The Securities and Exchange Commission is to revamp disclosure rules for the
oil and gas industries.
The moves follow several requests for a revision of the rules, as huge
changes have occurred in the sector over the past three decades since the first
rules of disclosure were introduced by the SEC.
The Commission poses questions on:
• whether the Commission should revise the proved reserves definition,
including the criteria used to assess and measure proved reserves;
• how new technologies impact the definition of proved reserves and how
changes to the rules can be made to accommodate future technological innovation;
• whether the rules should permit other categories of resources to be
• whether the rules should require third-party verification of the reserves
estimates companies report in their filings.
John White, director of the SEC’s Division of Corporation Finance said that
technological advancements over the last 30 years have changed the way in which
companies detect and extract oil and gas resources.
‘Management of oil and gas companies rely on these advancements to consider
their investments in projects to detect and extract those resources,’ he said.
‘A number of analysts and investors also have expressed the view that our oil
and gas disclosure requirements should be updated to provide better disclosure
about companies’ reserves and how the company manages those reserves.’
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