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AFX News Limited: Shell’s Brinded says reserve replacement 17 pct after Sakhalin-2 deal

03.17.08, 7:28 AM ET
 
LONDON (Thomson Financial) – Malcolm Brinded, head of Royal Dutch Shell PLC’s exploration and production business, said the group’s reserve replacement rate was 17 pct after taking into account the full impact of the 4.1 bln usd Sakhalin-2 deal in Russia.

‘After the Sakhalin (stake) dilution, the RRR was 17 pct,’ he told reporters in a strategy presentation.

Shell early last year sold half of its 55 pct stake in the Sakhalin-2 project to Russian gas giant Gazprom.

In a strategy statement released earlier today, Shell said reserve replacement, before acquisitions, disposals and year-end oil price effects, was 124 pct. Including the oil price effects, the reserve replacement was 109 pct.

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Copyright Thomson Financial News Limited 2008. All rights reserved.

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