Royal Dutch/Shell warns of additional reserves revisions

By OGJ editors

HOUSTON, Nov. 1 -- Royal Dutch/Shell Group has warned that it might make another revision to its oil and natural gas reserves, saying that it is considering an additional reduction of 900 million boe.

Executives did not elaborate on which fields might be affected, saying only that the adjustments came after the company started reviewing its reserves well by well rather than field by field.

The warning came in Shell's earnings report last week, marking the fifth time Shell has announced plans this year to adjust its reserves. In January, Shell announced its first of a series of adjustments lowering proved reserves by 24% so far, mainly through reclassification.

On Friday, Standard & Poor's Ratings Services, New York, placed its AA+ long-term ratings on Royal Dutch/Shell and its subsidiaries on CreditWatch with negative implications. S&P affirmed its A-1+ short-term ratings on the parent and its affiliates.

Earlier, the boards of Royal Dutch/Shell Group and Shell Transport & Trading Co. (ST&T) proposed to shareholders that the companies be merged under a single parent company, Royal Dutch Shell PLC (OGJ Online, Oct. 28, 2004).


Related Articles

Ryder Scott: Trinidad and Tobago’s gas reserves fell in 2013

09/03/2014 Trinidad and Tobago’s proved natural gas reserves declined from 13.106 tcf in 2012 to 12.24 tcf in 2013. This is according to the latest survey of ...

Earnings, revenues down for OGJ150 in 2013; liquids output, reserves up

09/01/2014 The combined earnings of the OGJ150 group declined 3.03% during 2013 to $88.1 billion. The group's revenues for the year were also down 7.32% from ...

OGJ100 group posts lower 2013 earnings

09/01/2014 Oil & Gas Journal's survey of the 100 leading oil and gas producing firms based outside the US reveals that 2013 net income and revenues fell m...

Declining costs enhance Duvernay shale economics

09/01/2014 Alberta's Duvernay play is often characterized as Canada's Eagle Ford and is similarly seen as one of the most economically attractive plays in Nor...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected