Guidelines for Application of the Petroleum Resources Management System

SPE.org 

There has been recognition in the oil and gas and mineral extractive industries for some time that a set of unified common standard definitions is required that can be applied consistently by international financial, regulatory, and reporting entities. An agreed set of definitions would benefit all stakeholders and provide increased - Consistency - Transparency - Reliability A milestone in standardization was achieved in 1997 when SPE and the World Petroleum Council (WPC) jointly approved the "Petroleum Reserves Definitions." Since then, SPE has been continuously engaged in keeping the definitions updated. The definitions were updated in 2000 and approved by SPE, WPC, and the American Association of Petroleum Geologists (AAPG) as the "Petroleum Resources Classification System and Definitions." These were updated further in 2007 and approved by SPE, WPC, AAPG, and the Society of Petroleum Evaluation Engineers (SPEE). This culminated in the publication of the current "Petroleum Resources Management System," globally known as PRMS. PRMS has been acknowledged as the oil and gas industry standard for reference and has been used by the US Securities and Exchange Commission (SEC) as a guide for their updated rules, "Modernization of Oil and Gas Reporting," published 31 December 2008. SPE recognized that new applications guidelines were required for the PRMS that would supersede the 2001 Guidelines for the Evaluation of Petroleum Reserves and Resources. The original guidelines document was the starting point for this work, and has been updated significantly with addition of the following new chapters: - Estimation of Petroleum Resources Using Deterministic Procedures (Chap.

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