Financial Times: In real world Shell is not shrinking
By Peter Odell
Published: May 1 2004 5:00 | Last Updated: May 1 2004 5:00
From Prof Peter R. Odell.
Sir, Your energy correspondent’s critique of Shell’s “overbooking” of reserves and her portrayal of the company as “in danger of falling off a cliff” goes far beyond the realm of reality (“Worrying problem of the shrinking Shell”, FT Money & Business April 24-25). Shell depends on its own reserves for only 30 per cent of its global oil sales. For the other 70 per cent it relies on crude oil and oil products either purchased from state oil companies around the world or bought on the traded markets in London, Singapore and New York.