ADVERTISEMENT

PRMS Classifications: Updated Methodology for Resource Inventory Management

This paper presents a methodology that provides the upstream industry with a robust approach to petroleum inventory management. The authors describe the proper order of movements of resources within the Petroleum Resources Management System (PRMS) classification structure from Prospective Resources to Contingent Resources, to Reserves (and back). The methodology describes the causes of change in classification and what these changes mean when classifying Reserves as well as what are termed resources other than reserves (ROTR).

Introduction

The PRMS provides a framework for classifying petroleum resources as Reserves, Contingent Resources, or Prospective Resources, and uses the terms “classify” and “categorize” when placing resources into inventory. Classification depends on the chance of commerciality, and categorization depends on the certainty of recovery. Resources can then be subclassified within a given class on the basis of the differences in their chance of commerciality. The definitions of the subclasses for Reserves, Contingent Resources, and Prospective Resources are presented in Table 1 of the complete paper.

The subclasses of Reserves (On Production, Approved for Development, and Justified for Development) are related to progressing a project though final approvals to implementation and initiation of production and product sales.

This article, written by JPT Technology Editor Chris Carpenter, contains highlights of paper SPE 195298, “Defining and Deriving the Proper Order of Movements From Prospective Resources, to Contingent Resources, to Reserves (and back),” by Nefeli Moridis, SPE, Morgan Quist, SPE, and W. John Lee, SPE, Texas A&M University; Wayne Sim, SPE, Aucerna; and Thomas Blasingame, SPE, Texas A&M University, prepared for the 2019 SPE Western Regional Meeting, San Jose, California, USA, 23–26 April. The paper has not been peer reviewed.
...
This article is reserved for SPE members and JPT subscribers.
If you would like to continue reading,
please Sign In, JOIN SPE or Subscribe to JPT

PRMS Classifications: Updated Methodology for Resource Inventory Management

01 December 2019

Volume: 71 | Issue: 12

No editorial available

ADVERTISEMENT


STAY CONNECTED

Don't miss out on the latest technology delivered to your email weekly.  Sign up for the JPT newsletter.  If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.

 

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT