SPE/WPC/AAPG/SPEE Petroleum Reserves Estimations Workshop: Sharing the Vision
Members of the SPE Oil and Gas Reserves Committee and industry experts will gather in an open forum to discuss the revised classification, definitions, and guidelines included in the 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System. It is an opportunity to
- Examine the new system in detail
- Identify key changes and the reasoning behind these changes
- Discuss the impact of implementing the new system
- Gain high-level direction on practical application
- Compare the system to existing regulatory guidance
- Discuss future directions in reserves and resource evaluation and reporting
The petroleum industry is a major component of the global economy. It requires a common standard for reserves and resource development project evaluations to support internal asset management, regulatory approval, project financing, and external disclosures. The evolution of the industry, driven by advancements in technology, the international expansion of the E&P sector, and the increasing role of unconventional resources, created the requirement to update a standard that had served the industry well for the last 10 years. The 2007 system builds on previous guidance to achieve a high level of consistency in estimating reserves and resource quantities; it incorporates applicable best practices identified in other international petroleum and minerals classification systems. This is one of a series of workshops planned at selected international sites to familiarize key users with the new system and discuss implementation issues.
Optional Short Course
The optional short course, titled “Managing Your Business Using PRMS,” will be taught on Thursday, 12 March by John Etherington. It will cover practical applications of PRMS guidance to resources assessment project and portfolio planning, and internal/external reporting. This course is optional, and the price is not included in the registration fees.
*If you are in need of simultaneous translation for the short course, please send your request to LAC@spe.org. Please reference “Simultaneous Translation Request” in the subject line.