Disciplines: Management | Reservoir
This course will present the elements of the Petroleum Resources Management System (PRMS) and its resources classification framework, a systematic way of placing all petroleum initially in place in an accumulation into a convenient inventory. Resources are classified based on their probabilities of becoming commercial and placed into categories within classes based on their relative certainty of being produced. We will focus on economic criteria for classification as reserves. We will illustrate application of principles with frequent discussion questions about interpretation of PRMS.
- Elements of PRMS
- The classification framework
- Definitions of the resource classes prospective resources, contingent resources, and reserves
- Explanation of low, best, and high categories within resource classes
- Criteria for promotion of prospective resources to contingent resources and contingent resources to reserves
- Economic considerations in resource classification
- Browsing in the PRMS document
Upon completion of this course, participants will be able to:
- State the essential elements of PRMS and relate them to the petroleum business
- Place resources into appropriate classifications
- Place resources within a given classification into appropriate categories
- Promote resources from classes less certain of ultimate commerciality to classes with greater certainty
- Locate important definitions and guidance in the PRMS document
Delegates whose business activities include consideration of development and production of petroleum resources and economic valuation of these resources (including property purchases and sales) will find this course helpful. In addition, delegates who are affected by regulations affecting disclosure of petroleum quantities will benefit.
Attendees typically include financial analysts, attorneys, petroleum business stakeholders, and petroleum industry technical professionals.
A copy of the Petroleum Resources Management System Document is essential for the course. It is available free from the SPE website.
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.
W. John Lee holds the DVG Endowed Chair in petroleum engineering at Texas A&M University. Prior to this position, he held the Hugh Roy and Lillie Cranz Cullen Distinguished University Chair at the University of Houston’s petroleum engineering program from 2011 to 2015. Still earlier, Lee was a professor of petroleum engineering at Texas A&M from 1977 to 2011. He was the former executive vice president of S.A. Holditch & Associates, where he specialized in reservoir engineering for unconventional gas reservoirs. He served as an Academic Engineering Fellow with the US Securities and Exchange Commission (SEC) in Washington during 2007–2008, and was a principal architect of the new SEC rules for reporting oil and gas reserves.
Prior to beginning his career in academia, Lee managed Exxon’s Major Fields Study Group. He has written many technical papers and four SPE textbooks: Well Testing, Gas Reservoir Engineering, Pressure Transient Testing, and Applied Well Test Analysis. Lee is an Honorary Member of SPE and a member of the US National Academy of Engineering. He received his BChE, MS, and PhD degrees in chemical engineering from the Georgia Institute of Technology.
Nefeli Moridis is the reservoir engineering advisor for USI Technology, where she focuses in optimizing infill well spacing in unconventional reservoirs to optimize production and maximize profits for USI’s clients. She completed her Ph.D. in petroleum engineering from Texas A&M University in May 2020 where she worked with Dr. John Lee and Dr. Tom Blasingame. Her research focused in estimating recoverable volumes in unconventional reservoirs and how to properly categorize and classify these volumes using the PRMS guidelines and SEC regulations. She has published nine SPE papers and served on several SPE conference committees. Her roles on the conference committees include planning the conferences and reviewing the submitted abstracts and papers accepted for publication. She also mentors girls that are interested in STEM through a program with the New York Academy of Science called 1000 Girls 1000 Futures.