The Washington Times: Shell cuts reserve estimates again

LONDON, March 18 (UPI) -- Europe's Royal Dutch/Shell Group has trimmed its reserves estimates once again, the energy company announced Thursday.

Shell cut estimates by 250 million barrels for reserves it had booked in 2002 in the Ormen Lange field in Norway. It also cut 220 million more barrels from reserves it had booked in 2003, on top of the 3.9 billion barrel cut in announced in January.

The U.S. Securities and Exchange Commission said it would investigate the company after the initial reserves cut in January.

Shell also said it would not publish its annual report, originally scheduled for release on Friday, until later this year, probably in late May.