THE WALL STREET JOURNAL
FEBRUARY 24,2010
LONDON (Dow Jones)–The Norwegian Petroleum Directorate downgraded total reserves at Royal Dutch Shell PLC’s (RDSA) Ormen Lange gas field by around a quarter Wednesday.
A Shell spokeswoman declined to comment on the scale of the cut. There have been a number of disappointing appraisal wells recently on the undeveloped northern portion of the large field, although this will not affect the reserve volume that Shell has booked under U.S. Securities and Exchange Commission rules for the developed part of Ormen Lange, she said.
The disappointing wells on the northern part of the field will affect the future development plan and will have an impact on Ormen Lange’s production profile towards the back end of its life, she added.
The NPD cut its estimate of total gas and condensate resources at the field to 320.3 million cubic meters from 423.3 million cubic meters previously.
Company Web site: http://www.shell.com
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected]
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