Shell CFO:Added 350M Bbl To Gulf Of Mexico Reserves In ’09-’10

Royal Dutch Shell added 350 million barrels of oil equivalent to its oil and gas reserves in the Gulf of Mexico from discoveries in 2009 and 2010, Chief Financial Officer Simon Henry said Wednesday.

“We are looking at options to fast-track the development of these very exciting finds, with over 150,000 barrels of oil equivalent per day production potential,” he said.

Shell is still in talks with Essar Oil Ltd. (500134.BY) over the sale of three of its European refineries, but the company has also initiated talks with other companies, Henry said. Other potential buyers include private equity groups and state-controlled oil companies from outside Europe, he said.

Shell issued $4 billion of new debt in the first quarter of 2010, on top of $18 billion issued in 2009, Henry said. The company saw strong demand for the first-quarter issue and secured very attractive interest rates of just over 5%, he said. “We are doing better than some governments,” he said.

Shell’s total oil and gas output is on track to be almost unchanged in 2010 compared with 2009, despite a rise of 6% on the year in the first quarter, he said.

WSJ