Survival Guide for the “Modernization of Oil and Gas Reporting
Jeff Tenzer, Chevron
The Modernization of Oil and Gas Reporting is the most significant change to oil and gas regulations since inception in the 70’s. The rationale for the change was to allow companies to provide more comprehensive information to their shareholders while maintaining the integrity of the reported reserves by instituting a principle-based system to replace the previous rules-based system. However, the underlying principles of the new regulations often elude estimators as they concentrate on the finer nuances of the regulations. This presentation will focus on five fundamental building blocks to understand the “principles” within the new regulations with a focus on building “Reasonable Certainty” into the documentation for proven reserves. Also reviewed are three guiding tenets to developing a quality reserves process in a principle-based system.
AAPG Search and Discovery Article #90098©2009 AAPG Education Department, Houston, Texas 9-11 September 2009