Middle East Economic Survey

VOL. XLVII

No 36

6-September-2004

The Accounting Of Reserves: An Equity Investor View

By Peter Nicol

The following article by Peter Nicol, Global Sector Director, Oil and Gas Research, ABN AMRO, was originally published in the Oxford Energy Forum (August 2004). Reprinted with permission.

Reserves accounting has hit the headlines in recent months following Royal Dutch/Shells announcement regarding its proved reserve recategorization. A number of other companies have also...