Effects of different international fiscal systems on reserves reporting

The effects of international fiscal systems on oil and gas reserves evaluation and reporting, was reviewed. The movement in reserves estimates with changing technical, political and economic conditions, was described. Difficulties associated with the evaluation and booking of reserves is largely due to the confusing duplication of terms. For example, explorationists refer to reserves as an undrilled prospect, while engineers refer to them as producing property. The financial analyst refers to reserves of a company, while governments refer to the reserves of the country. The importance of defining reserves with full knowledge of the specific regulations that govern the reporting of reserves externally, and the internal reporting requirements for business planning purposes, was stressed. 2 refs