Word: petroleum
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Dates: during 2000-2009
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...board at Shell knew it needed to do something, and fast. A shocking revelation in January--that the world's third largest oil company had overstated its proven petroleum reserves by 20%--was pummeling its stock price and angering shareholders. Regulators on two continents had started investigations. So in early March the board acted, ousting Philip Watts, who had been managing director of the Anglo-Dutch company for almost seven years and chairman since 2001, and replacing him with Jeroen van der Veer, president of Shell's Dutch sister company, Royal Dutch Petroleum. A quick cure for all those headaches...
AUSTRALIA: That area in the Timor Gap is now the Joint Petroleum Development Area. The Timor Sea Treaty gives you 90% of the taxes and royalties and that's very generous...
EAST TIMOR: You know that is only a temporary agreement and that we've always claimed petroleum fields that are much closer to East Timor than Australia. A permanent boundary along the median line would place the JPDA entirely on our side. As well, we are fully entitled to the Laminaria and Greater Sunrise areas under international...
...poorest countries in Southeast Asia; Australia (pop. 20 million) is the richest nation in the region. East Timor is pressing for a maritime boundary in the Timor Sea that is equidistant between the countries. Provisional arrangements over a sea zone known as the Joint Petroleum Development Area - 90% of whose taxes and royalties are East Timor's - will bring it about $4 billion. Over the coming decades, an extra $8 billion could go to Dili if it is successful in capturing the oil and gas fields to the east and west of the JPDA. But first it must persuade Australia...
...neck with Ford to be the world's second largest automaker, after General Motors. But its leaders acknowledge that efficiency is not enough if Toyota's growth is to continue. "We need to continue innovating," says Okuda. That explains a campaign to shift the industry from its dependence on petroleum-based fuels. Despite widespread skepticism, Toyota pressed on with the Prius, the world's first mass-market petroleum-electric hybrid car. A hybrid SUV is scheduled for release this fall. "Any carmaker who says hybrid cars can't be profitable," Okuda muses, "I would tell them to start looking...