Petroleum Reserves & Resources

Oil and gas that have been discovered, but not yet produced, cannot be readily measured. Trapped in the pore spaces of rock, thousands of feet below the surface, the amount of oil or gas in a reservoir cannot be measured with precision. But it is very important to have a good estimate of the amount of oil or gas that may lie in the reservoir. A company cannot evaluate whether a discovered field will be economic to develop without estimating the amount of production that it may obtain over time to balance against the investment required. Oil and gas reserves are a substantial asset on a company's balance sheet. Without a common approach to classification and estimation of oil and gas, it would be impossible to know whether those assets were comparable from one company to another.

Petroleum Resources Management System

Approved by the SPE Board in March 2007, this new system for defining reserves and resources was developed over more than two years, working with WPC, AAPG, and SPEE.  An archive of the prior definitions is also available.

• PRMS Guide for Non-Technical Users
  The guide provides the concepts in the PRMS in a four-page document that is intended to provide a quick overview for non-technical professionals
• PRMS in Spanish
  This translation from the English version was developed under the guidance of the SPE Oil and Gas Reserves Committee. The English version remains the official version and takes precedence over the translation in cases where there is any question of meaning or interpretation.

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 (JCORET)

JCORET provides high-quality, industry-recognized training for individuals responsible for petroleum reserves and resources evaluation. JCORET formed in mid-2006 through an agreement between the four sponsors of the Petroleum Resources Management System (PRMS). The societies created JCORET to meet a generally recognized need for quality training for individuals responsible for petroleum reserves and resources evaluation. A secondary objective is to work toward making such training available to evaluators worldwide at a reasonable cost. JCORET reviews and approves courses on reserves and resources definitions, recommended geological and engineering evaluation practices, and ethics. An "Authors Kit" is available at www.JCORET.org that provides information on how to prepare and submit a course for JCORET consideration. Also available is information on approved courses.

Committee Activities

Learn more about the Oil & Gas Reserves Committee's ongoing activities to work with other groups on a common set of definitions. The Reserves Education Committee provides outreach in communicating changes in the definitions and working toward a common definition.