"Shell suffers fifth cut in reserves/ Earnings record masks losing battle to replace resources
THE GUARDIAN via NewsEdge Corporation : Shell wound up the most turbulent trading year in its history yesterday by announcing a fifth cut in oil and gas reserves at the same time as record pounds 9.4bn annual profits.
The oil and gas group described 2004 as a year of extremes as it admitted it had also replaced as little as 15% of its reserves if the impact of divestments and other factors were taken into account.
Exploration boss Malcolm Brinded admitted that in 2005 it would not hit the 100% reserves replacement ratio it was aiming for, and might not do so in 2006. "
THE GUARDIAN via NewsEdge Corporation : Shell wound up the most turbulent trading year in its history yesterday by announcing a fifth cut in oil and gas reserves at the same time as record pounds 9.4bn annual profits.
The oil and gas group described 2004 as a year of extremes as it admitted it had also replaced as little as 15% of its reserves if the impact of divestments and other factors were taken into account.
Exploration boss Malcolm Brinded admitted that in 2005 it would not hit the 100% reserves replacement ratio it was aiming for, and might not do so in 2006. "
