Parties Split On SEC's Oil Reserves Reporting Rules

Law360, New York (September 12, 2007, 12:00 AM EDT) -- Three years after Royal Dutch Shell was accused of artificially inflating its oil reserves, a debate has broken out in the energy industry over whether the U.S. Securities and Exchange Commission should ease the reporting requirements for oil and gas companies regarding their reserves.

Since 1978, the SEC has required exploration oil and gas companies to disclose their reserves — usually the primary asset of any such business and a good indicator of company performance.

While reserves can be classified as either proved, probable or possible,...
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