Technical Sessions 

Session 1 - Introduction to Petroleum Resources Management System (PRMS)

Provides background to the 2007 SPE-PRMS, an overview of the new standard, and key changes.

• SPE 2004 Vision Statement
• SPE Mapping Study
• The 2007 SPE-PRMS: Principles and Guidelines
• Major Changes

Session 2 – In Pursuit of the Common Code

Petroleum and minerals are both non-renewable, natural resources found one or within the earth’s crust. Many stakeholders question why there should be different evaluation, classification and reporting systems.. Ongoing studies to support common treatment under International Financial Reporting Standards make this more than an academic exercise. How should our industry position itself for such changes?

• Comparison of Petroleum and Minerals Reserves and Resources System
• Integration with the United Nations Framework Classification (UNFC)
• Interface with the International Accounting Standards Board (IASB)

Session 3 – Stakeholder Perspectives

The SPE-PRMS is written as a set of technical guidelines to support consistent project evaluations and portfolio management. It is not designed as regulatory reporting rules. Can these guidelines meet the specific needs of all internal and external stakeholders?

• Investor Requirements\
• SPE to SEC Reserve Definition Comparison
• Government Reporting
• Financial Requirements
• Audit Standards

Session 5 – Issues in Applying PRMS (Technical/Non-Technical)

• Fuel Gas
• Commerical vs. Economic
• Storage Volumes
• 5-year Rule
• Pricing
• Valuing Contingent Resources
• Forecast vs Current Conditions
• Measurement Points

Session 6 – Probabilistic vs Deterministic

Conceptually, use of specific quantitative probability targets would bring consistency and accountability to reserves evaluations. The n why do we cling to deterministic estimates based on qualitative category criteria? At what level are we making our assessments and how is that impacted by aggregation? The SPE guidance is “to do both”, where appropriate.

• Why it may be Time for Probabilistic Reserves
• Challenges and Probabilistic Reserves
• Aggregation Issues
• Integrated Deterministic/Probabilistic Methods