Improved process can cut risk in reserves reporting

US Securities and Exchange Commission (SEC) director John White recently announced the commission’s intentions to hire an Engineering Fellow to evaluate its reserves disclosure rules and determine whether changes need to be made. While the industry awaits the outcome of the SEC’s analysis, Ernst & Young and Ryder Scott Petroleum Consultants offer four steps oil and gas companies can take to improve the reserves estimating process and reduce company risk.A few years ago, legislators, think tanks, investors, consultants, and representatives from oil and gas companies began scrutinizing rules the companies have been following for 3 decades. There was no shortage of opinions, ...

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