Managing Your Business Using PRMS and SEC Standards Management and Information

John Etherington, Rawdon Seager

Description

This course is an overview of SPE’s Petroleum Resources Management System (PRMS) and the recently revised US Securities and Exchange Commission (SEC) regulations. The PRMS is an industry standard approach to classifying petroleum resources. Portfolio managers use it to support their evaluations and decisions. Publicly traded companies listed on US stock exchanges are also obligated to report a portion of their assets according to SEC reserves disclosure rules. Although SEC rules are now more closely aligned with PRMS guidelines, there are important differences. This course compares the key features of PRMS and SEC regulations, and explains how companies may combine the two standards to better manage their business. The use of reliable technology in defining proved reserves limits, SEC supplemental guidance and comparison of SEC and PRMS guidelines will be discussed.

Topics Include:

  • PRMS project background
  • Major principles and key guidelines in PRMS
  • How PRMS captures risk and uncertainty
  • Assessing and reporting unconventional resources
  • Changes in SEC disclosure requirements
  • New pricing requirement
  • The concept of “Economic Producibility”
  • The use of reliable technology in defining proved reserves limits
  • SEC supplemental guidance
  • Comparison of SEC and PRMS guidelines
  • Reporting requirements and control processes
  • PRMS support for resources, project and portfolio management
  • Integrating internal business management and external disclosures
  • Improving quality assurance in resource evaluations

At the end of this course, participants should have an understanding of:\

  • Changes in SEC disclosure requirements
  • New pricing requirement
  • The concept of “Economic Producibility”
  • Reporting requirements and control processes
  • International reserves and resources systems
  • Integrating internal business management and external disclosures
  • Improving quality assurance in resource evaluations

Learning Level

Intermediate

Course Length

1 Day

Why You Should Attend

It’s critical for resource managers to keep up with the latest regulations. This course can save you days of research and reading on your own.

Who Should Attend

The course is designed for professionals involved in estimating, classifying, and reporting petroleum resources. It is also for those who use reports of petroleum reserves and resources based on SPE’s Petroleum Resources Management System (PRMS), and the recently revised US Securities and Exchange Commission (SEC) regulations.

CEUs

0.8 CEUs (Continuing Education Units) awarded for this 1-day course.

Cancellation
Policy

To receive a full refund, all cancellations must be received in writing no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Send cancellation requests by email to trainingcourses@spe.org; by fax to +1.866.460.3032 (US) or +1.972.852.9292 (outside US); or mail to SPE Registration, PO Box 833836, Richardson, TX 75083.

For more details, please contact us at trainingcourses@spe.org.

Instructors

John EtheringtonJohn Etherington is managing director of PRA International, a Calgary-based consulting firm advising industry on resources assessment, reserves disclosures, and portfolio management processes. Etherington has a BSc and PhD in geology. He spent more than 32 years with Mobil Oil in Canada, the US, and international assignments. Etherington served on the SPE Oil and Gas Reserves Committee with primary responsibility for the 2007 PRMS project. He also coordinated SPE’s interface with the United Nations Framework Classification and the International Accounting Standards Board’s Extractive Activities projects. He was an SPE Distinguished Lecturer in 2005–2006, has presented papers on resources evaluation issues at AAPG, EAGE, and SPE conferences, and has conducted training for more than 950 geoscientists and engineers from 40 countries.

Rawdon Seager is currently projects director and chief reservoir engineer for Gaffney Cline and Associates’ (GCA’s) western hemisphere headquarters in Houston, Texas. Seager’s main responsibilities include internal quality assurance for technical projects and providing clients with advice regarding reserve and resource evaluation and reporting. He has also provided expert testimony at international arbitrations. Seager has spoken at various industry events as well as presenting in-house and public courses to clients on estimating, classifying and reporting of reserves. Seager began his career in 1972 as a petroleum engineer with Shell International in Malaysia with later assignments in Brunei, the Netherlands, and Australia. In 1980 he joined Roy M. Huffington in Indonesia where he became petroleum engineering manager before joining GCA in 1985 with whom he has held senior positions in the United Kingdom, Singapore, Argentina, Venezuela and the USA. He has a BS in physics from Bristol University, England and an MS in petroleum engineering from Imperial College, London.

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