Comments posted by Iain Percivil on the article…
AFP: Shell to slash oil reserve figures for 2007: report
March 17th, 2008 00:55
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.
The arcane reporting rules of the SEC oblige Shell (and others) to report proved volumes in a particular manner. However, this figure does not have a one to one correspondence with how much more or less the company can produce. As I have written earlier on this site, companies plan for and ultimately produce from the reserve “expected”. This includes production from oil sands and other unconventional resource not recognised from the 1970’s mind set SEC rules.
The IOCs such as Shell are required now more than ever at $100 a barrel for their expertise, technology and freedom from misplaced nationalist agendas. Continually knocking Shell achieves nothing except for the prospect of becoming beholden to Venezuela, Russia, Bolivia, Sudan etc for our energy future.
Iain Percival