Oil sector needs more qualified personnel

Estimates of oil reserves do not impact global oil prices, but they do drive share prices of listed international oil companies (IOCs) and a formidable challenge the world energy industry faces today is with regard to making flawless estimates.

The root of the problem is that there are not enough trained and qualified personnel in the oil and gas industry to carry out accurate reserves estimates. This implies that the reserve figures available currently cannot be expected to be hundred per cent correct.

The Peninsula