(Oil and Gas News) Shell to write off half of last year’s reserves

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 company is expected to take at least 200 million barrels off the estimates for its Nigeria operations, where rebels have destroyed many of its facilities. This means that for every 100 barrels of oil the company produced last year, it found only 80 new barrels to replace them. Jon Rigby of UBS said that Shell’s reserve and production figures would improve after 2010 when big projects came on stream. read more

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