The Board of Directors of the Society of Petroleum Engineers (SPE) has approved a new petroleum resources classification system following two years of collaboration between the SPE, the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).
Coordinated by the SPE Oil and Gas Reserves Committee (OGRC), the new ‘Petroleum Resources Management System’ consolidates and replaces previous classification systems from the above organizations.
OGRC chair John Ritter explained, ‘By late 2004, it became clear that current guidance failed to meet the requirements of industry stakeholders due to advancements in technology, internationalization and the growth of unconventional resources. The 2007 system provides a high level of consistency in estimating resource quantities, incorporating best practices identified in other international petroleum and mineral classification systems.’ The fruits of the OGRC’s effort are available at www.spe.org/reservesdef.
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