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Shell’s oil and gas reserves have fallen by a further 1bn barrels - ...

Shell’s oil and gas reserves have fallen by a further 1bn barrels - although this cut has nothing to do with re-stating contentious discoveries found by the previous management. The company has published a 264-page document, filed with the US Securities and Exchange Commission (SEC), which confirms that the group replaced only 19% of its production last year by new discoveries. This means that after producing 1.3bn barrels of oil and gas in 2004, Shell's proven reserve base now stands at the equivalent of 11.9bn barrels, compared with 12.9bn at the end of 2003. Shell states that the end-2004 proven reserves figure exclude the Athabasca oil sands mining reserves of 600mn barrels as these are open-cut mines; the SEC accepts only reserves found by drilling.

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