Shell to write off half of last year’s reserves

Shell is to slash reserve figures from last year by more than half, taking about 1.3 billion barrels of oil off its books, equivalent to about a year’s production.

Chief executive Jeroen van der Veer is also expected to say that production growth will be zero or near zero until 2010 when he gives the oil giant’s annual strategy presentation tomorrow.


The City has been particularly sensitive about this issue ever since Shell mis-stated its reserve figures in 2004. The company was forced to pay out more than