Managing Your Business Using PRMS and SEC Standards (2018 Update)
Disciplines: Management | Reservoir
This course is an overview of the 2018 updated SPE Petroleum Resources Management System (PRMS) and the US Securities and Exchange Commission (SEC) regulations. The PRMS is an industry standard approach to classifying petroleum resources. Portfolio managers use it to support their evaluations and decisions. Publicly traded companies listed on US stock exchanges are also obligated to report a portion of their assets according to SEC reserves disclosure rules. Although SEC rules are now more closely aligned with PRMS guidelines, there are important differences. This course compares the key features of PRMS and SEC regulations, and explains how companies may combine the two standards to better manage their business. The use of reliable technology in defining proved reserves limits, SEC supplemental guidance, and comparison of SEC and PRMS guidelines will be discussed.
- PRMS project background including the reasons for and topics included in the update
- Major principles and key guidelines in PRMS
- How PRMS captures risk and uncertainty
- Assessing and reporting unconventional resources
- SEC disclosure requirements
- SEC pricing requirement
- The concept of “Economic Producibility”
- The use of reliable technology in defining proved reserves limits
- SEC supplemental guidance
- Comparison of SEC and PRMS guidelines
- Reporting requirements and control processes
- PRMS support for resources, project, and portfolio management
- Integrating internal business management and external disclosures
- Improving quality assurance in resource evaluations
Upon completion of this course, participants should have an understanding of:
- The revised PRMS 2018
- Current SEC disclosure requirements
- How the definitions can be used for managing the business
It is critical for resources managers to keep up with the latest definitions and regulations. This course can save you days of research and reading on your own.
The course is designed for professionals involved in estimating, classifying, and reporting petroleum resources. It is also for those who use reports of petroleum reserves and resources based on SPE’s Petroleum Resources Management System (PRMS), and the US Securities and Exchange Commission (SEC) regulations.
0.8 CEUs (Continuing Education Units) awarded for this 1-day course.
All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Refunds will not be given due to no show situations.
Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.
SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.
We reserve the right to substitute course instructors as necessary.
Joshua Oletu is a Principal Advisor at Gaffney, Cline & Associates’ western hemisphere headquarters in Houston. He has some 30 years of experience in the international oil and gas arena and has carried out numerous field studies, reserve assessments, and asset evaluations.
Joshua began his career in 1988 as a Wellsite Petroleum Engineer with Shell Petroleum Development Company, Nigeria and had international postings to the Netherlands, and USA. In 2007, he joined GCA in the United States.
He has a B.Eng (First Class) in Mechanical Engineering from University of Benin, Benin City, Nigeria and MBA, New York Institute of Technology (USA). Joshua is a member of SPE and the Society of Petrophysicists and Well Log Analysts (SPWLA).
Rawdon Seager is chief reservoir engineer and global director of quality assurance at Gaffney, Cline & Associates’ western hemisphere headquarters in Houston. He has more than 45 years of experience in the international oil and gas arena and has carried out numerous field studies, reserve assessments, and asset evaluations. Seager has also given expert testimony during arbitration hearings.