Reserves and Resources Classification, Definitions, and Guidelines: Defining the Standard!
- Dennis Denney (JPT Technology Editor)
- Document ID
- Society of Petroleum Engineers
- Journal of Petroleum Technology
- Publication Date
- December 2007
- Document Type
- Journal Paper
- 63 - 67
- 2007. Society of Petroleum Engineers
- 1 in the last 30 days
- 177 since 2007
- Show more detail
- View rights & permissions
|SPE Member Price:||Free|
|SPE Non-Member Price:||USD 17.00|
This article, written by Technology Editor Dennis Denney, contains highlights of paper SPE 107693, "The 2007 SPE/AAPG/WPC/SPEE Reserves and Resources Classification, Definitions, and Guidelines: Defining the Standard!," by John R. Etherington, SPE, PRA International, and John E. Ritter, SPE, Occidental Petroleum, prepared for the 2007 SPE Hydrocarbon Economics and Evaluation Symposium, Dallas, 1-3 April.
In late 2004, a focused effort was begun to update the 1997 SPE/World Petroleum Council (WPC) Petroleum Reserves Definitions and the 2000 SPE/WPC/American Association of Petroleum Geologists (AAPG) Petroleum Resources Classification and Definitions. Evolution of the industry, driven by advancements in technology, the international expansion of the E&P sector, and the increasing role of unconventional resources in meeting global energy needs, drove the update. The 2007 system builds on previous industry efforts to provide sufficient guidance to achieve a high level of consistency in estimating resource quantities; it incorporates best practices identified in other international petroleum and minerals classification systems. Assessments may be conducted using deterministic and/or probabilistic methods. To satisfy requirements of the full range of industry stakeholders, the 2007 system introduces additional classification and categorization terminology. The resulting document is a set of technical guidelines that can be adopted by oil and gas companies to manage their business better. Moreover, it forms a standard that can be referenced by government agencies in defining reporting requirements.
All assessments of in-place and recoverable petroleum quantities, their forecast delivery profile, and associated costs and revenues have significant inherent uncertainty. However, it is essential for future planning that governments, lenders, investors, and producers have access to consistent and reliable assessments, and that results be presented in a common format to communicate these underlying risks and uncertainties. The task of creating and maintaining the framework and language to support such communication has been assumed primarily by a consortium of professional societies: SPE, WPC, AAPG, and the Society of Petroleum Evaluation Engineers (SPEE). Their work is coordinated through the SPE Oil and Gas Reserves Committee (OGRC).
The OGRC was charged to recommend revisions and clarifications to maintain a standard for petroleum evaluations. The 2007 petroleum reserves and resources classification, definitions, and guidelines has been titled the Petroleum Resource Management System (RMS) (SPE 2007) and is hereinafter referred to as SPE-RMS or simply the SPE system; this label is intended to recognize the valuable contributions of the cosponsoring organizations (WPC, AAPG, SPEE), without whose input the resulting product would not have been generated.
|File Size||332 KB||Number of Pages||5|