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An Update of the Global Standard in Reserves/Resources Classification and Definitions

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Since its publication in 2007, the SPE Petroleum Resources Management System (PRMS) has been broadly adopted by the petroleum industry as the international standard reference for reserves and resources classification and reporting. The SPE Oil and Gas Reserves Committee (OGRC) continues its commitment to periodically update the PRMS to accommodate changes in ­technology, commercial arrangements, and, as required, to address evolving industry needs. We are pleased to announce that the 2018 PRMS update has been approved by all sponsoring organizations and by the SPE Board of Directors in June.

How Did We Get There?

An OGRC Update Subcommittee was formed in 2014 to critically review the 2007 document based on industry feedback gathered during a series of workshops over the intervening 7 years. OGRC subgroups examined how the document should be improved and advanced to better support the full range of stakeholders using a standard project-based assessment process while maintaining the key principles. Numerous discussions were held between the sponsoring societies, OGRC members, and other industry experts to develop and refine the draft prior to public comment.

The document was posted for a 90-day public comment period beginning on 15 August 2017. At that time, over 250 personalized letters were distributed announcing the proposed update and requesting feedback from consulting and financial firms, government agencies, and E&P companies. The OGRC Update Subcommittee compiled and assimilated the public responses and made corrections, updates, and clarifications. This draft was submitted to the sponsoring societies and the other OGRC members for input and discussion leading to the final version.

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An Update of the Global Standard in Reserves/Resources Classification and Definitions

Dan DiLuzio, PRMS Update Project Lead, SPE Oil and Gas Reserves Committee

01 September 2018

Volume: 70 | Issue: 9

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