The Need for Transparency and Harmonisation in Global Reserve Reporting

Michael Lynch-Bell, Chairman of the UN Expert Group on Resource Classification and Partner at Ernst & Young, joins Oil and Gas IQ to talk about changes to global reserve reporting legislation. He reflects on how industry has responded to the Security and Exchanges Committee’s new set of rules introduced in January 2010. He then comments on the SPE Petroleum Resources Management System, the issues regarding probabilistic versus deterministic methodologies and the effects on reserves reporting. Next he tackles the much-debated issue of transparency in petroleum reserves accounting, commenting on what needs to be done on a global level to improve this. The interview then looks at the key implications, benefits and challenges of the UNFC-2009, a global three-dimensional framework classification, and the UN’s role in taking this forward. Finally, Michael discusses the implications of the International Financial Reporting Standards for the industry. Michael will be speaking at the Global Reserves Summit 2010, due to take place from 6th - 8th October in London. For anyone interested in attending, please visit: www.globalreservessummit.com, call 0800 652 2363 or email enquiries@iqpc.co.uk.