Shell finance chief quits in oil reserve crisis

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The Independent Online

The crisis over the reserves of oil giant Shell claimed its third scalp today with the departure of finance chief Judy Boynton.

News that Ms Boynton had stepped aside emerged in a report into the circumstances around Shell's shock downgrade of its oil and gas stocks in January.

Shell lowered estimates of its proved reserves for the third time in as many months today, but said 90% of its global energy fields had now been reassessed.

The oil giant, which has already announced the departures of chairman Sir Philip Watts and head of exploration and production Walter van de Vijver, added that it was speeding up a review of its corporate structure.

Shell chairman Jeroen van der Veer said the report "draws an line" under the uncertainties over the group's reserves.

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