SEC approves changes to oil and gas reserve reporting requirements

The US Securities and Exchange Commission unanimously approved changes to its reporting requirements for oil and gas producers which reflect technological improvements over the last 25 years, the SEC said on Dec. 29.

It said that the new disclosure requirements include provisions which permit use of new technologies to determine proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserves volumes. They also allow producers to disclose probable and possible reserves, in contrast to the earlier rules which limited disclosures to proved reserves.

"These updated rules consider the significant changes that have taken place in the oil and gas industry since the adoption of the original reporting requirements more than 25 years ago," said John W. White, director of the SEC's Corporate Finance Division.

The new disclosure requirements also require producers to report the independence and qualifications of entities which evaluate or audit reserves, file reports when a third party is used to prepare estimates or audit reserves, and report oil and gas reserves using an average price based on the prior 12 months instead of year-end prices, according to the SEC.

Use of an average price will lead to more reliable comparisons of reserves among producers and mitigate distortion of estimates that can result from using a single pricing date, it explained. The full test of the changes will be posted on the commission's website as soon as possible, the SEC said.

"In the more than a quarter century since the SEC last reviewed its rules in this area, there have been significant changes in technology that have increasingly limited the usefulness of current disclosures to the market and investors. These updates to the SEC rules will help ensure more meaningful and comprehensive disclosure of information that, even though it does not appear on a company's balance sheet, is of significance to investors in making informed investment decisions," said SEC Chairman Christopher Cox.

Contact Nick Snow at

Related Articles

Statoil: Ministry approves PDO for first phase of Johan Sverdrup

08/21/2015 Statoil ASA reported the plan for development and operation (PDO) for Johan Sverdrup field in the North Sea has been approved by Norway’s Ministry ...

Make Shell disclose offshore drilling risks, Senate members demand

08/20/2015 Eleven US Senate Democrats and Independent Bernard Sanders (Vt.) asked the US Securities and Exchange Commission to make Royal Dutch Shell PLC disc...

DNO increases Tawke output, seeks steady payment from KRG

08/20/2015 DNO ASA reported average second-quarter production of 153,346 bo/d from Tawke field in the Kurdistan region of Iraq after doubling the field’s capa...

West Qurna-2 oil field production reaches 450,000 b/d


PJSC Lukoil said Iraq’s prime minister had visited West Qurna-2 oil field, which is now producing 450,000 b/d.

Del Pino named as Venezuela’s minister of petroleum and mining


Eulogio Del Pino has been named Venezuela’s minister of petroleum and mining. He remains president of Petroleos de Venezuela SA (PDVSA).

West Slope Colorado oil and gas group calls for pipeline route change

08/20/2015 The West Slope Colorado Oil & Gas Association urged the US Bureau of Land Management to move an existing natural gas pipeline, which its owner-...

BHP Billiton most active in ‘disappointing’ western gulf lease sale

08/19/2015 Just 5 companies submitted 33 bids on 33 tracts in Gulf of Mexico western planning area Lease Sale 246, the US Bureau of Ocean Energy Management (B...

US House leaders press BP for answers on Whiting refinery outage

08/18/2015 Leaders in the US House of Representatives are demanding answers from BP PLC regarding the early August unplanned and still ongoing shutdown of a m...
White Papers

Definitive Guide to Cybersecurity for the Oil & Gas Industry

In the Oil and Gas industry, there is no single adversary and no single threat to the information tech...

UAS Integration for Infrastructure: More than Just Flying

Oil and gas companies recognize the benefits that the use of drones or unmanned aerial systems (UAS) c...

Solutions to Financial Distress Resulting from a Weak Oil and Gas Price Environment

The oil and gas industry is in the midst of a prolonged worldwide downturn in commodity prices. While ...
Sponsored by

2015 Global Engineering Information Management Solutions Competitive Strategy Innovation and Leadership Award

The Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global...
Sponsored by

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by
Available Webcasts

Better Data, Better Analytics, Better Decisions

When Tue, Oct 27, 2015

The Oil & Gas industry has large amounts of data stored in multiple systems which are purpose built for certain tasks. However, good decisions require insights based upon the data in all of these systems. These systems in turn do not talk to each other. So the process of analyzing data, gaining insights, and making decisions is a slow one and often a flawed one. Good decisions require accurate analytics and accurate analytics require superior/sustainable data quality and governance. This webinar focuses on:

  • The importance of data quality and governance
  • How technological advances are making data quality and governance sustainable in order to get the accurate analytics to make solid decisions.

Please join us for this webcast sponsored by Seven Lakes Technologies and Noah Consulting.


Operating a Sustainable Oil & Gas Supply Chain in North America

When Tue, Oct 20, 2015

Short lead times and unpredictable conditions in the Oil & Gas industry can create costly challenges in supply chains. By implementing a LEAN culture of continuous improvement you can eliminate waste, increase productivity and gain end-to-end visibility leading to a sustainable and well-oiled supply chain.

Please join us for this webcast sponsored by Ryder System, Inc.


On Demand

Leveraging technology to improve safety & reliability

Tue, Sep 22, 2015

Attend this informative webinar to learn more about how to leverage technology to meet the new OSHA standards and protect your employees from the hazards of arc flash explosions.


The Resilient Oilfield in the Internet of Things World

Tue, Sep 22, 2015

As we hear about the hype surrounding the Internet of Things, the oil and gas industry is questioning what is different than what is already being done. What is new?  Using sensors and connecting devices is nothing new to our mode of business and in many ways the industry exemplifies many principles of an industrial internet of things. How does the Internet of Things impact the oil and gas industry?

Prolific instrumentation and automation digitized the industry and has changed the approach to business models calling for a systems led approach.  Resilient Systems have the ability to adapt to changing circumstances while maintaining their central purpose.  A resilient system, such as Maximo, allows an asset intensive organization to leverage connected devices by merging real-time asset information with other critical asset information and using that information to create a more agile organization.  

Join this webcast, sponsored by IBM, to learn how about Internet of Things capabilities and resilient systems are impacting the landscape of the oil and gas industry.


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected