1978 oil reserve reporting system needs overhaul to promote investment

HOUSTON, Feb. 24 — The US Securities and Exchange Commission’s system for reporting oil and natural gas reserves needs to be modernized to accurately describe existing asset values, Cambridge Energy Research Associates said in a recent report.

CERA released a lengthy report entitled “In Search of Reasonable Certainty: Oil and Gas Reserves Disclosures” during a Feb. 23 teleconference based in Washington, DC. Last year, the issue drew the attention of regulators and investors after Royal Dutch/Shell Group and other companies downgraded reserves (OGJ, Feb. 21, 2005, p. 5).

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