Forbes: Shell Reports 11.9 Billion-Barrel Reserves: “Shell, which paid US$150 million in fines to British and U.S. regulators over the reserves scandal, also said its reserve replacement ratio - or how much oil it replaces for that pulled from the ground - was 19 percent for 2004…”: “Rivals such as Britain's BP PLC and U.S. giant Exxon Mobil Corp. have reserves replacement ratios of more than 100 percent.” (ShellNews.net) 31 March 05
Associated Press
The Royal Dutch/Shell Group of Cos., which last year drastically reduced the level of its proven reserves after overstating them, said Thursday it had reserves of 11.9 billion barrels of oil and gas holdings at the end of 2004.
In a statement accompanying its annual filing to the U.S. Securities and Exchange Commission, Shell said the end-2004 proven reserves figure excluded the Athabasca oil sands mining reserves of 600 million barrels. Those are open-cut mines, while the SEC accepts only reserves found by drilling.
On Feb. 3, Shell reported end-2003 reserves of 12.95 billion barrels of oil equivalent. It said reserves had probably fallen further in 2004 and would decline again this year.
Shell acknowledged in January 2004 that it had overstated reserves and a subsequent yearlong probe reduced reserves by around a quarter.
Shell, which paid US$150 million in fines to British and U.S. regulators over the reserves scandal, also said its reserve replacement ratio - or how much oil it replaces for that pulled from the ground - was 19 percent for 2004 including the impact of divestments and year-end pricing.
Rivals such as Britain's BP PLC and U.S. giant Exxon Mobil Corp. have reserves replacement ratios of more than 100 percent.
"Shell continues to target at least 100 percent reserves replacement over the period 2004-2008, including associates," the company said.
Shell shares rose 0.6 percent to 479 pence (US$9.02, euro6.83) on the London Stock Exchange, while Royal Dutch shares also gained 0.6 percent to euro46.53 (euro60.32) on the Euronext exchange.
http://www.forbes.com/work/feeds/ap/2005/03/31/ap1915521.html
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