Deloitte urges regulators to update reserves reporting

Deloitte & Touche LLP has urged regulators worldwide to update their oil and gas reserves reporting requirements and to expand the scope of mandatory disclosures in annual reports and financial statements.Victor A. Burk, chairman of Deloitte’s Global Oil & Gas Group in Houston, said changes are needed to promote disclosure of a fuller and more meaningful picture of oil and gas reserves information.He believes a universal set of reserves definitions can be adopted worldwide, although he stops short of forecasting when that might happen.The Society of Petroleum Engineers is working with the American Association of Petroleum Geologists, the World Petroleum Council, and others u...

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