International SG: International Expectations for Reserves and Due Diligence Reports
Upon my arrival in the US in 2011, I ran into one of the more troublesome issues within the world of Reserves and Valuation: what do we mean when we say we are assessing “Proved” reserves? The International Standard for the classification and categorization of reserves and resources is the “Petroleum Resources Management System” (or ‘PRMS’) promulgated by the SPE, AAPG, SPEE, WPC, and SEG in 2007 with further guidelines published in 2011.
This talk will address the confusion that exists around the term “Proved” and attendees will learn how the PRMS defines the term. Attendees will also learn how international operators should consider the uncertainty associated with a development plan and how to value “Contingent Resources” as defined by the PRMS.
The Petroleum Club of Houston, 35th Floor, Total Plaza
1201 Louisiana Street
Houston , Texas 77002