The Society of Petroleum Engineers has just published updated guidelines for users of the Petroleum Resources Management System (PRMS) a joint development between the SPE, the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers. The PRMS was used by the US Securities and Exchange Commission as the basis for its latest reserves booking regulations.
The new Guidelines align an earlier publication with the latest flavor of the PRMS, with new chapters on unconventional resource reporting. A revised chapter covers probabilistic estimation procedures. Other topics that are either new or have been updated are resource aggregation across multiple projects, ‘commercial’ evaluations and public disclosure and reporting.
The non-conventional guidelines are considered ‘work in progress’ with some details on coal bed methane and shale gas which will be expanded at a later date to include heavy oil, bitumen, tight gas and gas hydrates. Other refreshed chapters cover production measurement and operations, entitlement and ownership and a revamped list of reference terms. More from 0601.
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