Petroleum Resources Management System (2018 version)
- _ SPE (Society of Petroleum Engineers) | _ WPC (World Petroleum Council) | _ AAPG (American Association of Petroleum Geologists) | _ SPEE (Society of Petroleum Evaluation Engineers) | _ SEG (Society of Exploration Geophysicists) | _ SPWLA (Society of Petrophysicists and Well Log Analysts) | _ EAGE (European Association of Geoscientists & Engineers)
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Petroleum resources are the quantities of hydrocarbons naturally occurring on or within the Earth’s crust. Resources assessments estimate quantities in known and yet-to-be-discovered accumulations. Resources evaluations are focused on those quantities that can potentially be recovered and marketed by commercial projects. A petroleum resources management system provides a consistent approach to estimating petroleum quantities, evaluating projects, and presenting results within a comprehensive classification framework.
International efforts to standardize the definitions of petroleum resources and how resources volumes are estimated began in the 1930s. Early guidance focused on Proved Reserves. Building on work initiated by the Society of Petroleum Evaluation Engineers (SPEE), the Society of Petroleum Engineers (SPE) published definitions for all reserves categories in 1987. In the same year, the World Petroleum Council (WPC), then known as the World Petroleum Congress, independently published reserves definitions that were strikingly similar. In 1997, the two organizations jointly released a single set of definitions for reserves that could be used worldwide. In 2000, the American Association of Petroleum Geologists (AAPG), SPE, and WPC jointly developed a classification system for all petroleum resources. This was followed by supplemental application evaluation guidelines (2001), standards for estimating and auditing reserves information (2001, revised 2007), and a glossary of terms used in resources definitions (2005). In 2007, the SPEIWPCIAAPGISPEE Petroleum Resources Management System (PRMS) was issued and subsequently supported by the Society of Exploration Geophysicists (SEG). The document is referred to by the abbreviated term SPE-PRMS, with the caveat that the full title, including clear recognition of the co-sponsoring organizations, has been initially stated. In 2011, the SPE/WPC/AAPG/SPEE/SEG published Guidelines for the Application of the PRMS (referred to as Application Guidelines).
The PRMS definitions and the related classification system are now in common use internationally to support petroleum project and portfolio management requirements. PRMS is referenced for national reporting and regulatory disclosures in many jurisdictions and provides the commodity-specific specifications for petroleum under the United Nations Framework Classification for Resources (UNFC) to support petroleum project and portfolio management requirements. The definitions provide a measure of comparability, reduce the subjective nature of resources estimation, and are intended to improve clarity in global communications regarding petroleum resources.
Technologies employed in petroleum exploration, development, production, and processing continue to evolve and improve. The SPE Oil and Gas Reserves Committee works closely with related organizations to maintain the definitions and guidelines to keep current with evolving technology and industry requirements.
This document consolidates, builds on, and replaces prior guidance. Appendix A is a glossary of terms used in the PRMS and replaces those published in 2007. It is expected that this document will be supplemented with industry education programs, best practice reporting standards, and future updates to the 2011 Application Guidelines.
This updated PRMS provides fundamental principles for the evaluation and classification of petroleum reserves and resources. If there is any conflict with prior SPE and PRMS guidance, approved training, or the Application Guidelines, the current PRMS shall prevail. It is understood that these definitions and guidelines allow flexibility for entities, governments, and regulatory agencies to tailor application for their particular needs; however, any modifications to the guidance contained herein must be clearly identified. The terms “shall” or “must” indicate that a provision herein is mandatory for PRMS compliance, while “should” indicates a recommended practice and “may” indicates that a course of action is permissible. The definitions and guidelines contained in this document must not be construed as modifying the interpretation or application of any existing regulatory reporting requirements.
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