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8

Shell's Reserves Falling

Shell continues to target at least 100 per cent reserves replacement

Royal Dutch/ Shell has revealed the volume of its reserves after replacing only 19 per cent of its 2004 oil output.

Shell said its recoverable reserves stood at 11.9 billion barrels at the end of December, decreasing from restated figure of 12.95 billion barrels a year earlier.

The figures were included in a filing with the US Securities and Exchange Commission and were in line with guidance given at Shell?s annual results last month. The company said: "Shell continues to target at least 100 per cent reserves replacement over the period 2004-2008, including associates."