Big oil falls short on reserves replacement

THE top seven largest western energy companies replaced only 75% of their reserves replacement targets last year, as the impact of 18 months of a depressed oil price began to bite, and unless they start investing a supply crunch could be over the horizon.

As a group the top seven oilers - ExxonMobil, Shell, BP, Statoil, Chevron, Total and Eni - replaced only three quarters of the oil and gas they produced last year, the Wall Street Journal has