The objective of the short course is to provide those involved in the annual reserves reporting cycle with the knowledge to apply PRMS Guidelines to oil and gas assets, from exploration through to mature field opportunities.
The course is designed for geoscientists, reservoir / petroleum engineers and commercial professionals. Reporting requirements involve subsurface, planning, economic, commercial and costing inputs and the integration of these disciplines is key to success. It is encouraged that all disciplines attend the course simultaneously.
Duration
Learning Level
PRMS documentation: Short history, documents available from
SPE et al.
PRMS Framework: Project based evaluation; Typical annual reserves reporting cycle
Classification: Petroleum Initially In Place (PIIP) definitions; Maturity levels (PR, CR, Reserves); What constitutes discovery and commerciality (Pg, Pc): Sub-classes of PR, CR, Reserves (JD,AD, PUD,PD); Examples and quiz time
Categorisation: Ranges of uncertainty; Probabilistic methods (P90,P50,P10); Deterministic methods (L,M,H); Forecasting methods used by subsurface team; DCA, MBAL, modelling overview
Ambiguities, and potential pitfalls In Classification and Categorisation: Split classification – how to avoid it; Examples of contentious cases
Range estimation: Human bias heuristics; Examples
Cut-offs of profiles: Cessation of Production (COP), Economic Limit (EL), Technical Limit (TL), Licence expiry. First limit principles; Examples
Product price and cost assumptions: Internal and published price decks, gas sales agreements; Example sources (WoodMac, futures market, auditor’s view)
Entitlement: Fuel and flare, impurities, royalty, tariffs, working
interest (WI)
Incremental projects & economic tests: Double dipping, impact on the base, sequencing of increments
Portfolio resource booking; Aggregation of reserves – PRMS guidelines; Probabilistic vs arithmetic (implication of adding P90s); Corporate metrics – reserves replacement ratio (RRR) and Reserves/Production (R/P) ratio
Treatment of hubs and tie-ins: What additions can extend hub life and how to book
Engagement: Partners, Government, Market, Society
Prepare for audit: Recommendations for a smooth process
Duration is 1.5 days.
BSc, MBA
40+ years - reservoir engineering, economics and risk analysis
Mark develops and runs courses in Early Development, Business, Uncertainty & Risk and Reservoir Engineering series. He is a recognised and practising reserves auditor under PRMS requirements. With a career at Shell, TRACS and AGR. Author of ‘Petroleum Economics and Risk Analysis’ and ‘Hydrocarbon Exploration and Production’, an SPE distinguished lecturer.
Energy transition and renewables
Early development
E&P overview
Reservoir
Wells
Business
Open air
Uncertainty and Risk
e-Products
