Shell cuts oil reserves for fifth time

Shell has fuelled further concerns over its oil stocks by slicing 10 per cent from its reserves and admitting that it replaced in finds as little as one-sixth of the hydrocarbons it extracted last year.

The oil giant announced a 38 per cent rise in profits for 2004, to £9.32 billion ($17.6bn), a record for any British company.

business.timesonline.co.uk