Royal Dutch Shell announced on Monday that its net oil and gas reserves have remained stable at 11.9bn barrels of oil equivalent at the end of 2007, matching 2006’s figure.

The announcement came during a strategy update in London where Shell reviewed the rejuvenation of its portfolio and investment in new heartlands for gas and oil.
According to CEO Jeroen van der Veer, Shell is currently involved in 50 large projects which will guarantee future cash flow. One of them is Canadian heavy oil, where Shell has some 20 billion barrels of resources.
According to Reuters news service on Monday, oil has now reached nearly $112 a barrel.