Technical Agenda

Session I: Introduction to the Petroleum Resources Management System

Description: This session will provide background to the 2007 SPE-PRMS, an overview of the new standard and key changes.

Session Chairpersons: Bernard Seiller and Juan Molina

Speaker 1: John Etherington- PRA, “PRMS Development Process”
Speaker 2: Bernard Seiller-Total, “PRMS Overview-Principles and Guidelines”

Session II: Stakeholder Perspectives

Description: 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 stakeholders?

Session Chairpersons: Michael D. Lynch-Bell and Kathryn Campbell

Speaker 1: Michael D. Lynch-Bell - Ernst & Young, “Internal Stakeholders”
Speaker 2: Michael D. Lynch-Bell - Ernst & Young, “SPE to SEC Reserve Definition Comparison”
Speaker 3: Kathryn Campbell - Sullivan & Cromwell, TDB

Session III: Applying PRMS – Case Studies

Description: Reserves and resources volumes are only comparable if there is a common classification system and consistent use of a common set of application guidance. The SPE and its sister organizations are working towards producing an applications guide to accompany the PRMS. This session will address some of the issues associated with applying the PRMS in field cases.

Session Chairpersons: Katia Costa and Alejandro Girardi

Part I:

Speaker 1: Juan Antonio Molina de Araujo- Petrobras, “Reserves Management Process in Petrobras “
Speaker 2: Mike Callahan - D&M, “Comparison of ANP Regulations Versus PRMS Guidelines “
Speaker 3: Carlos H.L. Bruhn, Petrobras E&P, “Phoenix Project: Building a Brazilian Data Base of Analogue Reservoirs for Reserves Estimation “
Speaker 4: Carolina Coll- BG, “Lessons Learned applying PRMS “

Part II:

Speaker 5: Suzana Hisako Deguchi Hayashi e Véra Lucia Gonçalves Elias, Petrobras E&P, “Reserves Estimation Through Scenarios Applied to Roncador Field “
Speaker 6: Alexandre Milagres Resende Silva, Petrobras E&P, “Revitalization of Mature Fields in Campos Basin”
Speaker 7 : Antonio Carlos Capeleiro Pinto - Petrobras, “Pre-Salt Fields of Brazil"

Session IV: Probabilistic vs. Deterministic – Practical Examples

Description: Conceptually, use of specific quantitative probability targets would bring consistency and accountability to reserves evaluations. If that is so, 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 “do both” where appropriate.

Session Chairpersons: John Etherington and Bernard Seiller

Speaker 1: John Etherington - PRA International, “Deterministic vs Probabilistic Methods - Introduction & Background”
Speaker 2: Emmanuel Gringarten-Paradigm Geophysical, “Uncertainty Assessment through 3D Reservoir Modeling”
Speaker 3: Charles Stabell-GeoKnowledge, “Impact of Economics on Reserves Estimates”

Session V: Issues in Applying PRMS

Description: This session will cover the potential pitfalls of decline in curve analysis; and it will address questions such as,” Why does Decline Curve Analysis have to be applied so carefully?” and “What does the SEC require?” The session will also discuss types of unconventional resources and estimation methods.

Session Chairpersons: Carolina Coll and John Etherington

Speaker 1: K.C Leung - BG, “Practical Implementation of PRMS"
Speaker 2: John Etherington - PRA International, “Separating Reserves from Contingent Resources“
Speaker 3: John Etherington - PRA International, “Application of the PRMS to Coal Seam Gas“

Session VI: Non-Technical Issues

Description: Reserves and resources must pass specific commercial thresholds in addition to technical criteria in their classification and categorization. This session addresses selected commercial issues that are common concerns.

Session Chairpersons: Carolina Coll and John Etherington

Speaker 1: TBD, Petrobras, “Integrated Operations: Cost Optimization”
Speaker 2: John Etherington - PRA International, “Reference Points and Associated Issues”
Speaker 3: Charles Stabell - Geoknowledge, “Impact of Fiscal Terms on Reserves Estimates”
Speaker 4: TBD, Petrobras, “The Impact of Price Scenarios on Oil Reserves in RSC’s.”

Session VII: “In Pursuit of the Common Code”

Description: Petroleum and minerals are both non-renewable natural resources found on 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?

Session Chairpersons: Bernard Seiller and Juan Molina

Speaker 1: John Etherington - PRA International, “International Standards for Resource Reporting”
Speaker 2: Dave Morgan - Gaffney Cline & Associates, “New SEC Disclosure Rules vs PRMS”