[skyemoor]

Egon_1 writes in this mornings news items:

RIYADH, 25 September 2005 — A new oil database, prepared with the help of seven major energy organizations and nearly 95 oil producing and consuming countries, including Saudi Arabia, will be published periodically after being released to the public near the end of this year. The database is prepared as part of a Joint Oil Data Initiative (JODI) by the International Energy Forum Secretariat (IEFS) and other energy organizations.

“The new database will promote data sharing and market transparency,” said Ambassador Arne Walther, IEF’s secretary-general, here yesterday. He said that the Riyadh-based IEFS was coordinating with major energy organizations to release the JODI World Database. Walther said that JODI was progressing satisfactorily with the help of “the participating countries, which account for over 95 percent of world oil production and consumption.”

My question;

Is this what Matt Simmons has been asking for? Will we have transparency finally? Or can they still submit fudged data?

[rockdoc123]

having reserves data is meaningless unless the underlying information is provided including production rates for oil and water, pressures etc. Otherwise you have to take their word for it. Total transparency requires third party certification of reserves by someone like Degolyer and McNaughton, Ryder Scott, Sproule etc.

[shakespear1]

Rockdoc - I second that from a reservoir engineering perspective.

No production data ( gas,oil, water, pressure ) will tell you nothing. The first three parameters they all have for their fields on at least monthly bases, the pressure can be given on an average bases for the field.

Otherwise it will be hide and seek.

[Taskforce_Unity]

If you look at the website and the way it is reported it is a farce. The only thing this JODI adds is a center were all data comes together instead of 4-5 databases with different interpretations (O&G Journal, BP and so on).

Countries still have to report the amount of production themselves in this table format:

JODI crude oil table format