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Reuters: UPDATE 1-Shell reserves flat in 2007, output growth delayed

Mon Mar 17, 2008 3:30am EDT 
By Tom Bergin

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 commit to near-term growth targets while holding out the prospect of strong long-term growth.

The world’s second-largest non-government controlled oil company by market value, said on Monday that total net reserves were 11.9 billion boe at the end of 2007, in line with the level at the end of 2006.

Shell said 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 around 66 billion boe, giving a production life of 55 years.

The Anglo-Dutch oil major said its portfolio has the potential to deliver long-term production growth of 2-3 percent but offered no specific time schedule for achieving this.

Shell said last year it was aiming for growth of 1-2 percent to the end of this decade and 2-3 percent after 2010. A spokeswoman declined to affirm the earlier growth targets, while Chief Financial Officer Peter Voser said earlier this year that output was likely to drop “slightly” this year.

(Editing by Quentin Bryar)

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