EIGHT E-MAIL (Oct28,2012)

Shell chairman deeply ashamed about reserves fraud

Oct 27th, 2012

by John Donovan.

From our October 2004 Shell News Archive

London Evening Standard: Market Report: SPEAKING OUT

"All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position. — Shell chairman Jeroen van der Veer on the oil giant's attempts to put its misdemeanours behind it"

Market Report

By Mickey Clark

27 Oct 2004

"I'm convinced we have a lot of strengths. All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position."

— Shell chairman Jeroen van der Veer on the oil giant's attempts to put its misdemeanours behind it.

RELATED ARTICLE

Financial Times: Not clammed shut

"Jeroen van der Veer remains refreshingly candid even after all Royal Dutch/Shell has been through this year.": "We are like the schoolboy standing in the corridor outside the classroom.

By Clay Harris

Published: October 27 2004

Jeroen van der Veer remains refreshingly candid even after all Royal Dutch/Shell has been through this year.

Asked at a conference about the International Energy Agency's call for governments, regulators and corporations to unify energy reserves accounting, he said: "We are like the schoolboy standing in the corridor outside the classroom. I don't think it is for us to lead the charge of new rules on reserve accounting, we shall leave that to others. But whatever the rules are, we will comply with them."

He also had a word for some of his best customers, drivers of petrol-guzzling sports utility vehicles. "I cannot understand how these people drive their SUVs to shopping at Wal-Mart and then complain about high oil prices."

Posted in: Business Principles, Corporate Governance, Jeroen van der Veer, Oil, Royal Dutch Shell Plc, Shell Oil Reserves Scandal.
Tagged: London Evening Standard

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Royal Dutch Shell Bribery and Corruption in Nigeria

Oct 23rd, 2012

by John Donovan.

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 Release No. 63243 / November 4, 2010

ACCOUNTING AND AUDITING ENFORCEMENT Release No. 3204 / November 4, 2010

ADMINISTRATIVE PROCEEDING File No. 3-14107

In the Matter of
ROYAL DUTCH SHELL plc,

and

SHELL INTERNATIONAL EXPLORATION AND PRODUCTION INC.,

Respondents.

ORDER INSTITUTING CEASE- AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING SANCTIONS AND A CEASE-AND- DESIST ORDER

A. SUMMARY

This matter concerns violations of the anti-bribery provisions of the Foreign Corrupt Practices Act ("FCPA") by Respondent SIEP and the record keeping and internal controls provisions of the FCPA by Respondent Shell. From September 2002 through November 2005, SIEP, on behalf of Shell, authorized the reimbursement or continued use of services provided by a company acting as a customs broker that involved suspicious payments of approximately $3.5 million to officials of the Nigerian Customs Service in order to obtain preferential treatment during the customs process for the purpose of assisting Shell in obtaining or retaining business in Nigeria on Shell's Bonga Project. As a result of these payments, Shell profited in the amount of approximately $14 million. None of the improper payments was accurately reflected in Shell's books and records, nor was Shell's system of internal accounting controls adequate at the time to detect and prevent these suspicious payments.

B. RESPONDENTS

Royal Dutch Shell plc ("Shell"), an English-chartered company, headquartered in The Hague, Netherlands, focuses, through its subsidiaries, on oil, gas, and power production and exploration. Shell's American Depository Receipts are registered with the Commission pursuant to Section 12(b) of the Exchange Act, and trade on the New York Stock Exchange.2

B. RESPONDENTS

Royal Dutch Shell plc ("Shell"), an English-chartered company, headquartered in The Hague, Netherlands, focuses, through its subsidiaries, on oil, gas, and power production and exploration. Shell's American Depository Receipts are registered with theCommission pursuant to Section 12(b) of the Exchange Act, and trade on the New York Stock Exchange.2

C. OTHER RELEVANT ENTITY

Shell Nigerian Exploration and Production Company Ltd. ("SNEPCO"), located in Nigeria, is a wholly owned subsidiary of Shell Petroleum N.V., which, in turn, is a wholly owned direct subsidiary of Shell. SNEPCO performed work on the Bonga Project.

Cease And Desist Order

RELATED ARTICLES (Researched and supplied by a regular contributor)

The Scope Of Corruption In Nigerian Oil Is Truly Horrifying

Business Insider-Oct 19, 2012
The Scope Of Corruption In Nigerian Oil Is Truly Horrifying …. A UN report last year castigated Royal Dutch Shell and a state oil firm over …

Big Oil and the US Chamber of Commerce Fight to Keep Foreign …

Truth-Out-Oct 20, 2012
Big Oil and the US Chamber of Commerce Fight to Keep Foreign Bribery … effort to combat bribery and corruption, was required by Congress in a last … "We call on companies, such as BP, Exxon, Chevron and Shell, who are …

Russia's Arctic Rush 'Potential Gravy Train' – Analysis

RIA Novosti-4 hours ago
If the costs are high, the potential gains from Arctic oil and gas may be even higher: …. International's corruption perception index 2011, out last December. … Royal Dutch Shell, which started oil drilling in the Chukchi Sea in …

Why Is Big Oil Fighting Transparency?

DailyFinance-Oct 18, 2012
Why Is Big Oil Fighting Transparency? … Institute, which represents companies including BP (NYS: BP) , Shell (NYS: RDS. … where governance is weak resulting in corruption, bribery and conflict that could negatively impact ..

And here are a couple of articles with an interesting point of view:

GREENPEACE INTERNATIONAL : Oil Wars

4-traders-Oct 19, 2012
Oil company cheerleaders proclaiming huge supplies of oil are dead wrong. … day of their protest to stop a Shell-contracted drillship from departing Port …. According to a US Racketeer Influenced and Corrupt Organizations …

Top Five Threats to National Security in the Coming Decade

National Defense Magazine-Oct 12, 2012
… and subvert government institutions through corruption, the administration says. ….. For the U.S. military, climate change is a "ring-road" issue that surrounds its …. "This summer, when Shell Oil attempted to drill offshore in the Arctic, they …

Posted in: Africa, Bribery, Business Principles, Corruption, Litigation, Nigeria, Oil,Royal Dutch Shell Plc, United States.
Tagged: Corruption · Litigation · Nigeria · Royal Dutch Shell Plc · U.S. Securities and Exchange Commission

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SEVENTH E-MAIL(Oct23,2012)

The TRUTH will set you FREE.

E-MAIL RESPONSE (from Gordon Oct22,2012)

SIXTH E-MAIL(Oct22,2012)

The TRUTH will set you FREE.

FIFTH E-MAIL (Oct17,2012)

The TRUTH will set you FREE.

DR. LOVE ...(andy williams)

0365



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0368



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The TRUTH will set you FREE.

FOURTH E-MAIL(Oct15,2012)

Shell's $4.5bn Alaskan adventure is a comedy caper

Oct 15th, 2012

by John Donovan.

Six years in the making, the oil giant's farcical Alaskan exploration is not what you'd expect from a FTSE-100 company.

"What next? A polar bear attack? Maybe Shell chief executive Peter Voser and his intrepid Alaskan explorers have a secret plan to sell the film rights. You know, produce a rival to the Ice Age series, only funnier. And with a different sort of cast – a 36-year-old oil spill barge, the US Environmental Audit Committee and, unbelievably, blocks of ice turning up in the Arctic of all places."

What next? A polar bear attack?

Maybe Shell chief executive Peter Voser and his intrepid Alaskan explorers have a secret plan to sell the film rights. You know, produce a rival to the Ice Age series, only funnier. And with a different sort of cast – a 36-year-old oil spill barge, the US Environmental Audit Committee and, unbelievably, blocks of ice turning up in the Arctic of all places.

Whatever, Voser's $4.5bn Alaskan drilling blockbuster is turning out to be a right comedy caper. Everyone knows why Shell is there: Alaska's one of the last great exploration frontiers, home to around 6pc of the world's recoverable oil. But six years in the making, Shell's adventure in the Chukchi and Beaufort seas is not what you'd expect from one of the biggest companies on the planet.

Take this year alone. First, the ageing Noble Discoverer drill ship sets off late from New Zealand for a drilling season already cut short by the US Bureau of Ocean Management. Then, Peter Velez, Shell's head of Arctic emergency response, lists a bit in front of the US environment committee, admitting he has not costed a clean-up operation.

Arctic Challenger, the aforementioned barge that's a crucial part of Shell's oil spill response fleet, then fails to meet US Coast Guard safety standards. And next, Noble Discoverer runs aground in a mere 35mph wind in Dutch Harbour.

Skip on a bit and you find the Noble vessel finally back in operation for one whole day in the Chukchi sea – before being forced to stop last week by ice. Meanwhile, Shell's other drill ship, the Kulluk, finds itself unable to drill in the Beaufort due to the Eskimo whaling season.

Now yesterday's missive: that Shell has called it quits for the year in Alaska thanks to more issues on the barge front, namely damage to its "containment dome".

Yesterday, the company declared: "This exploration program remains critically important to America's energy needs, to the economy and jobs in Alaska, and to Shell." But clearly not that "critically important" – or Voser would get the sack.

SOURCE

RELATED ARTICLES

• Sea ice halts Shell oil drilling in Alaskan Arctic 11 Sep 2012
• Shell and Chevron swap Austalian assets 20 Aug 2012
• Shell 'pulling cash out of eurozone' 06 Aug 2012
• Shell eyes Russia as profits hit by energy prices 26 Jul 2012

Posted in: Alaska, Arctic, Daily Telegraph, Environment, Oil, Oil Spill, Peter Voser,Royal Dutch Shell Plc, United States.
Tagged: Alaska · Arctic Ocean · Beaufort Sea · Chukchi Sea · Oil · Royal Dutch Shell Plc

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