Shell updates on proved reserves for 2018
Baku, Azerbaijan, March 15
By Leman Zeynalova – Trend:
Before taking production into account, proved reserves of Royal Dutch Shell increased by 733 million barrels of oil equivalent (boe) in 2018, Trend informs citing the Annual Report of Shell.
This comprised increases of 1,337 million boe from Shell subsidiaries and decreases of 604 million boe from the Shell share of joint ventures and associates, mainly related to the Groningen field, reads the report.
“The increase from Shell subsidiaries included 997 million boe from revisions and reclassifications, 474 million boe from extensions and discoveries, and 42 million boe from improved recovery, partly offset by net sales of minerals in place of 175 million boe,” said the company.
Shell said that in 2018, total oil and gas production was 1,388 million boe, of which 1,338 million boe was available for sale and 50 million boe was consumed in operations.
“Production available for sale from subsidiaries was 1,179 million boe and 43 million boe was consumed in operations. The Shell share of the production available for sale of joint ventures and associates was 159 million boe and 7 million boe was consumed in operations,” said the report.
Accordingly, after taking production into account, proved reserves of Shell decreased by 655 million boe in 2018, to 11,578 million boe at December 31, 2018, with an increase of 117 million boe from subsidiaries and a decrease of 771 million boe from the Shell share of joint ventures and associates.
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