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Reuters: SAKHALIN BLOW HITS SHELL’S RESERVES

Sunday 28 January 207

Analysts have warned that Shell (RDSb.L: Quote, Profile , Research)(RDSa.L: Quote, Profile , Research) may have to drastically reduce the amount of oil and gas reserves it claims to have.

Having agreed with the Russian government to sell half of its 55 percent stake in Siberian gas project Sakhalin-2 to Russian state-owned energy group Gazprom, it will no longer be able to claim ownership of all of the project’s reserves, as it had done previously.

The decrease of 72.5 percent in the amount Shell can claim could be a loss of as much as one billion barrels, bringing its global reserves down to 10.5 billion, by far the lowest level amongst its supermajor competitors.

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