IEA wants global oil and gas reserves industry standard

Jul 05, 2004 02:00 AM

The International Energy Agency will propose a global industry standard in October for the accounting of oil and gas reserves.
The IEA, the policy watchdog for the world's biggest oil consuming countries, said there's a need for a global benchmark to clarify murky, vague and sometimes conflicting rules, according to the report.

Accounting for reserves took centre stage after Shell cut reserves 20 % this year.
The IEA will lobby the industry and governments to adopt the standard as mandatory.

Source: Dow Jones
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