The oil and gas group has proved reserves of 14.4 billion barrels of oil equivalent. The Group, a subsidiary of Shell Petroleum (once Royal Dutch Shell), generates sales mainly from oil products, but it also makes chemicals, transports natural gas, trades gas and electricity, and develops renewable energy sources. It operates more than 46,000 gas stations worldwide. In 2004 the company reported that it had overestimated its reserves by 24%. The bad news resulted in the ouster of the Group’s chairman and CFO and the merger of Royal Dutch Petroleum and The Shell” Transport and Trading Company.
A Nigerian court has ordered oil giant Shell’s local operation to pay $1.5bn to the Ijaw people of the Delta region.
The Ijaw have been fighting since 2000 for compensation for environmental degradation in the oil-rich region
Former Shell chairman Sir Philip Watts has lost an appeal against the UK’s city watchdog over how it handled the probe into Shell’s oil reserves crisis.
Sir Philip was forced to step down in January 2004 after the oil giant cut its reserves estimates by 20%.
Sir Philip accused the Financial Services Authority (FSA) of violating his rights by fining Shell £17m without giving him the opportunity to respond
Venezuelan tax authorities have closed a Royal Dutch Shell office for 48 hours and asked for an injunction on some of the oil firm’s assets in a tax dispute.
The row centres on a $131m (£74m) bill for back taxes covering 2001-2004, presented to the oil giant in July.
Venezuela’s tax authority said it had put a hold on Shell goods worth $131m and shut its office in Lake Maracaibo
Venezuela has ordered oil giant Shell to pay $131m (£74m) in what it says is unpaid tax, as part of a clampdown on alleged tax avoidance by foreign firms.
In a separate move, the country’s tax authority seized documents belonging to US oil firm Chevron which it said had not been produced upon request.
Venezuelan authorities have said that foreign firms may owe up to $3bn (£1
Judy Boynton, Shell’s former finance director who was criticised over the oil group’s massive reserves scandal, will receive a $1m (£535,000) cash pay-off, plus shares and pension worth a further $2.4m.
Shell said Ms Boynton, who “stepped aside” from her board-level position in April, would get a $1m severance payment in line with the terms of her contract
Nigeria’s senate is to consider sanctions against a unit of Dutch and UK oil company Shell for failing to pay a $1.5bn (£775m) pollution penalty.
The firm had been told to make the payment by 23 November for alleged environmental damage caused by oil spillage in the Niger Delta region
Oil giant Shell has agreed to pay more than £80m in penalties to settle inquiries by US and UK regulators into the firm’s restatement of reserves.
The company slashed its reserves by 20% in January, a move which cost three top executives their jobs.
News of the settlement came as the company unveiled second-quarter net income of $4bn (£2
Former Shell chairman Sir Philip Watts who stood down after the firm’s oil reserves estimates were dramatically cut has received a £1m ($1.8m) pay-off.
Shareholders were highly critical of Sir Philip who headed exploration and production at the time when most of the reserves in question were booked
TRAGEDY struck at Afam in Oyigbo local government area of Rivers State Sunday as over 29 persons were killed in a fire outbreak at Shell oil well in the area.
A source told Daily Champion that the fire was caused by a disagreement among indigenes of the three communities in Afam over the sharing formula for “royalties” from the illegal bunkerers who have turned the Shell oil well head into an illegal bunkering.
The three communities had been contesting the ownership of the land on which the well head is sited with each insisting on taking the lion’s share of the booty
Investigations are being carried out by the Financial Services Authority into oil giant Shell after recent events.
A storm of bad publicity surrounds the company following three separate occasions when the company admitted it had overstated its oil reserves.
The Shell scandal first broke back in January when the firm made its initial announcement on a reserves downgrade