The Independent: BP torments Shell with oil reserves revision
By Michael Harrison, Business Editor
30 June 2004
BP admitted yesterday that it too had misled investors about the size of its oil and gas reserves. Unlike its rival Shell, however, BP has been underestimating them.
In a filing to the US Securities and Exchange Commission, BP said that its proved reserves were 23 million barrels higher than stated in the company’s 2003 annual report and were now estimated to be 18.361 billion barrels. The announcement, coming just a day after shareholders in Shell attacked the “abysmal” performance of their company, served to highlight again the gulf between the two oil producers. Brokers at the investment bank CSFB advised investors to switch out of Shell and into BP.
BP said the upward revision of reserves from the 18.338 billion barrels stated in its annual report was “immaterial”. It said the revision had been prompted by price movements and changes in the way it interpreted SEC regulations relating to field fuel gas and the use of technology in determining reserves.
However, BPs figures include a more bullish estimate of reserves in Ormen Lange than some of its partners in the Norwegian gas field. Norsk Hydro yesterday revised its booking of recoverable reserves in the field to below 50 per cent from 70 per cent, while BP has maintained its figures at 80 per cent. BP has a 10 per cent stake in the field.
Whereas BP’s reserves replacement ratio the rate at which production is being replaced by new discoveries is comfortably in excess of 100 per cent, Shell’s is languishing at 63 per cent. Shell has been forced to cut its estimate of proved reserves by 4.5 billion barrels or 23 per cent since the start of the year. The fall-out has seen three top directors lose their jobs.
Malcolm Brinded, the head of exploration and production at Shell, admitted at Monday’s annual meeting that a replacement ratio of less than 100 per cent was unacceptable. Investors left the meeting nonplussed after Lord Oxbrough, the chairman of Shell’s UK side, failed to shed further light on plans to overhaul the corporate governance structure.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
