Reliable Technology for Buy/Sell Transactions & SEC Reserves Reporting by Dr. John Lee and Mr. Rod Sidle
Since the US Securities and Exchange Commission (SEC) published their “Modernization” of their oil and gas regulations, industry has approached the concept of using Reliable Technology to support Proved Oil and Gas Reserves with some caution. Questions about the intent of this new term, and how to demonstrate that the conditions set by the SEC have been achieved, continue to be asked. This presentation looks back at the SEC guidance and offers an approach to demonstrating a Reliable Technology including specific examples and a list of various applications where operators have published their view of a Reliable Technology. Examples of comments from the SEC on the evidence of a Reliable Technology are also shown.
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