Shell sees 2024 oil and gas reserve replacement ratio at 85%
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FILE PHOTO: The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
(Reuters) - Shell said on Thursday it expects its proved oil and gas reserve replacement ratio for last year to be 85%.
The reserve replacement ratio (RRR) measures how much oil and gas a company adds to its reserves compared with what it produces.
A ratio of 100% or more means the company is replacing its reserves at the same rate or faster than it depletes them.
On a three-year basis, Shell said its RRR was expected to be 108%.
The oil major also added that its 2024 reserves are expected to be about 9.6 billion barrels of oil equivalent.
(Reporting by Arunima Kumar in Bengaluru; editing by Jason Neely)
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