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Comments by retired Shell Group Chief Petroleum Engineer Iain Percival: ‘Continually knocking Shell achieves nothing…’

Comments posted by Iain Percivil on the article…

AFP: Shell to slash oil reserve figures for 2007: report

March 17th, 2008 00:55

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.

Iain Percival

Previous comment by Iain Percivil

Comments by retired Shell Group Chief Petroleum Engineer Iain Percival and retired Shell International Group Auditor, Bill Campbell

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