Forbes.com: Shell repeats 1/3 of Jan reserves cut was Nigeria

Reuters, 02.04.04

LONDON, April 2 (Reuters) - Royal Dutch/Shell repeated on Friday that 1.3 billion barrels of oil equivalent (boe) of its 3.9 billion January reserves cut was Nigerian oil and gas, in contrast to a Nigerian suggestion that the figure may be higher.

"As we have indicated... a significant proportion, 1.3 billion barrels, of the reserves recategorisation stemming from project maturity in existing project areas... related to Nigeria," said a spokeswoman for the Anglo-Dutch oil firm, confirming comments made by Shell executives in February.

"We have discussed this figure with the Nigerian government."

On Thursday, Nigerian Presidential Adviser on Petroleum Edmund Daukoru said in Vienna that the move had reduced Nigeria's reserves by 1.9 billion barrels.

Shell declined to comment further on why the two figures were at odds with each other.