Royal Dutch Shell ‘will cut its figures on oil reserves’
Sunday 16 March 2008
Oil giant Royal Dutch Shell is set to slash its 2007 reserves figures by more than half, it has been reported.
The company will mark down its reserves by 1.3 billion barrels – around one year’s production – according to the Observer newspaper.
Chief executive Jeroen van der Veer is also expected to say that production growth will be near zero until 2010 in a strategy update on Monday, the report says.
Shell was at the centre of the biggest crisis in its history in 2004 when it overstated its reserves by a fifth, shaking confidence in the firm and sparking lawsuits which the oil major has settled at a cost of more than £200 million.
Mr van der Veer is expected to cite problems in Russia and Nigeria as the reason for the reserves downgrade, the report says.
The Anglo-Dutch company’s stake in the vast Sakhalin-2 gas field has been diluted from from 55% to 27.5% after Russian giant Gazprom bought control of the project in April last year. This is expected to wipe 1.1 billion off reserves.
Meanwhile, Shell’s production facilities in Nigeria have come under heavy attack from rebels in the oil-rich Niger Delta region. The company is said to have lowered its reserves estimates by around 200 million barrels as a result.
The company’s reserves replacement ratio is expected to have fallen to around 80% last year – meaning Shell only found enough oil and gas to replace 80% of what it produced – according to the newspaper.
The reserves issue comes just weeks after Shell reported annual profits of £13.6bn for 2007 – a record for a UK company which sparked calls for a windfall tax on the profits
http://ukpress.google.com/article/ALeqM5goIbyZ5uVtuZ6IXH5K1jAYq3oxLA
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.
