BusinessCompany NewsShell to hire staff in bid to restore credibility

Shell to hire staff in bid to restore credibility

Oil giant Royal Dutch/Shell is planning to recruit 1,000 engineers to its exploration and production division in a bid to restore credibility after last year's oil and gas reserves accounting scandal.

Link: Birthday payout for former Shell CFO

The large-scale recruitment drive, which was leaked in an internal newsletter, comes in the wake of a forgettable 2004 for the oil group and as investors wait to discover the outcome of Shell’s reserves update announcement on February 3.

The move has been widely seen by many industry insiders and analysts as a ‘catch up’ solution designed to help Shell keep up with its main rivals Exxon-Mobil and BP who have stronger records on reserve replacement and production growth.

Shell’s misstatement of reserves is estimated to have cost the company close to £100m in fines imposed by UK and US regulators, and led to the dismissal of three senior executives including former finance director Judy Boynton who was replaced by group managing director and director of finance Peter Voser.

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