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OGR_Mapping_APPENDIX_A - SPE Oil and Gas Reserves Committee...

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SPE Oil and Gas Reserves Committee Mapping Subcommittee Final Report – December 2005 APPENDIX A Detailed Description of Agencies’ Classification/Definitions Includes a description of each classification/ references utilized plus comparison to SPE definitions using: a) summary text/diagrams and b) a table detailing position on key issues Page US Security and Exchange Commission (SEC-1978) 2 UK Statement of Recommended Practices (SORP-2001) 13 Canadian Security Administrators (CSA -2002) 23 Russian Ministry of Natural Resources (RF-2005) 35 China Petroleum Reserves Office (PRO–2005) 53 Norwegian Petroleum Directorate (NPD–2001) 67 United States Geological Survey (USGS-1980) 70 United Nations Framework Classification (UNFC–2004) 75 1
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US Security and Exchange Commission (SEC-1978) Oil and Gas Reserves disclosures by all companies (both US and foreign-based) quoted on the US Stock Exchange are governed by SEC Accounting Rules ( S-X §210.4-10 and S-K ) and two Statements of Financial Accounting Standards Board (FASB): SFAS No.19 and SFAS No.69 . The S-X regulation, published in 1978, deals with the definitions of proved reserves (developed and undeveloped) to be used in determining quantities of oil and gas reserves to be reported in filings with the SEC. In 1997 (Oil and Gas Producing Activities – Topic 12) and 2001, (“Accounting and Financial Reporting Interpretations and Guidance”) the SEC published additional clarifications on selected reserves disclosure issues. The regulation S-K defines the standard instructions for filing forms. This regulation prohibits disclosure of estimated quantities of probable or possible reserves of oil and gas. The SFAS No.19 (“Financial Accounting and Reporting by Oil and Gas Producing Companies”), published in 1977, requires the disclosure of the standardized measure of discounted future net cash flows from production of proved oil and gas reserves, computed by applying year-end prices of oil and gas. The SFAS No.69 (“Disclosures about Oil and Gas Producing Activities”) has been published in 1982. This Statement amends FASB Statement No.19. The proved reserves are estimated using prices and costs as at the evaluation date (most companies use 31 st December), without any escalation. The SEC does not require independent evaluations. The SEC regulations and guidelines about reserves definitions can be accessed on the Internet at: 2004 Testing Requirements in Deep Water GOM http://www.sec.gov/divisions/corpfin/guidance/oilgasltr04152004.htm Guidance on Reserves Classification http://www.sec.gov/divisions/corpfin/guidance/cfactfaq.htm#P279_57537 1997 Oil and Gas Producing Activities – Topic 12 http://www.sec.gov/interps/account/sabcodet12.htm Regulation S-X (Reserves Definition) http://www.sec.gov/divisions/corpfin/forms/regsx.htm#gas Industry Guides (Disclosure of Oil and Gas Operations) http://www.sec.gov/divisions/corpfin/forms/industry.htm Regulation S-K http://www.sec.gov/divisions/corpfin/forms/regsk.htm FASB documents could be found at www.fasb.org .
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OGR_Mapping_APPENDIX_A - SPE Oil and Gas Reserves Committee...

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