Description
SUITABLE:
Engineers, geoscientists, accountants, bankers, attorneys, and others involved in reserves estimation, auditing or reporting.
OBJECTIVES:
By the end of the course, delegates will:
- Have understanding of substantial details on interpretation of the U.S. Securities & Exchange Commission (SEC) rules for reporting oil and gas reserves.
- Understand the basis for many new SEC reserves definitions, the effects of the new rules on nontraditional resource disclosures and recommendation to for adapting to the new rules.
- Issues with reserves reporting: Deterministic and probabilistic assessments
- Accounting issues using Generally Accepted Accounting Procedures GAAP
SUMMARY:
- Overview of 2009-2010 rules
- Classification of resources
- Petroleum resources management systems
- SEC definitions and disclosure requirements
- Reserves in nontraditional reservoirs
- Compliance with the new SEC rules
