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The Petroleum Resources Management System, or PRMS, has long been recognized as the global standard reference for resources and reserves classification and definition. The PRMS, although first designated as such in 2007, had been in existence in various forms since SPE assumed responsibility for codifying reserves definitions in 1965. As the industry evolved, the SPE-sponsored guidelines have been contemporized in an ongoing fashion ever since. The PRMS was updated most recently in 2018, spearheaded by the SPE Oil & Gas Reserves Committee (OGRC) through a collaborative endeavor with the Society of Petroleum Evaluation Engineers (SPEE), the American Association of Petroleum Geologists (AAPG), the Society of Exploration Geophysicists (SEG), the European Association of Geoscientists and Engineers (EAGE), the Society of Petrophysicists and Well Log Analysts (SPWLA), and the World Petroleum Council (WPC). In response to the 2000 edition of the document, a companion volume entitled Guidelines for the Evaluation of Petroleum Reserves and Resources was published in 2001 through the efforts of SPE, AAPG, and WPC.
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