Since the start of production in the pre-salt zone, Brazil became a large oil producer in the global scenario. Reserves certification is one of the most controversial topics in the oil industry. A reliable declaration of the oil reserves is essential to establish an appropriate condition that encourage the private sector, bring stability to society and get the government evolved. There are different manners for a company to certificate its oil reserves in the world; it depends on where the hydrocarbon is being produced. The reserves certification for the concessionaire companies in Brazil is performed by independent consultancy firms that execute certification under the ANP (National Agency of Petroleum, Gas and Biofuels) regulation. The regulation number 47 of September 3 of 2014 states the criteria for reserves certification in the country. This resolution is based on the Petroleum Resources Management System (PRMS), a document drafted by Society of Petroleum Engineers (SPE). Because of this diversity, this paper come up with a mapping of the existing systems for reserves certification in the fifteen largest world oil producers countries and Colombia, that is not a major producer but has a recent and solid regulation for reserves certification. This work is being developed to identify gaps and weakness in the current Brazilian regulatory rules aiming to avoid situations like the OGX company case. This company did not provide the same information to the regulatory agency and to the financial market. The instability in market reports to what happened to Royal Dutch/Shell Group in January 9 of 2004, even it is about a different technical situation. The methodology applied was based on the literature search about the subject and comparative analysis of the data. The research conduced to the main regulatory items in reserve certification for these countries: the existence of specific regulations for reserve certification, the productions limits for certification, the statement of reserves by the operator for the government agency and the recognition of the independent consultancy firms by the government agency. After analyzing the information obtained, it was realized that most of those countries do not have specific regulations for reserves certification. Some of these countries use the PRMS as a guideline and others simply use the numbers of reserves certified as political currency, disregarding any technical guidance. Finally, it was concluded the need for certain information about the numbers presented to the government and the financial market by the oil companies because the current system is shown unstable as evidenced by the research.
Reserves Certification: The Actual Scenario of the Largest World Oil Producer Countries and Colombia
Câmara, R. J. B., Carvalho, L. F. J., Câmara, G. A. B., and P. S. M. V. Rocha. "Reserves Certification: The Actual Scenario of the Largest World Oil Producer Countries and Colombia." Paper presented at the OTC Brasil, Rio de Janeiro, Brazil, October 2015. doi: https://doi.org/10.4043/26174-MS
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