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Recently Released Guidelines Supplement Petroleum Resources Management System

The Guidelines for Application of the Petroleum Resources Management System (AG) document was issued in November 2011 to accompany and support the Petroleum Resources Management System (PRMS). The AG updates the 2001 document Guidelines for the Evaluation of Petroleum Reserves and Resources. This document will assist reserves evaluators throughout the world in understanding PRMS and how it should be applied in financial, regulatory, and reporting activities. Two new chapters have been added to the AG, eight others have been updated, and a comprehensive glossary has been added.

Introduction

The AG was issued by SPE, along with the American Association of Petroleum Geologists (AAPG), the World Petroleum Council (WPC), the Society of Petroleum Evaluation Engineers (SPEE), and the Society of Exploration Geophysicists (SEG). It is available free to the public on the SPE website.

SPE has a long history of developing common standards for petroleum-resource definitions to provide consistency, transparency, and reliability to benefit stakeholders involved in international finance, regulation, and reporting.  In 1997, SPE and the WPC achieved a milestone in standardization when they approved the Petroleum Reserves Definitions. In 2000, SPE, WPC, and AAPG approved an updated version of the definitions, published as the Petroleum Resources Classification System and Definitions. In 2001, SPE issued Guidelines for the Evaluation of Petroleum Reserves and Resources, the predecessor of AG, to provide guidance for application of the 1997 and 2000 definitions. Then, in 2007, SPE, WPC, AAPG, and SPEE approved the PRMS. SEG subsequently endorsed PRMS.

This article, written by Special Publications Editor Adam Wilson, contains highlights of paper SPE 162520, “New Guidelines Document Assists With PRMS Applications,” by W. John Lee, SPE, University of Houston; Satinder Purewal, SPE, Energy Equity Resources; and D. Ronald Harrell, SPE, Ryder Scott, prepared for the 2012 SPE Annual Technical Conference and Exhibition, San Antonio, Texas, USA, 8–10 October. The paper has not been peer reviewed.
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Recently Released Guidelines Supplement Petroleum Resources Management System

01 December 2013

Volume: 65 | Issue: 12

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