FINANCIAL TIMES
Majnoon win gives Shell a boost
By Carola Hoyos, Chief energy correspondent
Published: December 14 2009 20:54 | Last updated: December 14 2009 20:54
EXTRACTS
Royal Dutch Shell, in particular, is counting its blessing…
Shell, out of all of its peers, is struggling most to step up its production as old, profitable fields decline and new reserves are proving increasingly difficult to secure.
Moreover, the Anglo-Dutch oil group carries a very large extra burden. Shell has to fill the void left in 2004 when it was forced to cut its proved reserves by about a quarter after realising the company should never have booked those reserves with the Securities and Exchange Commission, the US regulator, in the first place.