Petroleum Reserves & Resources Definitions

New Reserves Classification Guidelines Available

The SPE Oil and Gas Reserves Committee (OGRC) recently released Guidelines for Application of the Petroleum Resources Management System (PRMS). The new, 221-page document replaces the 2001 “Guidelines for Evaluation of Reserves and Resources” with expanded content that is updated to focus on using the 2007 PRMS to classify petroleum reserves and resources.

The guidelines represent a collaboration of SPE, the American Association of Petroleum Geologists, the Society of Exploration Geophysicists, the Society of Petroleum Evaluation Engineers, and the World Petroleum Council. More than 40 subject-matter experts were involved in writing and review of the guidelines, headed by Satinder Purewal, chairman of the OGRC’s Applications Document Subcommittee.

Petroleum Resources Management System

Approved by the SPE Board in March 2007, this system for defining reserves and resources was developed by an international group of reserves evaluation experts and endorsed by the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, and the Society of Exploration Geophysicists. Learn about the process (PDF) by which the new definitions were developed or read a quick overview (PDF) of the PRMS for non-technical users.

Mapping of Reserve Definitions

Around the world, government agencies and other organizations use slightly different definitions. This mapping provides a comparison of many of these definitions.

Estimating and Auditing Standards for Reserves

To assist those responsible for estimating reserves, or auditing those estimates, a standard approach has been outlined, along with minimum qualifications for those involved in reserves auditing.

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