Building a world of
resilient communities.

MAIN LIST

 

House Panel to Begin a Hearing on Shell's Reserve Scandal

The House Financial Services Committee in the United States plans to begin a hearing Wednesday on the oil reserve scandal at Royal Dutch/Shell, a move that is sure to expose the company to more public criticism, and could provide additional fuel to class-action suits.

Shell officials were asked to testify, but will not, the company said. "Through our Washington, D.C., office, we did receive an invitation to testify at the hearing, which we have respectfully declined,'' said Stuart Bruseth, a Shell spokesman.

Advertisement

The hearing will be focused on corporate governance in exploration and production divisions of all oil companies, said one executive who has been briefed on the agenda. It will also include discussions on whether changes need to be made to the system, the person said.

Shell is being investigated by the Securities and Exchange Commission and the Department of Justice, as well as regulators in the Netherlands and Britain. The company shocked investors when it said in January that it would cut its proven oil and gas reserve estimates - generally considered an oil company's most important asset - by 20 percent.

The news sent Shell's stock plummeting, and the company fired two top executives after an internal investigation.

Shell faces a string of class-action suits, claiming the company misled investors for years over its reserves levels.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Evidence Released at TransCanada’s Keystone XL Permit Renewal Hearing Sheds Light On Serious Pipeline Risks

Just because TransCanada continually states that the Keystone XL pipeline …

Peak Oil Notes - July 30

Much of the news that will eventually move oil prices came on the …

Higher-risk 'Shallow Fracking' More Common than Suspected: Study

The fracking of oil and gas less than a mile from aquifers or the Earth's …

Shale Gas Reality Check

Recently, the EIA released its Annual Energy Outlook 2015 and so we asked …

The Community Energy Revolution

Impact investing is investing to achieve a return in something you also …

Peak Oil Review - July 27

A weekly review including Oil and the Global Economy, The Middle East & …

Energy Crunch - Green taxes: love or hate?

Green taxes have been under attack on all fronts lately.