More on Reserve Authorities
There are two authoritative bodies in the industry that stipulate reserve criteria: The U.S. Securities and Exchange Commission and the Society of Petroleum Engineers. For U.S.-domiciled companies, they must follow the guidelines of the SEC. Corporations outside of the United States can follow the guidelines of the SPE. However, if any entity issues equities or fixed-income securities in the United States, it must also meet SEC guidelines. This applies to foreign corporations and the result is that most entities follow the criteria of both organizations.
Today, global markets necessitate that most corporations abide by both guidelines. Every oil and gas producer annually updates its proven reserves as well as its 2P ...
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