This panel will speak to and debate issues that may lead to different reserves estimates for different purposes including regulatory reporting and the best way to achieve consistency in reporting mechanisms. The focus will be on offshore arena where continually-improving technologies such as 3D seismic, deepwater drilling and formation evaluation procedures, etc., can provide improved estimates but are not necessarily recognized by regulatory authorities as indicator of “reasonable certainty”, a term used since 1964 to describe proved reserves. Additionally discussed is the rapidly changing stance taken by different regulatory authorities in reporting reserves in the midst of ever increasing global nature of the industry. Panel will debate solutions to reporting mechanism that generates consistency and at the same time is a useful parameter in assessing a company's value without compromising confidentiality.

Areas that will be covered in this debate are:

•  Technical uncertainty inherent to reserves.

•  Addressing this uncertainty through reserves categories and classifications.

•  SEC regulations, technical definitions such as those adopted by the SPE and WPC , unified energy definitions under study by the United Nations; and emerging regulations; in other countries or groups of countries.

•  Deepwater arena; where new technology can be used to reliably estimate reserves and for evaluating fields but cannot be publicly reported under certain regulations creating a gap in real value versus reporting.

•  Lack of understanding of regulatory guidance in dealing with international Production Sharing Contracts ( PSC ) and unique contract issues on reporting reserves faced while dealing with National Oil Companies.

•  Internal booking practices.

•  Way forward for the industry.

REMOTE SUBSEA INTERVENTION FOR CONSTRUCTION, MAINTENANCE, AND REPAIR

9:30

17233

Making All the Right Connections   M. Jones, Technip Offshore Inc.; F. Hettinger, D. Faulds, Perry Slingsby Systems Inc.

9:52

17659

Remote Hot-Tapping Into Subsea Pipelines   J. Berge, K. E. Apeland, T. I. Næss, C. H. Ahlen, Statoil ASA; E. Møller, Stolt Subsea 7 Joint Venture; K. Evans, ClearWell Subsea Ltd.

10:14

17649

Power at Depth--Efficient ROV Power Delivery and Thrust Generation for Improved Construction, Repair, and Maintenance Support   T. Schilling, W. Klassen, Schilling Robotics; C.R. Barrett, 3U Technologies; J. Stanley, Schilling Robotics

10:36

17232

Laser Technology for the Locating of Flexible-Riser Annulus Breaches and the Subsequent ROV Clamping Repairs   A. MacKinnon, Subsea 7; A. Al-Obaidi, Smart Light Devices

10:58

17060

Remote Subsea Intervention--An Enabling Technology or Not?   An Installation Contractor's Perspective   S. Macknocher, Stolt Offshore