BusinessCompany NewsReserves fiasco sees Shell delay annual report

Reserves fiasco sees Shell delay annual report

Troubled Anglo-Dutch energy giant Shell has been forced to delay the publication of its annual report after it announced yet another overbooking of its oil reserves.

The announcement, the second this year, saw Shell admit that its reserves in Norway were 250m barrels under what it had expected. The annual report that was due tomorrow will now not be published until June.

Shares in the group fell 4% on the news, with the company having previously in January announced an overbooking of reserves by 3.9bn barrels, or 20%. The mistake has already seen former chairman Sir Philip Watts pay with his job, and the discovery of another error could put further pressure on chief financial officer Judy Boynton, who has also faced pressure to go.

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