Shell’s new oil finds calm investors’ fears

Oil major Royal Dutch/Shell replaced less than half the oil it pumped last year with new finds, according to final reserves data published on Thursday.

Shell said its proved reserves stood at 11.9 billion barrels of oil equivalent (boe) at the end of 2004, equal to less than nine years’ production at average 2004 rates, excluding the Athabasca oil sands reserves, which it put at 0.6 billion boe.