The Society of Petroleum Engineers (SPE) has continued its efforts to establish internationally accepted guidelines for the evaluation of petroleum reserves and resources by heading an effort sponsored by five industry organizations to develop Guidelines for Application of the Petroleum Resources Management System (PRMS).
SPE and its partner societies welcome industry review and comment on the draft applications document. Comments should be sent to firstname.lastname@example.org by 15 March 2011. Comments received by that date will be reviewed by a subcommittee of the SPE Oil and Gas Reserves Committee, which will consider whether changes should be made to the draft to address them. The final version will then be submitted for approval to each of the sponsoring organizations.
The applications document is sponsored jointly with the World Petroleum Council (WPC), American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE), and the Society of Exploration Geophysicists (SEG) and represents the culmination of three years of work. Members of each of the sponsoring organization have contributed to the development of the draft. It updates and replaces the 2001 Guidelines for the Evaluation of Reserves and Resources.
The PRMS, approved by the SPE Board in 2007, is now in common use internationally within the petroleum industry. The guidelines provide additional information and examples on applying PRMS in reserves estimation. Together with the PRMS, it is designed to establish technically-based reserves and resources evaluation standard practices for the international petroleum industry.