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18.03.2008 Business & Finance

Shell Reports Stable Oil Reserves

By Daily Guide
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Anglo-Dutch oil giant Royal Dutch Shell has said its reserves in 2007 were stable despite fears of a drop.

Shell said its reserves replacement ratio for the year was 109 percent, meaning that it had found more oil and gas in the ground than it had produced.

However, the firm did not commit to previously stated near-term growth targets of 1 percent to 2 percent to 2010.

Shell posted annual profits of $27.56 billion, a record for a UK-listed company, helped by soaring oil prices.

When the firm posted its profit figures in January, it failed to state its reserves, which had raised concerns that the numbers could be disappointing.

Reserves stood at 11.9 billion barrels equivalent at the end of 2007, similar to that seen a year earlier.

The firm said it had added 1.4 billion barrels of oil equivalent of resources in 2007, pushing total resources to some 66bn, enabling production for 55 years.

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