CANCELLED - SPEI: Managing Your Business Using PRMS and SEC Standards

Speaker John Etherington and Rawdon Seager
John Etherington is managing director of PRA International Limited, a Calgary-based consulting firm advising industry on resources assessment, reserves disclosures, and portfolio management processes. Etherington has a bachelor’s and master’s degree in geology. He previously spent over 32 years with Mobil Oil in Canada, USA, and international exploration and producing ...



John Etherington is managing director of PRA International Limited, a Calgary-based consulting firm advising industry on resources assessment, reserves disclosures, and portfolio management processes. Etherington has a bachelor’s and master’s degree in geology. He previously spent over 32 years with Mobil Oil in Canada, USA, and international exploration and producing assignments including five years in Mobil’s central resources audit group. Etherington served on the SPE Oil and Gas Reserves Committee with primary responsibility for the 2007 PRMS project. He also coordinated SPE’s interface with the United Nations Framework Classification and the International Accounting Standards Board’s Extractive Activities projects. He was an SPE Distinguished lecturer in 2005–06, has presented papers on resources evaluation issues at AAPG, EAGE, and SPE conferences, and conducted training for over 900 geoscientists and engineers from 38 countries.



Rawdon Seager is currently projects director and chief reservoir engineer for Gaffney Cline and Associates’ western hemisphere headquarters in Houston, Texas. Seager’s main responsibilities include field studies, reserve audits and certifications, and asset valuations. He also frequently advises clients on field development and reserves reporting issues. Seager has spoken at various industry events, as well as presented in-house courses to clients on matters relating to reserve estimation, classification, and reporting.



Seager began his career in 1972 as a petroleum engineer with Shell International in Malaysia, Brunei, the Netherlands, and Australia. In 1980 he joined Roy M. Huffington in Indonesia where he became petroleum engineering manager, before joining Gaffney, Cline & Associates in 1985. He has a BSc in physics from Bristol University, England and an MSc in petroleum engineering from Imperial College, London. Seager is a member of the Society of Petroleum Engineers (and is currently a member of the Oil and Gas Reserves Committee), Society of Petroleum Evaluation Engineers, American Association of Petroleum Geologists, UK Energy Institute and is a Chartered Petroleum Engineer in the UK.



Full Description

Course Description

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.

Topics Covered

  • 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
  • Key issues:
    • 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.  

CEUs 

0.8 (Continuing Education Units) awarded for this 1-day course.

For more details, please contact us at trainingcourses@spe.org

Organizer Chiwila Mumba-Black

When?

Mon, Nov. 8, 2010
8 a.m. - 5 p.m. US/Central

Where?

Houston Training Center
10777 Westheimer Road Suite 1075
Houston, Texas 77042
USA

Refund Policy: You must notify the SPE-GCS office of your intent to cancel at least 24 hours prior to the event date to receive a refund. For all refund inquiries, email spe-gcs@spe.org. View our Terms & Conditions for more information.