Paula Dittrick

Deloitte & Touche LLP has urged regulators worldwide to update their oil and gas reserves reporting requirements and to expand the scope of mandatory disclosures in annual reports and financial statements.

Escalating world oil demand and declining production rates will push the world toward unconventional forms of energy, including synthetic hydrocarbons, said speakers at an annual oil and gas conference hosted by Deloitte & Touche LLP, the US arm of Deloitte Touche Tohmatsu.

According to a report by the London-based Centre for Global Energy Studies, most members of OPEC are pushing the limits of their oil production capability, and some probably are finding that their sustainable capacity is not as high as originally thought.