It does look like Shell's replacement capacity has peaked...
There was also some disappointment over Shell's weak performance upstream where it only managed to replace 60% to 70% of the oil it pumped with new additions to reserves.
This is well below the 100% rate needed to stop an oil firm's asset base from shrinking. Peter Hitchens, oil analyst at Teather & Greenwood, said: "Shell has had another poor performance with the drill bit." And the analyst didn't fancy the group's chances of turning this situation round any time soon, adding: "(The target) would require the group becoming one of the best explorers among the integrated oil companies, rather than one of the worst."
----- Original Message ----- From: "Zell, Chris" <[EMAIL PROTECTED]>
To: <vortex-l@eskimo.com> Sent: Saturday, February 04, 2006 7:08 PM Subject: Shell Oil says NO Peak
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