Norway's Stock Exchange Introduces New Oil Reserves Guidelines
The Oslo Bors is presenting its new "Guidelines for the disclosure of hydrocarbon reserves, contingent resources and results from exploration activities".
The Oslo Bors has, in recent years, observed a need for a framework for the reporting of oil and gas reserves from the oil and gas companies. To this end, during 2006 guidelines were drawn up in cooperation with key parties in the oil and gas industry.
The new guidelines (circular 2/2007) will contribute to a more standardized reporting, and increased accessibility of reserves data.
The Guidelines do not establish any new classification system/definitions, but prescribe the use of recognized classification systems already in use in the industry (from Society of Petroleum Engineers, Norwegian Petroleum Directorate etc).
The Companies will annually file this information (normally with focus on proven plus probable reserves) to Oslo Bors.
The guidelines are available on the Oslo Bors' website.