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This workshop is part of an international series that discusses implementation of the revised 2018 SPE/WPC/AAPG/SPEE/SEG/SPWLA/EAGE Petroleum Resource Management System (PRMS).
In two days of informal sessions, participants reviewed changes to the 2007 PRMS and compared this new guidance to disclosure requirements, under US Securities and Exchange Commission (SEC) and the (Albert Securities Commission’s) Canadian Securities Administrators’ NI 51-101, which references the recently updated Canadian Oil and Gas Evaluation Handbook (COGEH).
While each regulatory and government agency defines specific guidelines, the underlying principles of assessment and reporting used are based upon PRMS which is internationally accepted as a basis for internal project and portfolio management.
Members of the SPE Oil and Gas Reserves Committee and industry experts gathered in an open forum to discuss the revised PRMS definitions, implications and clarification of the changes. It was an opportunity to:
- Examine the new system in detail
- Identify key changes and the reasoning behind these changes
- Discuss the impact of implementing the new system
- Gain high-level direction on its practical application
- Compare PRMS to existing regulatory and government reporting guidance
- Share practical examples and real-life experiences
- Discuss the future directions in petroleum reserves and resources evaluation and reporting