Shell warned of ‘unaligned reserves’ in 2002

Link: Shell CFO’s position under threat

Walter van de Vijver, former head of exploration and production for Shell, who left the company last month, said he communicated concerns about the booking of oil reserves in February 2002.

According to the New York Times he sent a memo to the company’s top executives, which said one billion barrels of reserves ‘are no longer fully aligned’ with another 1.3 million barrels at risk.

In January this year, an erroneous booking resulted in the company cutting 3.9 billion barrels, or 20%, from the reserves it claimed in US Securities and Exchange Commission filings.

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