The PRMS provides an industry standard approach to classifying petroleum resources based on the status of the applied development projects and categorizing the project sales volumes according to the range of associated technical and commercial uncertainties. The PRMS was designed to support project evaluations and the associated decisions as part of a company’s internal portfolio management. However, publicly traded companies listed on US stock exchanges also are obligated to report a portion of their portfolio of assets according to SEC reserves disclosure rules. At the end of 2008 the SEC rules underwent a very significant revision. Although now more closely aligned with PRMS guidelines, there are some key differences. This course reviews and compares the key features of PRMS and SEC-2009 and provides insight into how companies may combine the two standards to better manage their business.
- Purposes of Reserves and Resources Estimation
- Background to Petroleum Guidelines
Development of PRMS
- Major Principles and Key Guidelines in PRMS
- How PRMS captures Risk and Uncertainty
- Assessment and Reporting of Unconventional Resources
- Incorporation of Deterministic and Probabilistic Methods
- PRMS Support for Resources Project and Portfolio Management
- Background to SEC-2009 revisions
- Major Changes: SEC-2009 Compared to SEC-1978
- SEC-2009 Compared to SPE-PRMS
- New Pricing Requirement
- The Concept of “Economic Producibility”
- Use of Reliable Technology, for instance in Defining Proved Reserves Limits
- Reporting Requirements
- Control Processes
- International Reserves and Resources Systems
- Integrating Internal Business Management and External Disclosures
- Improving Quality Assurance in Resource Evaluations
Who Should Attend
The course is designed for professionals involved in estimating, classifying, and reporting, or using reports of petroleum reserves and resources based on SPE’s Petroleum Resources Management System (PRMS) and the US Securities and Exchange Commission (SEC) recently revised regulations.
0.8 (Continuing Education Units) awarded for this 1-day course.