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GlobalData viewpoints cover the latest events or important trends in the global oil and gas industry and provide our in-depth analysis of issues and challenges. Viewpoints offer expert opinions and GlobalData’s views of various developments that have been
• Develop business strategies with the help of specific insights from GlobalData on the key events happening in the oil and gas industry. • Gain a strong understanding of the energy market and analyze the major trends in the global oil and gas industry t
Content of the reportThe existing rule concerning the reserve booking of oil and gas deposits of a petroleum company is based on the 1978 disclosure rule by SEC. As per the rule, petroleum companies that are listed in the New York Stock Exchange have to state their estimated reserves to the SEC. Under the existing reserve disclosure norms the companies show only the proven conventional reserves while the unconventional sources such as Oil Sands, CBM are excluded. Some companies have also leveraged the existing practice of reserve reporting to mislead the industry with regard to the quantity of their petroleum assets. This has created a certain level of public concern and has also affected the investors’ confidence.
Table of Contents1.1 List of Tables 4
1.2 List of Figures 5
2 GlobalData Viewpoint 6
2.1 Summary 6
3 SEC Proposals for Revised Reserve Reporting to Help Investors Make Accurate Investment Decisions 7
3.1 New Proposal for Reserve Estimation and Valuation Aims to Reduce Instances of Reserve Overstatement 7
3.2 The Revised Rule to Benefit Both Petroleum Companies and Investors by Providing Clearer and Comprehensive Data 8
3.3 Conclusion 10
4 Recent Developments 11
4.1 Sep 15, 2008: Double Eagle Updates On Its Mid Year Reserves 11
4.2 Aug 05, 2008: RAM Energy Resources Reports Mid-Year 2008 Proved Reserves 11
4.3 Feb 19, 2008: ConocoPhillips Announces Reserve Replacement Of 159% In 2007 12
4.4 Feb 06, 2008: Unicorp Announces 257% Increase In Proved Reserves 13
4.5 Jan 24, 2008: Gastar Announces Increased Reserve Certification For PEL 238 Coal Seam Gas Project 13
4.6 Apr 24, 2007: Tengasco Completes 8-Well Drilling Program In Kansas 14
4.7 Jan 29, 2007: Murphy Announces Natural Gas Discovery Offshore Sabah Malaysia 14
5 Appendix 15
5.1 Methodology 15
5.2 Contact Us 17
5.3 About GlobalData 17
5.4 Disclaimer 17
Table of FiguresTable 1: Reserve Overstatement, Royal Dutch Shell plc, 1997-2002 7
Table 2: New Reserves Reporting Format, Revised format suggested by SEC 8
Table 3: Leading Oil & Gas Companies, Comparison of Conventional and Unconventional Reserves, 2007 9
Table 4: Crude Oil & Natural Gas, Comparison between the Year end and Average Annual Prices, 2003-07 10
Figure 1: GlobalData Methodology 15
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