Shell Reports Stable Oil Reserves

Supermajor Shell says its reserves in 2007 were stable, despite fears of a drop.

The company says it has over ten billion boe equivalent resources under construction, adding one million boe/d of production.

It also claims to have over 20 potential new projects in design, with the aim of commercialising over six billion boe of discovered resources, to produce 0.8 million boe/d.

Shell's potential resources include North America heavy oil and tight gas and Australian LNG.

New investment includes 60,000 b/d of oil sands capacity, an increase of more than 60 percent from today's levels, says Shell.

"Canadian heavy oil, where we have some 20 billion barrels of resources, is a classical new technology and integration play that Shell can do well," says Shell Chief Jeroen van der Veer.

As part of its annual review of strategy, Shell says it is building over 50 large projects for future growth including investment in biofuels and renewable energy sources.

By Ozge Ibrahim