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Mastering Petroleum Reserves Estimation, Classification and Reporting
The evaluation and reporting of petroleum resources is an integral part of a petroleum company’s project and portfolio management process. Without an accepted classification and reporting standard, it will be difficult to objectively compare projects internally and for external agencies and investors to compare company assets and performance.
This course provides guidance on industry reporting standards based on the Society of Petroleum Engineers (SPE) Petroleum Resources Management System (PRMS). PRMS is compared to the new US Securities and Exchange Commission (SEC) disclosure rules and the reporting requirements in other selected agencies.
PRMS is jointly sponsored by the SPE, the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE) and endorsed by the Society of Exploration Geophysicists (SEG).
These same sponsors have formed a Joint Committee for Reserves Evaluator Training (JCORET) to review and endorse training courses in the area of resources assessment and reporting. This course is endorsed by JCORET; attendees are provided certificates of completion and registered for CEU credits.
Course Objectives :
- GAIN an overview of the Petroleum Asset Life Cycle and key parameters, data and info needed for Reserve Estimations.
- Gain an overview of international reserve estimation guidelines and reporting practice
- UNDERSTAND the key definitions and classification guidelines for reserves and resources
- DISTINGUISH between the various terminologies used in defining reserves and resources
- DETERMINATION of Reserves by analogy volumetric techniques; by material balance, and focus with hands on exercises on
- DETERMINATION of Reserves from conventional production data analysis and advanced decline curve analysis.
- INTEGRATE both deterministic and probabilistic approaches to calculate reserves
- OVERCOME the uncertainty faced in performing reserve estimation methodologies
- APPLY the international reserve standards to accommodate and manage unconventional resources
- LEARN about various compliant methods of generating and interpreting reserves report
Specially Designed for :
The course is designed for technical personnel and professionals involved in estimating, classifying, and reporting, or using reports of, petroleum reserves and resources based on SPE’s Petroleum Resources Management System (PRMS) and the US Securities and Exchange Commission (SEC) recently revised regulations. They include: Reservoir, Petroleum Engineers, Geoscientists, Project, Reserves and Engineering Managers, Accounting and Finance, Legal Counsel
Course Outline :
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