OTC: Analyst Pushes Plan for Supply Chain Management

The international oil and natural gas industry needs to institute reserves data reform immediately to establish “good supply chain management” of proven reserves, said Matthew R. Simmons, chairman and chief executive officer of Simmons & Co. International, a specialized Houston investment firm.

Speaking at a May 2 topical luncheon at the annual Offshore Technology Conference in Houston, Simmons urged the universal adoption of what he termed the “13 points of light” program to fully evaluate proven oil and natural gas reserves around the world. “It is interesting that possibly 90-95% of the world’s proven reserves have never been through the test of a third-party reserve audit,” he said.
Oil & Gas Journal