Petroleum Reserves & Resources Definitions

Petroleum Reserves Management System Public Comment Period

The most recent version of the Petroleum Reserves Management System (PRMS) was approved by the SPE Board in March 2007 and was developed together with these industry co-sponsors: the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE), later joined by the Society of Exploration Geophysicists (SEG). As part of the Oil & Gas Reserves Committee (OGRC) governance, a revision of the PRMS is recommended periodically. The OGRC identified issues that might require revision of the PRMS and formed a subcommittee to develop a revised draft. The revised draft includes input from an international group of reserves evaluation experts including counterparts from the co-sponsoring associations. Two additional associations, the Society of Petrophysicists and Well Log Analysts (SPWLA), and the European Association of Geoscientists and Engineers (EAGE) have also joined in sponsoring the PRMS.

On behalf of the SPE Board and the OGRC, SPE encourages you to review the proposed system posted below, and submit comments representing your organization’s consolidated opinion by 14 November 2017. To participate in this public comment period, please send only one company response with your name and company name to ogr@spe.org.


Reserves Classification Guidelines

The SPE Oil and Gas Reserves Committee (OGRC) released Guidelines for Application of the Petroleum Resources Management System (pdf) (PRMS) in 2011. The 221-page document replaces the 2001 “Guidelines for Evaluation of Reserves and Resources” with expanded content that is updated to focus on using the 2007 PRMS to classify petroleum reserves and resources.

The guidelines represent a collaboration of SPE, the American Association of Petroleum Geologists, the Society of Exploration Geophysicists, the Society of Petroleum Evaluation Engineers, and the World Petroleum Council. More than 40 subject-matter experts were involved in writing and review of the guidelines, headed by Satinder Purewal, chairman of the OGRC’s Applications Document Subcommittee.

 

Petroleum Resources Management System

Approved by the SPE Board in March 2007, this system for defining reserves and resources was developed by an international group of reserves evaluation experts and endorsed by the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, and the Society of Exploration Geophysicists.

Learn about the process by which the new definitions were developed or read a quick overview (pdf) of the PRMS for non-technical users.

Process English (pdf)
Process Russian (pdf)

 

Mapping of Reserve Definitions

Around the world, government agencies and other organizations use slightly different definitions. This mapping provides a comparison of many of these definitions.

 

Estimating and Auditing Standards for Reserves

To assist those responsible for estimating reserves, or auditing those estimates, a standard approach has been outlined, along with minimum qualifications for those involved in reserves auditing.

 

Joint Committee on Reserves Evaluator Training

The Joint Committee on Reserves Evaluator Training (JCORET) exists to meet the need for high-quality, industry-recognized training for individuals responsible for petroleum reserves and resources evaluation.

 

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