Tiny printing on the inside cover of the document reveals a catch-all caveat. The information presented comes not from primary BP research but from “official sources and third-party data” and “does not necessarily represent BP’s view of proved reserves by country”. This astonishing get-out clause has been inserted in the BP review every year since Shell was caught lying about its reserves in 2004.
Posts Tagged ‘Oil Reserves’
Jeremy Warner’s Outlook: Britain has squandered its North Sea inheritance. Now we are paying the price
Too late now, but Britain has squandered the blessing of North Sea oil and gas by allowing the stuff to be bought up at relatively cheap prices during the years of plenty. With prices now sky-high, there’s virtually nothing left to see us through the famine. At no point was any serious thought given to a more strategic use of our oil and gas reserves. We are now paying the price.
Oil shortage a myth, says industry insider
Although it is widely assumed that the world has reached a point where oil production has peaked and proven reserves have sunk to roughly half of original amounts, this idea is based on flawed thinking, said Richard Pike, a former oil industry man who is now chief executive of the Royal Society of Chemistry.
Oil explorers find new fields to conquer
Companies are also dipping into unconventional hydrocarbon deposits the sticky mountains of tar sands in Alberta, Canada and on the banks of Venezuelas Orinoco river, the tight sands gas reserves of western Australia, and the methane trapped in long-disused European coal mines.
Is it right or fair the describe the Shell reserves scandal as a “Fraud”
Christopher Cox, the Chairman of the SEC is on record as describing the scandal as a fraud when he listed European frauds.
Oil price pushed to new records as US economy plunges further
The price of crude oil was catapulted $11.31 to a new all-time high of $139.12 in New York, its biggest one day gain in dollar terms on record, driven by an almost unprecedented rise in US unemployment and signs that Israel is preparing for outright conflict with Iran and on the Gaza Strip.
North Sea could see second oil boom due to huge unexplored reserves
The amount of fuel still left in the oilfields could be the equivalent of all that has been extracted since they were first exploited in the 1970s; enough to last another 44 years. Experts explained that the high price of oil meant that it was now financially viable for firms to invest the vast sums required to remove it from depths and pressures that were previously too expensive.
French oil giant says demand could catch supply
Total, along with Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest publicly traded oil companies, are facing increasing barriers to oil and gas reserves as resource- holding nations favor national champions.
North Sea oil reserves ‘will last decades’
In 2004, Shell stunned shareholders when it revised its proven oil and gas reserves, slimming the figure by 20%. The revelation had an instant impact on the company’s share price and has served as a lesson to the industry ever since
Separating the myths from the facts about North Sea oil
To manage costs, Shell has been selling off some of its core assets in the North Sea to newer and more aggressive companies such as Fairfield Energy.
Aramco sets global strategy
The reformed board now includes James Kinnear, former Texaco president and CEO, Mark Moody-Stuart, former chairman of Royal Dutch Shell Group…
Is the world about to be running on empty
As evidence emerges of dwindling oil reserves, the price of crude hits $135 a barrel
Shell blasted on Iraq oil
British oil giant Shell threatens to trigger greater conflict in Iraq with plans to control the development, production and depletion of Iraq’s oil reserves, campaigners warn today. This warning, from the coalition Hands Off Iraqi Oil, comes as Shell holds its annual meeting amid growing resistance to the companys bid to assume control over oil reserves.
U.S. Government sells 16.1 mln bbl royalty-in-kind oil
WASHINGTON (Reuters) – The U.S. government said on Friday it has sold 16.1 million barrels of oil produced on federal land to four energy companies, putting more supply on the market at a time of record high prices.
Congressional Pressure Prevails as U.S. Halts Filling of Oil Reserve
Bowing to pressure from Congress, the Energy Department said Friday that it would temporarily suspend a program to fill the nations strategic oil stocks. But the move, which some analysts and politicians had hoped would help break the rally in oil prices, failed to sway the market. Crude oil prices hit another record Friday.
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