Royal Dutch/Shell publishes new reserves policy

06/20/2005
Royal Dutch/Shell Group has published its new internal policy on booking oil and gas reserves, adopted after a series of reserves writedowns.Starting in January 2004, Shell reclassified reserves five times, reducing its estimates in proved undeveloped and proved developed categories. Most of the adjustments involved overestimates in Nigeria and the Gorgon development-linked to a proposed LNG export project-off Australia (OGJ, Jan. 19, 2004, p. 28). Ultimately, the company reclassified more than a fifth of its reserves.The policy, published June 9 in a 41-page technical report, applies to proved reserves. Shell applied the policy to its most recent filing of reserves estimates for 2004.&ld...
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