permaculture

[J Kolenovsky <garden@hal-pc.org>]

This was an article in http://www.energybulletin.net

A Shell of itself

Nelson D. Schwartz, Fortune Magazine
It should be the best of times for the energy giant. But a look at its 
reserves show Royal Dutch Shell may soon be running on empty.
------------
Judging by the $23 billion it earned last year, these should be the best 
of times for Shell, the Anglo-Dutch energy giant that ranks third among 
the top five Western oil companies. But Wall Street isn't celebrating. 
Instead, analysts are worried that buried beneath the record profit 
figures are worrying signs of a business in decline.

That's because Shell (Research) hasn't been able to find nearly as much 
oil and gas as it's now pumping out of the ground. In fact, it hasn't 
even come close -- replacing only 60 percent to 70 percent of what it 
produced in 2005 and only 19 percent in 2004. Shell has had reserve 
problems for years -- a controversy over improperly booked assets forced 
it to reduce estimated reserves by roughly 30 percent and led to the 
resignation of its CEO, Phil Watts, in 2004.
(27 February 2006)
--
J. Kolenovsky, 2003 Honorable Mention Award, Keep Houston Beautiful
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