Shell confirms position on reserves (replaced 19% of oil pumped from '04)

[cthrumatrix]

Shell confirms position on reserves
31/03/2005 - 11:43:41

Oil giant Shell revealed the extent of its declining reserves today after replacing only 19% of the oil that was pumped out of the ground in 2004.

Shell said its recoverable reserves stood at 11.9 billion barrels at the end of December, down from a restated figure of 12.95 billion barrels a year earlier.

The figures were included in a filing with the US Securities and Exchange Commission and were in line with guidance given at the time of the company’s annual results last month.

Shell was forced to restate its data for 2003 and the previous year in the wake of the reserves crisis that claimed the scalps of three senior executives and led to regulators imposing fines totalling almost £83m (€120.5m).

http://www.breakingnews.ie/2005/03/31/story195981.html


Less reserves....hmmmmm....sounds like peak oil.

While Bushco is worried about soc sec in 50 yrs...our oil life is less than that....his priorities are off.

[BlueEyedSon]

1. Kick.

[12345]

2. how do the other oil companies' reserves look?

[cthrumatrix]

3. the problem is "none of them have been truthful"....only know you

see Chevron and others cutting Natural Gas reserves...but how do you know they are NOW being truthful?

[megatherium]

6. I understand none of them came close to replacing their reserves.

Figures in the range of 40-60%. No one knows what's happening with the state-owned oil operations; but it is plausible to conclude they're also in the same situation.

Just finished reading the new Kenneth Deffeyes book, Beyond Oil, The View from Hubbert's Peak. Very convincing and detailed explanation of why he believes were are already at peak oil, and what the problems with various alternatives are. Laced with humor, such as the opening quotation: The only ones who believe in unlimited exponential growth are madmen and economists.

The only demerit to the book is he does not discuss solar. He explains this omission by saying he isn't an expert in solar.

[DoYouEverWonder]

4. Isn't this the 4th or 5th time Shell has 'revised' their reserves downward

In the meantime, the pResident is too busy trying to rob Social Security, to even pay attention to the real crisis that is at hand.

The shame of it is,there is so much we could do right now but without a real leader to show the way, it makes it much more difficult to implement even the easy stuff.

[tavalon]

11. Not his problem

raptures coming, didn't you hear? And he thinks that the one who gets called up in the rapture who has the most money wins. Kind of like Monopoly, only real. Screw that "eye of the needle" thing.

If you haven't gotten the memo, Bush is a certifiable nutcase being manipulated by the neocons.

[HereSince1628]

5. Bush's priority seems to be threats of war and war for oil

I'd rather see the US pursue adaptation to alternate fuel and more energy efficient living. But as it turns out, that's harder while war is easier...

[Nordmadr]

7. Only 19%...but there is nothing wrong...

no energy issue to worry about here...move along.

Do you feel that tapping on your shoulder...it's nature letting us know it is time for our attitude adjustment.

Olaf

[cthrumatrix]

10. bush orders us all to go back to our "TV trials" for news.....

[spooked911]

8. 12 billion barrels isn't even one year's supply for the world

This sounds really bad to me.

[havocmom]

9. Don't take advantage of any '$0 Down -60 Months to pay' offers on a new

internal combustion-mobile unless you can really afford a very expensive lawn ornament.