Industry Survey: Current Energy Reserves Guidelines and Regulations are "Inadequate"

LONDON, September 1, 2011 /PRNewswire/ --

Oil & Gas IQ recently conducted a survey aimed to assess the thoughts and concerns of reserves professionals within the oil & gas industry, the survey reveals that 68.8% don't think that the current guidelines and regulations adequately cover for the latest developments and discoveries for unconventional resources

This can be seen as a real problem as with depleting easily exploitable hydrocarbon sources diminishing across the globe and the spectre of peak oil looming, the focus on unconventional reserves is greater than ever before, but technologies to aid their estimation are in drastic need of keeping up with growing interest.   

Another part of the survey focused on the systems currently available for reserves estimation and 59.4% of the respondents said they thought current systems, guidelines and regulations should be combined into one universal system.

Yet another interesting finding was that 71.9% feel there is a need for greater understanding of the way the markets, accounting and banking sectors view reserves estimates.

That is why the Global Reserves Summit is the forum of choice for reserves experts and professionals from all over the world each year.

Now in its 9th year, the Global Reserves Summit 2011 will explore the latest updates and changes to the fundamental regulatory aspects, presenting case-studies from leading operators who have faced, and overcome, the challenges of maximising their estimates with precision.

To view the full survey report and to find out more about the Global Reserves Summit, the please visit http://www.globalreservessummit.com/news

About IQPC

IQPC provides business executives around the world with tailored practical conferences, large scale events, topical seminars and in-house training programs, keeping them up-to-date with industry trends, technological developments and the regulatory landscape. IQPC produces more than 1,500 events annually around the world, and continues to grow. IQPC leverages a global research base of best practices to produce an unrivalled portfolio of conferences. http://www.iqpc.com.

Media contact: Viktoria Strandlund, +44(0)20-7368-9300, viktoria.strandlund@iqpc.co.uk or visit http://www.globalreservessummit.com/news