South Africa's New Oil and Gas Code Aligns with Global Standards

- July 23rd, 2015

Mining Weekly reported that the South African Oil and Gas Committee’s newly published oil and gas code is aligned with the oil and gas reporting standards used globally.

Mining Weekly reported that the South African Oil and Gas Committee’s newly published oil and gas code is aligned with the oil and gas reporting standards used globally.
As quoted in the market news:

South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who unpacked the reporting standard for Mining Weekly Online in the attached Creamer Media video interview, outlined how the new code – a companion code to South Africa’s existing South African Mineral Resource Committee (Samrec) and South African Mineral Valuation (Samval) mineral codes – is the outcome of close liaison with leading global organisations, the Petroleum Agency of South Africa (Pasa) and the JSE.
Ensuring that all oil and gas companies list according to the same reporting standards no matter the stock exchange, the code is based on the Canadian oil and gas reporting code – National Instrument 51-101 – in respect of general disclosure.
For reserves and resources classification, the code is based on the Petroleum Resources Management System (PRMS), a classification developed by organisations including the Society of Petroleum Engineers, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers and the World Petroleum Council.
While the South African government’s newly promulgated oil and gas regulations focus largely on the technical and engineering aspects of oil and gas well drilling, the code formalises the standard of reporting on the size of oil and gas fields and reservoirs, as well as items that must be disclosed in public reports.

Click here to read the full Mining Weekly report.

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