Oil group BP has reassured investors that it will not get embroiled in a Shell-like furore over its reserves.

Speaking at the group's annual meeting in London, chairman Peter Sutherland said the group was confident that estimates of its oil and gas stocks were accurate.

But he accepted that confidence in the oil industry had been rocked by the shock announcements by Shell this year that it was downgrading its accessible reserves.

Mr Sutherland said: "It is an important issue and no doubt one that will have concerned shareholders.

"We believe that our estimates are accurate and meet the standards required."

His comments came as BP offered an upbeat outlook on trading with oil prices at their highest levels for more than a decade.

Chief executive Lord Browne, predicted more good years ahead after profits grew 42 per cent to £6.6bn last year.

But shareholders sought assurances that future progress would not be clouded by speculation over its reserves.

In its report, BP said it had proven reserves of 18 billion barrels of oil equivalent at the end of 2003 and last year replaced more than 120 per cent of the oil and gas it produced. One investor demanded to know whether BP had followed the lead of Shell in launching a global review of its oil and gas stocks.

He asked: "Could you start to do so immediately so that you are not in hot water in future or face multi-million dollar lawsuits?"

Mr Sutherland responded that a review of the methodology and processes of decision-making used by BP in booking its oil and gas stocks had been carried out.