THE WALL STREET JOURNAL: Shell Adopts New Rules On ‘Proven’ Oil Reserves
9 June 2005
DOW JONES NEWSWIRES
LONDON — Royal Dutch/Shell Group Thursday published new internal rules on booking oil reserves that were revised to meet U.S. regulatory guidelines and help put behind it a scandal that unfolded last year.
The Anglo-Dutch oil major — which has cut its estimate of reserves by more than a third in the past year and a half — had been criticized for some of its former accounting practices, such as booking reserves on projects in which investment plans hadn’t been approved.