About the Workshop

Petroleum reserves and resources evaluations are ever more scrutinised by financiers, investors, stock exchanges, and the market. Reserve owners, authorities and the investment community are required to improve accuracy and consistency of their assessments. It is of utmost importance that these estimates are aligned for disclosure requirements and provide reliable input for investment decisions. As new challenges continue to emerge for the industry, the workshop will include discussions on contemporary issues, such as the impact of carbon pricing and management of mature fields. Alongside this, the day-to-day understanding of reserves forecasting and application of the Petroleum Resources Management System (PRMS) will be discussed.

The workshop will also assess the latest developments in petroleum economics. Investment decisions continue to rely heavily on traditional economic evaluation techniques, though these methods must be viewed in the context of the evolving and uncertain energy landscape. To properly account for uncertainty and risk, producers must consider the impact of today’s volatile oil and gas markets, the efforts by governments and the industry to address environmental and social issues, the emergence of new technologies/applications such as digitalisation, and the potential challenges posed by a push for an accelerated energy transition in the wake of COVID-19.

Workshop Objectives

The objective of the workshop is to develop a greater grasp of reserves and resources estimation methods and petroleum economics through sharing of learnings, challenges, and concerns. The workshop will cover the common issues and misunderstandings within PRMS, as well as discuss the major determinants to be considered when evaluating project economics, and ultimately establish a better understanding of investment decision methods in today’s highly uncertain markets and evolving energy mix.

Benefits of Attending

  • Discuss the adoption and application of the updated 2018 PRMS Guidelines.
  • Explore new technology applications in estimation, classification, and categorisation.
  • Exchange views on current and emerging petroleum economics techniques.
  • Generate effective debate and discussion regarding the current challenges in reserves, resources estimation, and petroleum economics.
  • Provide the opportunity to network with industry peers and experts.