ChevronTexaco response to reclassification of Shell Reserves
Posted: 10 January 2004
ChevronTexaco issued the following statement in response to inquiries
received in connection with the January 9, 2004, announcement by
Royal Dutch Shell that it will reduce its proved crude oil and natural
gas reserve quantities by 20 percent:
ChevronTexaco has a rigorous review process for determining how
and when its proved reserves for crude oil and natural gas reserves
are recognized. Today's announcement by Shell will not affect how
ChevronTexaco's worldwide reserves are currently categorized, including
Nigeria and Australia.
John Gass, President of ChevronTexaco Global Gas confirmed that
the company has yet not recognized any proved reserves for its interest
in the Gorgon Joint Venture natural gas development project in Australia.
"Our Gorgon project continues its steady progress toward commercialization,
having received in-principle approval in 2003 from the Western Australia
state government for the restricted use of Barrow Island for a foundation
development in 2003, and strong market support including a memorandum
of understanding with the Chinese National Oil Company to import
Gorgon LNG into China," Gass said.
The company further indicated that it will announce its proved
crude oil and natural gas reserve activity for 2003 at the time
of its fourth quarter earnings announcement on January 30, 2004.
For more information see http://www.chevrontexaco.com.
Posted by Richard Price,
Editor Pipeline Magazine
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