ChannelNewsAsia.com: Shell cuts oil reserves for fourth time
Posted 25 May 04
LONDON: Royal Dutch/Shell restated its oil reserves for the fourth time this year.
The Anglo-Dutch group cut its proven reserves by an extra 120,000 barrels, taking the total reduction since January to 4.47 billion barrels, or over 20 percent.
Proved reserves as of the end of 2003 now stand at 14.35 billion barrels.
The latest change was linked to royalties paid on properties in Canada, Shell said in a statement Monday ahead of its annual report due to be published on Friday.
The Anglo-Dutch group has seen its reputation take a severe blow since first admitting in January that it had overestimated its proven energy reserves.
Several top executives including former chairman Philip Watts have been ousted amid an ensuing investor backlash.
Last month the group published internal memos and emails showing that senior executives were aware that the group was overstating the size of its recoverable energy reserves long before they told investors in January.