Staff of the U.S. Securities and Exchange Commission are seeking to modernize the reporting requirements for oil and gas companies.

The existing requirements concerning oil and gas reserves were adopted more than 25 years ago, and the recommendations that the SEC’s Division of Corporation Finance and Office of the Chief Accountant are providing to the commission reflect changes in the oil and gas industry since adoption of the original reporting requirements, including improved technology and alternate resources. Among other things, the recommended proposals would allow oil and gas companies to provide investors with additional information about their oil and gas reserves.

Last year, the commission solicited comment on whether changes in the reporting requirements were needed and appropriate. It received approximately 80 comment letters, which were generally supportive of updating the reporting requirements to reflect the changes that have taken place in the industry since adoption of the present requirements.

“In the decades since adoption of the current requirements, there have been tremendous changes in the way reserves are measured and oil and gas companies do business, which are not yet reflected in our rules,” said John White, director of the SEC’s Division of Corporation Finance.

Any rule changes based on staff recommendations would require commission approval, followed by a public comment period.