Deloitte is urging regulators around the world to update reporting requirements for oil and gas reserves to expand the scope of mandatory disclosures in annual reports and financial statements.  The recommendations included in a report by Deloitte’s Global Oil & Gas Group seek to improve information available to markets and restore investor confidence in reserves reporting.

In a new report, Peter J. Newman, managing partner, Global Oil & Gas Group, Deloitte & Touche LLP – U.K. and Victor A. Burk, former chairman, Global Oil & Gas Group, Deloitte & Touche LLP – U.S. explore whether existing oil and gas reserves disclosure requirements applicable to public oil and gas companies meet investor and consumer needs.

We make suggestions for improvements to enhance the usefulness of reserves disclosures that will help to restore user confidence in this critical aspect of reporting by oil and gas companies.

To read the report click here.