For many years, reserve determination has focused on engineering best practices. As various regulatory agencies increase their scrutiny of how oil and gas companies are determining their reserves and assigning value to those reserves, relying only on engineering best practices is no longer adequate. Reserve determination and subsequent public disclosure of those reserves needs to have a collaborative effort with emphasis on:
This paper will look at each of these 3 areas, and explain the importance of each area as they pertain to reserve determination and disclosure. It is not enough to have each of these items individually addressed. A solution that addresses these areas must be tightly interwoven and utilized in a seemless architecture. This paper will propose such a solution.