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SEC recommends revising reserves-reporting rules

FOR THE first time in more than a quarter of a century, the US Securities Exchange Commission (SEC) has proposed modernising the rules energy firms must follow in disclosing their petroleum reserves in financial reports filed with the SEC. The regulatory agency oversees the estimates reported by companies that are traded publicly in the US and its policies affect around 10% of the world's oil and gas reserves. The proposed rule change would expand the definition of reportable reserves to include non-traditional oil sources, such as oil sands, shale plays and bitumen, which represent a growing portion of some companies' asset portfolios as more conventional reservoirs become harder to find.

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