http://royaldutchshellplc.com/2008/03/16/afp-shell-to-slash-oil-reserve-figures-for-2007-report/ News and information on Royal Dutch Shell Plc. Wed, 08 Feb 2012 11:12:30 +0000 hourly 1 http://wordpress.org/?v=3.0.3 http://royaldutchshellplc.com/2008/03/16/afp-shell-to-slash-oil-reserve-figures-for-2007-report/comment-page-1/#comment-95315 Iain Percival Mon, 17 Mar 2008 06:55:34 +0000 http://royaldutchshellplc.com/2008/03/16/afp-shell-to-slash-oil-reserve-figures-for-2007-report/#comment-95315 Firstly, let me declare myself (again). I am a retired senior Shell petroleum engineer therefore no longer on payroll but also not in thrall of semi or uninformed media commentators who rejoice every time they read their "by line". The accuracy or relevance of the report is of minor importance. 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. Firstly, let me declare myself (again). I am a retired senior Shell petroleum engineer therefore no longer on payroll but also not in thrall of semi or uninformed media commentators who rejoice every time they read their “by line”. The accuracy or relevance of the report is of minor importance.
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.

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