Recent negative publicity about prominent E&P companies and related Federal legislation has focused public attention on reliability of oil and gas reserves estimates, the basic measure of an E&P firm’s real value. This problem has two components: (a) sound, uniform definitions and methodologies; and (b) professional ethics. Both are important, but this talk will address the ethical aspect.
Regardless of your occupation -- corporate employee, self-employed consultant, or private oil operator -- you should constantly remind yourself that you are first and foremost a practicing professional, with implicit and explicit obligations to your employers, clients, and investors. That is the first practical rule about E&P ethics.