"EP management's plan was to 'manage' the totality of the reserve position over time, in hopes that problematic reserve bookings could be rendered immaterial by project maturation, license extensions, exploration successes and/or strategic activity," the report said.
In their latest publication, "Zeroing In On the Long-Term Oil Prices," Citi analysts state: "Signs are abounding that the escalation in upstream capital spending is bearing fruit, with a surge in discoveries and reserve bookings that is already being converted into new production, particularly in North America.
You can reserve tickets (booking fee €4) by phoning 00 39 05 294 883 (Mon–Fri 8.30am 6.30pm, Sat 8.30am 12.30pm), or through the museum's website, or at its booth at Orsanmichele (10am 5.30pm daily except Sunday), or at the Uffizi itself; online booking and the Orsanmichele booth are the best bets.
Room Swap is a function in the HAHLS application room selection process that allows a student with a reserved booking to trade his current reserved room for an available room.
"Aggressive/premature reserves bookings provided impression of higher growth rate than realistically possible".
Mr. van de Vijver's Washington lawyer, John M. Dowd, said the report showed that his client "had the courage and integrity to discover the potential problems regarding prior reserves bookings" and "direct details inquiries to determine accurately that may have to be rebooked".
As early as 1997, the company approved new, less conservative, guidelines for booking reserves.
It already has a small enquiry under way, triggered by questions about how firms were booking reserves in the deep waters of America's Gulf of Mexico.Investors, too, may demand greater transparency.
Was it just Shell's "technocratic hubris", as one manager called it, leading it to ignore the increasingly strict rules of America's Securities and Exchange Commission SECC) about booking reserves, without pausing to think about the consequences of, in effect, lying?
Conoco said it anticipated booking reserves of about 100m barrels of oil equivalent from the joint venture in 2008 and the significant size of Origin's coalfields means it could make substantial additional bookings in the years ahead.
