SPE Approves New Reserves/Resources Document
- John Ritter (Chairperson, SPE Oil and Gas Reserves Committee)
- Document ID
- Society of Petroleum Engineers
- Journal of Petroleum Technology
- Publication Date
- June 2007
- Document Type
- Journal Paper
- 34 - 36
- 2007. 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.
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In the December issue of JPT, I reported on the progress that had been made developing a revised set of reserves and resources definitions. I am now honored to announce that the 2007 SPE/World Petroleum Council (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System (PRMS) has been approved by the SPE Board of Directors. The new system was approved previously by the respective boards of WPC, AAPG, and SPEE, and it is now posted on the spe.org website. Based on results of extensive industry review and broad consultation, PRMS represents the current consensus of the international stakeholders regarding resource evaluations.
Coordinated by the SPE Oil and Gas Reserves Committee (OGRC), the new system consolidates, builds on, and replaces guidance previously contained in the 1997 SPE/WPC Petroleum Reserves Definitions, the 2000 SPE/WPC/AAPG Petroleum Resources Classification and Definitions, and the 2001 SPE/WPC/SPEE Guidelines for the Evaluation of Petroleum Reserves and Resources. It should be noted that the last of these documents remains a critical reference tool in support of the new PRMS. The new document’s Appendix A, a Glossary of Terms Used in Resources Evaluations, updates and replaces that published in 2005.
The People and the Process
By late 2004, it became increasingly clear to many users that the current guidance was not sufficiently rigorous or encompassing to meet the requirements of industry stakeholders because of advancements in technology, the international expansion of the industry, and the increasing role of unconventional resources. It was clear that revisions were required to achieve a high level of consistency in estimating resource quantities. The OGRC took the lead in the update, seeking to obtain stakeholder input to fashion a system that would meet industry needs. The primary components of that process included
- Developing a mapping document (available on the SPE website) to identify best practices in eight other targeted definition systems, completed in December 2005.
- Creating eight drafts of the document, primarily within the OGRC, though with input from cosponsoring organizations, former OGRC members, and other industry professionals.
- Providing an extended industry review period of approximately 100 days. During this period, more than 120 letters were mailed to different stakeholder groups requesting comment, more than 30 presentations were made worldwide to provide awareness of the process, and emails were sent to individual SPE members, in addition to postings on the SPE and AAPG websites.
- Consolidating comments by the OGRC and drafting three additional versions of the system, leveraging advice and input from representatives of the cosponsor groups.
In all, the process took more than 2 years’ time to complete, dating from the creation of OGRC Mapping and Definitions Subcommittees in December 2004.
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