Shell Final Audit Shows 2002 Reserves Overstated 41% (Bloomberg/ peak oil)

[cthrumatrix]

Shell Final Audit Shows 2002 Reserves Overstated 41% (Update2)

March 7 (Bloomberg) -- Royal Dutch/Shell Group, Europe's second-largest oil company, reported its oil and gas reserves as of 2002 had been overstated by 41 percent, the culmination of five cuts that led to investor lawsuits, the loss of three senior executives and more than $150 million of fines.

Shell's amended annual report, filed today, showed proven oil and gas reserves equivalent to 13.72 billion barrels at the end of 2002. Shell had first reported holdings of 19.35 billion for that year, 5.63 billion more than it should have. The figures mean that more than one of every four barrels, or 29 percent, at Shell was improperly recorded in the original document.

``This is the final chapter in rewriting Shell's history,'' Andrew Bell, London-based European equity strategist at Carr Sheppards Crosthwaite, said by telephone.

snip

http://quote.bloomberg.com/apps/news?pid=10000085&sid=ahNjS6biqhCc&refer=news_index

Meanwhile..... AG Edwards shares "we have a problem"

Oil demand outweighs supply
By BILL MEDLEY Courier & Press staff writer 464-7519 or [email protected]
March 4, 2005

A decline in OPEC's production capacity and a rapid increase in demand have combined to make recent oil price increases permanent, a market expert said Thursday.

In a speech before the Illinois Oil & Gas Association's annual convention at the Executive Inn, Bill O'Grady, director of futures research at A.G. Edwards & Sons, said signs suggest current oil production can't meet expected future demand.

O'Grady presented research estimating that the world needs to find another 40 million barrels of oil a day on top of what it's currently producing to meet demand in 2010.

"That seems highly unlikely," he said. "We've got a problem on our hands."

snip

http://www.courierpress.com/ecp/ebj/article/0,2578,ECP_...

[maggiecleveland]

1. Tricky Brits...

They'll be net importers in 10 years....

[hatrack]

5. They already are net importers

The UK sector of the North Sea rolled over in 1999.

As somebody else has written, the UK and Ireland from this point out will sit at the very end of a very, very long pipeline from Siberia.

[DELUSIONAL]

2. What means bushie will be targeting more oil rich countries.

Rather than put Research and Development into alternative energy.

What is bushie doing? Trying to cling to the past -- his deluded illusion of the past.

[bemildred]

3. Maybe we can have an "Oil Bubble" now? nt

[hatrack]

4. "Oops!" seems a bit inadequate to the task at hand for Shell

Anyone else have any linguistic brainstorms?

[gratuitous]

6. Invest your social security money in the market!

Royal Dutch Shell won't lie anymore, and your investment with them will be just as safe as anything! Really. Truly. Aw, c'mon! Do you want the terrorists to win?

[nadinbrzezinski]

7. and I have this wonderful beach front property in Nevada (nt)

[cthrumatrix]

8. connect the dots...less oil reserves...higher prices