US authorities look to changing rules on reporting oil and gas reserves to reflect modernisation changes in the industry
Oil and natural gas companies may have to change how they disclose their reserves for the first time in more than 25 years under proposals being examined by US regulators.
The Securities and Exchange Commission has drawn up recommendations for ‘updating and modernising’ the financial reporting requirements reflecting the significant changes in the industry, including improved technology.
‘In the decades since adoption of the current requirements, there
have been tremendous changes in the way reserves are measured and oil and
gas companies do business, which are not yet reflected in our rules,’ said John White, SEC’s corporation finance director.
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