Fundamentals of SPE-PRMS
Disciplines: Management | Reservoir
Course Description
This 1-day course presents the fundamental components of the Petroleum Resources Management System (PRMS) of the Society of Petroleum Engineers (SPE) and provides examples of classification of recoverable volumes of oil and gas in prospective resources, contingent resources, and reserves as the prospects advance towards maturity.
At the end of the workshop, participants will fully understand the PRMS and how to allocate recoverable volumes to the appropriate reserve categories or resources, and to the project's maturity sub-class. The theoretical material of the course is complemented with exercises to strengthen the concepts on which the PRMS is based.
The resource definitions and course reservations will focus on the specific methodologies used in the PRMS, but they will also compare the classification system and definitions with those used in the Securities and Exchange Commission (SEC), the Canadian Oil and Gas Evaluation Handbook (COGEH), and other regulatory bodies.
Topics
- Principles of PRMS Classification of reserves
- Prospective & contingent resources
- Project maturity sub-classes
- Conventional and unconventional classifications
- Risk
- Estimation and categorization of uncertainty
- Categorization examples and comparisons
Learning Level
Introductory to Intermediate
Course Length
1 Day
Why Attend
PRMS is one of several sets of classification guidelines used for internal and external reporting and inventorying of petroleum assets. Comparable to the Canadian Oil & Gas Evaluation Handbook (COGEH) in Canada and the Securities and Exchange Commission (SEC) in the USA, SPE-PRMS is considered to be the international standard for reporting petroleum resources by companies listed on international stock exchanges. For private companies and investors, PRMS provides a guideline for internal asset management and evaluation.
Who Attends
This course is designed for anyone who wants to understand the concepts applicable to PRMS, including:
- Engineers
- Geoscientists
- Land professionals
- Technologists
- Accountants
- Legal professionals
- Financial investors
- Business development
- Government and regulatory advisors
Special Requirements
Not applicable
CEUs
0.8 CEUs are offered for this course
Cancellation Policy
All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Refunds will not be given due to no show situations.
Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.
SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.
We reserve the right to substitute course instructors as necessary.
Instructor
Art McMullen is regional director for the Asia Pacific region at Sproule. He has over 35 years of technical and management experience in the oil and gas business, including extensive knowledge in many areas of coalbed methane, and both conventional and unconventional oil and gas. Art specializes in reporting on petroleum assets to standards required by securities exchanges around the globe and instructs courses on the topic. He also provides advisory services on mergers, acquisitions, and disposition. Art has project experience in Canada, Australia, Indonesia and the United States and is responsible for expanding Sproule’s services in Asia Pacific today.
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