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Article: Regrouping, rebooking: the Royal Dutch/Shell Group, rocked by months of controversy surrounding the downgrading of its proven oil reserves, has set about rebuilding its battered reputation. The Middle East, traditionally a stronghold for the group's production operations, will be key to restoring confidence.(Shell)(Cover Story)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- July 16, 2004
- Author:
CopyrightCOPYRIGHT 2004 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Royal Dutch/Shell Group is fighting back. After months of negative news flow stemming from the dramatic reclassification of reserves that wiped billions of dollars off its market value and forced the resignation of two top executives, the oil and gas major is developing aggressive plans for the Middle East.
"The directors have said that there are no excuses and none of this should have happened," says Ron van den Berg, chief executive, Middle East, Russia and CIS, Shell Exploration & Production (E&P). "However the oil and gas is still there, and the group expects to rebook around 85 per cent as proved reserves over the coming decade."
After ...