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).


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