LONDON, Feb. 3 (UPI) -- Anglo-Dutch energy giant Royal Dutch/Shell reduced its oil and gas reserves Thursday, the latest in a string of humbling recalculations.
Last year it cut its proved reserves by 23 percent, a move that led to the departure of its three top executives, investigations by U.S. and British regulators and class action lawsuits, the Financial Times reported.
The latest revision, a further 10 percent cut that leaves it with 12.95 billion barrels of oil and gas in the proved category, means the company has now reduced such reserves by almost a third in the past year.
The group also warned that it had only replaced between 15 and 25 percent of the oil it produced in 2004. Rivals BP and ExxonMobil have reserve replacement ratios of more than 100 percent.
