Quest under way for universal oil and gas reserves standard

An international effort is making progress toward a common framework for defining and estimating oil and gas reserves.But the challenge is great, largely because of the imprecision inherent in reserves values and the many inconsistencies among existing procedures for evaluation and disclosure.Participants in the current effort, which involves major professional associations, the Organization of Petroleum Exporting Countries, and the United Nations, seek guidelines that can be applied consistently and used by government regulators as well as oil company managers.While most of them are optimistic, they say a set of universal standards for reserves reporting probably will take years to devel...

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