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Reuters: Shell reserves flat in 2007, no growth targets

Mon Mar 17, 2008 3:17am EDT

LONDON, March 17 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) said its net oil and gas reserves held stable in 2007 compared with 2006, despite some expectations of a drop, but the company failed to restate its growth targets in a strategy statement.

The world’s second-largest non-government controlled oil company by market value, said on Monday it enjoyed strong exploration success in 2007, adding 1.4 billion barrels of oil equivalent (boe) of resources, helping push its total resource base to some 66 billion boe.

Total net reserves were 11.9 billion boe at the end of 2007, in line with the level at the end of 2006.

Analysts expect Shell to trim earlier growth targets of 1-2 percent to the end of this decade and 2-3 percent after 2010.

(Reporting by Tom Bergin; Editing by Quentin Bryar)

http://www.reuters.com/article/rbssEnergyNews/idUSWLB864720080317

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