An Update of the Global Standard in Reserves/Resources Classification and Definitions
- Dan DiLuzio (SPE Oil and Gas Reserves Committee)
- Document ID
- Society of Petroleum Engineers
- Journal of Petroleum Technology
- Publication Date
- September 2018
- Document Type
- Journal Paper
- 74 - 77
- 2018. Copyright is retained by the author. This document is distributed by SPE with the permission of the author. Contact the author for permission to use material from this document.
- 2 in the last 30 days
- 77 since 2007
- Show more detail
- View rights & permissions
|SPE Member Price:||Free|
|SPE Non-Member Price:||USD 17.00|
How Did We Get There?
An OGRC Update Subcommittee was formed in 2014 to critically review the 2007 document based on industry feedback gathered during a series of workshops over the intervening 7 years. OGRC subgroups examined how the document should be improved and advanced to better support the full range of stakeholders using a standard project-based assessment process while maintaining the key principles. Numerous discussions were held between the sponsoring societies, OGRC members, and other industry experts to develop and refine the draft prior to public comment.
The document was posted for a 90-day public comment period beginning on 15 August 2017. At that time, over 250 personalized letters were distributed announcing the proposed update and requesting feedback from consulting and financial firms, government agencies, and E&P companies. The OGRC Update Subcommittee compiled and assimilated the public responses and made corrections, updates, and clarifications. This draft was submit-ted to the sponsoring societies and the other OGRC members for input and discussion leading to the final version.
The updated document was then approved by SPE and the six co-sponsoring organizations:
- World Petroleum Council (WPC)
- American Association of Petroleum Geologists (AAPG)
- Society of Petroleum Evaluation Engineers (SPEE)
- Society of Exploration Geophysicists (SEG)
- Society of Petrophysicists and Well Log Analysts (SPWLA)
- European Association of Engineers and Geoscientists (EAGE)
The PRMS also provides the commodity-specific specifications for petroleum under the United Nations Framework Classification for Resources (UNFC).
The updated PRMS is now posted at www.spe.org/industry/reserves.
Major Principles Retained
PRMS continues to utilize the same foundation principles contained in the PRMS 2007 document:
- The system is “project-based”
- Classification is based on a project’s chance of commerciality
- Categorization is based on recoverable uncertainty
- The base case uses evaluator’s forecast of future conditions
- Provides more granularity for project management
- Estimates based on deterministic and/or probabilistic methods
- Applies to both conventional and unconventional resources
- Reserves/resources are estimated in terms of the sales quantities and allowing for fuel consumed in operations (CiO) when reported separately
- Net resources are allocated based on contractual entitlement
|File Size||2 MB||Number of Pages||4|