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The Russian roulette: Rosneft, BP, and the unknowns of Russian politics

TNK-BP, the British giant’s 50% joint venture with a group of Russian oligarchs, was bringing in about quarter of the firm’s production, and a lot of its political problems. BP’s solution: swap its shares in TNK-BP for cash and a near 20% stake in Rosneft, Russian state-owned company run by Igor Sechin, one of Vladimir...

Russian Roulette – the BP and Rosneft deal

On 22nd October BP plc announced it had agreed heads of terms to sell its 50% stake in TNK-BP to Rosneft. BP’s official announcement of the proposed deal refers to Rosneft’s 2011 oil reserve replacement ratio of 127% and dividend of 25% of IFRS net income. However, there are a number of areas of concern...

Shell Security Spending Data Mapped on Guardian Data Blog

Platform and the Guardian Data Blog have mapped Shell’s global security spending for 2008. The graphic is based on leaked internal financial data. You can find Platform’s full briefing on this issue here.  

Out in the Cold – new report on Shell’s plans in the Arctic

Shell’s Annual General Meeting tomorrow is unlikely to go calmly. The company’s problems range from anger over excessive executive pay to spills in the Niger delta. At this time, Platform, Greenpeace and FairPensions are putting to scrutiny offshore Arctic exploration as a key direction in the company’s strategy. The new report ‘Out in the Cold...

Out in the Cold: Investor Risk in Shell’s Arctic Exploration

Royal Dutch Shell’s plans for Arctic exploration are exposing investors to a ‘spectrum of risks’, this new report by Platform, Fairpensions, and Greenpeace warns. Download the report (pdf) and investor briefing or read online below. The report highlights Shell’s failure to address key concerns for investors and environmentalists: • Spill response plans are inadequate –...

Sakhalin II gas and oil project: Further Breaches of Equator Principles May 2004 – March 2005

In May 2004, 39 civil society groups, from 15 countries, warned commercial banks of extensive violations of the Equator Principles by the Shell-led Sakhalin II project. This update from 2005 finds that events over the past ten months show a deteriorating situation, constituting further violations.

The Sakhalin II PSA – a Production ‘Non-Sharing’ Agreement

Platform's report reveals that revenue distribution for Sakhalin II between the Russian government and Shell's consortium (SEIC) is set at a grossly unfair level. The contract terms, defined in a 1994 Production Sharing Agreement (PSA), place the Russian state at a significant disadvantage.

Principal Objections: Analysis of Sakhalin II gas & oil project’s compliance with the Equator Principles

Shell's Sakhalin II integrated oil and gas project fails to comply with the Equator Principles on responsible lending. The project on Sakhalin Island in Russia’s Far East will have severe environmental impacts, including threatening the critically endangered Western Gray Whale with extinction, damaging habitats of endangered bird and fish species, and polluting important fisheries.