Oil and Gas Reserves Estimation (SPE-PRMS)

Overview

Reserves are the foundation of an oil and gas company's value. They underpin investment decisions, financing, government reporting and stock market disclosures, so they must be estimated consistently, documented clearly and classified according to recognised rules. This course explains how that is done using the SPE Petroleum Resources Management System (PRMS), the most widely used framework worldwide. Participants learn the definitions of reserves, contingent resources and prospective resources, the meaning of 1P, 2P and 3P, and the criteria for commerciality and project maturity. They then practise the main estimation methods, volumetric, analogue, decline curve, material balance and simulation, and learn how to handle uncertainty with deterministic and probabilistic approaches. The course also covers reporting, audits and the differences between PRMS and regulatory rules such as SEC.

Objectives

• Apply the SPE-PRMS classification and categorisation framework
• Distinguish reserves, contingent resources and prospective resources
• Estimate volumes using volumetric, analogue, decline and material balance methods
• Handle uncertainty with deterministic and probabilistic methods
• Apply commerciality and project maturity criteria
• Prepare and document reserves reports for internal and external audiences

Who should attend

Training methodology

Definitions are explained through decision flowcharts and examples, then tested on a series of classification exercises based on realistic project situations. Participants estimate volumes for sample fields using several methods and compare the results, build simple probabilistic models in spreadsheets, and reconcile changes between annual reserves reports. Discussion of audit findings shows where estimates are most often challenged. A comprehensive classification and estimation exercise is followed by a final assessment.

Programme outline

Dates and fees

Fees are in GBP. per delegate.

Certificate

Frequently asked questions