Shell To Be Recategorised

Oil giant Shell will not face criminal action by federal authorities in the United States for overstating its oil and gas reserves, the company said yesterday, The Guardian reported.

It said the US department of justice had concluded its investigation and David Kelley, the attorney for the Southern District of New York, had announced that no further action would be taken.

Jeroen van der Veer, Shell's chief executive, said the company appreciated Mr Kelley's decision. "The conclusion of this investigation is a most important step towards putting the matter of reserves recategorisations behind us."