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Shell says reserves replacement 17 pct in 2007

Mon Mar 17, 2008 4:37am EDT

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LONDON, March 17 (Reuters) - Royal Dutch Shell Plc (RDSa.L) achieved an oil and gas reserves replacement rate of only 17 percent in 2007, as measured under Securities and Exchange Commission (SEC) rules, Shell spokeswoman Sarah Smallhorn said on Monday.

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The halving of its majority stake in the Sakhalin oil and gas project in East Russia forced the oil major to deconsolidate the massive reserves attributable to the project, Smallhorn said.

However, Shell's net reserves still ended the year flat due to the acquisition of a minority stake in its Canadian unit and successful exploration.

Some oil industry executives have criticised SEC rules on reserves booking, saying they are overly restrictive and that the results do not always portray a fair picture of a company's performance in adding reserves.

Smallhorn added that while Shell said earlier on Monday its portfolio had the potential to deliver growth of 2-3 percent, its portfolio "is geared toward growth after 2010". (Reporting by Tom Bergin; Editing by Greg Mahlich)

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