’s investigation is still open, but a source familiar with it says that its sleuths have been discouraged by higher-ups from moving forward. However, other countries’ fraudbusters have taken an interest. At least one of the parties involved in the oil-block sale has been contacted by America’s Department of Justice.
As for the legal actions brought in London against Malabu by the middlemen, the High Court is expected to rule soon on Mr Obi’s claim for $200m. Mr Agaev’s separate arbitration case, in which he sought payment of a $65.5m “success fee”, was recently settled behind closed doors.
Shell and ENI now each own half of an attractive oil block. To get it, however, they have had to strike a deal that brings with it reputational and legal risks. They might conceivably face action under their home countries’ anti-corruption laws, if enforcers reject their claim to have dealt only with the Nigerian government, not Malabu. Shell “would obviously have preferred to secure OPL245 without going within a million miles of Malabu and Etete,” says someone who was involved in the negotiations.
Ethical dilemmas
The saga is a striking example of an ethical dilemma that is growing more acute for international oil companies. They are desperate to replace their shrinking reserves with new finds, but many of the most attractive fields are in unstable or poorly governed places. Worse, the industry has to contend with increased resource nationalism in oil-producing countries, making it harder for outsiders to secure reserves, and with greater competition from state-owned firms in Asia, Latin America and the Middle East, which may not have to operate to the same ethical standards.
As a result, firms that refuse to touch any deal with the slightest whiff of impropriety risk eventually going out of business, says Peter Hughes, an energy consultant and former BP executive. They may feel that the best they can do, short of walking away, is to put as much distance as possible between them and the source of the bad smell, as Shell and ENI apparently tried to do with their two-part transaction.
Mr Etete in his heyday as oil minister
How arm’s-length is arm’s-length enough? That depends on the company’s “threshold of ambiguity”, says Cory Harvey of Control Risks, which helps companies to manage political and reputational risk. This will vary from company to company and will be perceived differently by management, regulators and NGOs. Ms Harvey has seen oil-industry clients walk away from deals because of concerns about the reputation of, or lack of reliable information on, a seller or local partner. But energy transactions in difficult places can be “spectacularly complex”, she says, making it hard to gauge the acceptable level of risk. Nigeria is “arguably the most complex environment of all”.
Mr Hughes argues that when foreign companies turn a blind eye to questionable aspects of a deal, it can sometimes benefit developing countries with natural resources. The publicly traded oil majors are, on balance, a force for good, raising overall standards of behaviour by trying to operate as cleanly as possible in most circumstances, he says; better that than leaving the field to less scrupulous operators. Ethically speaking, the industry “has to be viewed in relative, not absolutist, terms,” he argues. Mr Hughes points out that Shell periodically talks of scaling back its Nigerian operations, which he believes to be “part of a political-risk management strategy” to exert pressure on the government to act more cleanly and predictably.
Global Witness prefers to see the OPL245 affair as “a lesson in corruption” that demonstrates how important it is for rich-world governments to press on with transparency initiatives, on two fronts. The first front concerns payments to governments. In the past year America and the EU have begun to require resources firms listed there, and large unlisted firms in the EU, to report, project-by-project, their payments to governments. Had this been in force at the time, it would have picked up the $1.3 billion transaction with Nigeria. This would have prompted public scrutiny of the deal and the subsequent money flows through Malabu, which in the end came to light only because the two middlemen decided to sue.
Shell says it favours greater transparency, if applied globally. It opposes the existing project-by-project initiatives because they omit companies not listed in America or Europe, thereby handing them a competitive advantage.
The second front for improving transparency concerns the use of murky corporate vehicles. Hopes are growing that the G8, which meets next week with Britain’s David Cameron in the chair, will take steps towards ending the use of anonymous shell companies. Had corporate registries been collecting, and making publicly available, information on beneficial owners back in 1998, the identity of Malabu’s owners might have been clear from the start. And it would have been much more difficult to move the proceeds of the sale to Shell and ENI into the corporate equivalent of a black hole, seemingly out of the reach even of Nigeria’s anti-corruption commission.



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SHELL CIRCUMVENTED RA 7641

SYNDICATED ESTAFA


MY QUEST FOR SWINDLED 

RETIREMENT PAY BY SHELL



SWINDLING ITO, SYNDICATED ESTAFA


HOT PURSUIT
DUTY OF LAW ENFORCEMENT ENTITIES


SHELL SWINDLING OF RETIREMENT PAY 5TH YEAR

1001counts
SEE BELOW FOR THE 1001ST   TIME THE REITERATION OF DEMAND PAYMENT OF RETIREMENT PAY WHICH SHELL REFUSED TO HONOR IN THE PRESENCE AND DEEMED APPROVAL OF THE HONORABLE MAGISTRATES OF THE SUPREME COURT OF THE PHILIPPINES


Dishonest scales are an abomination to the Lord, but a just weight is His delight... Proverbs Chapter 11  v. 1
Retirement Pay Law circumvented by Shell subject to penal provision provided for by Article 288 of the Labor Code of the Philippines.





CONTENTS

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