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2018 PRMS - A review of Changes and Differences of: Commercial vs. Economic and EUR vs. TRR Featured Image

2018 PRMS - A review of Changes and Differences of: Commercial vs. Economic and EUR vs. TRR

Commercial vs. Economic With the 2018 update to PRMS, the evolution of this important document continues with clarifications of existing terms and concepts as well as introductions of new terms. One constant has been the requirement of “commerciality” as an element of reserves. To ensure PRMS users distinguish “commercial” from “economic”, this online training course explains both terms. Also, related terms, like “economic limit”, are explained along with some FAQs on economic topics. Estimated Ultimate Recovery vs. Technically Recoverable Resources A new term, Total Resource Recovery (TRR), is introduced in 2018 PRMS to complement another previously used resource potential related term, Estimated Ultimate Recovery (EUR). The [presentation/talk/slide show] defines both terms and a new related term, Technical Forecast, to explain their meaning, use and the differences between these terms.

Impact of Low or Volatile Oil Prices on Reserves and Resources Estimates Featured Image

Impact of Low or Volatile Oil Prices on Reserves and Resources Estimates

Oil price and cost estimates are important inputs into reserves and resources assessments.  How do changes to oil price impact reserves assessments?  The impact will depend on various factors such that a fall in oil price may increase, decrease or have no impact on reserves. Oil prices and forecasts are used differently within common classification systems such as PRMS and SEC.  This webcast will outline how changes in oil price impact reserves in theory and with practical industry examples.

Petroleum Resources Management System (PRMS): Maintaining the Global Standard and Addressing Key Concerns

The SPE Oil and Gas Reserves Committee together with the six PRMS Sponsor Societies (WPC, AAPG, SPEE, SEG, SPWLA and EAGE) completed an update to the 2007 Petroleum Resources Management System (PRMS) in June of 2018. The PRMS is the industry’s recognised standard for resources classification and management with the majority of the earth’s resources citing linkage to the PRMS. The presentation will recall the reasons why Resource definitions were needed over 100 years ago, SPE’s involvement from 1962 to the current PRMS that is recognized as the globally referenced language of Reserves and Resource evaluation. The fundamentals of the PRMS, its key principles of the resources classification framework and relation to a project are reviewed. A few of the commonly encountered issues in resource evaluations are presented and, in closing, these hot topic areas are discussed with examples to provide clarity in everyday application. Presented by Dan DiLuzio

Exploring the Petroleum Resources Management System (PRMS 2018) Featured Image

Exploring the Petroleum Resources Management System (PRMS 2018)

This course provides an overview of the 2018 update of the SPE Petroleum Resources Management System (PRMS). Duration: 7.5 hours Expiration: This course expires 12 months from date of registration. Content: Fundamentals of PRMS. Resources Classifications. Details of Resources Categories. Resources Assessment Methods. Key Changes in PRMS 2018 Update. Navigating in the PRMS Document.

Module 2: SEC Reserves Reporting Requirements Featured Image

Module 2: SEC Reserves Reporting Requirements

As part of its reserves modernization effort in 2008, the SEC issued new requirements for reporting reserves in filings with the Commission. These reserves reporting requirements have no parallel in either PRMS or in pre-2008 SEC regulations. This module will summarize major SEC reporting requirements. *********************** This webinar is part of a series. This four-part webinar series will cover the reserves reporting regulations of the U.S. Securities & Exchange Commission. Presented by Professor John Lee Series: Module 1: SEC Reserves Definitions Module 2: SEC Reserves Reporting Requirements Module 3: SEC Guidance for Reserves Reporting Module 4: Recent Information from the SEC

Module 1: SEC Reserves Definitions Featured Image

Module 1: SEC Reserves Definitions

The SEC issued its latest definitions to be used as the basis for reserves filings in late 2008. These definitions are broadly similar to the definitions presented in the SPE Petroleum Resources Management System (PRMS), but differ in significant ways in a few instances. This module will review the major SEC definitions and will identify major contrasts with PRMS. *********************** This webinar is part of a series. This four-part webinar series will cover the reserves reporting regulations of the U.S. Securities & Exchange Commission. Presented by Professor John Lee Series: Module 1: SEC Reserves Definitions Module 2: SEC Reserves Reporting Requirements Module 3: SEC Guidance for Reserves Reporting Module 4: Recent Information from the SEC

Petroleum Reserves Estimates – Where we Have Been, Where we Are and Where we Appear to be Headed Featured Image

Petroleum Reserves Estimates – Where we Have Been, Where we Are and Where we Appear to be Headed

This presentation clarifies what the term “oil and gas reserves and resources means in several contexts. All reserves estimates must be based on a sound understanding of the prevailing definitions and the value of adequate high-quality data. Trained, ethical and independent reserves evaluators must interpret and present these estimates. The term “independent" should apply to internal reserves staff as well as third-party reserves evaluators. This presentation will describe ongoing efforts by the sponsors of the Petroleum Resources Management System (PRMS) issued in 2007 to engage evaluators worldwide to begin to explore evolutionary modifications to the PRMS embracing geological appraisal and technological advances since 2007. Included also will be a listing of many countries and stock exchanges adopting all or part of the PRMS for their regulatory reporting and governance. Presented by Ron Harrell

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