Petroleum reserves and recourse estimation based on the Petroleum Resources Management System (PRMS): An overview
Time: 12:45 – 13:30, November 15
Reserves estimation is one of the most essential tasks in the petroleum industry. It is the process by which the economically recoverable hydrocarbons are evaluated quantitatively. Without a common approach to classification and estimation of oil and gas, it would be impossible to know whether evaluated assets were comparable from one company to another.
The key objectives of this talk are to review various compliant methods of preparing recourses and reserves estimates (e.g. PRMS, SEC, UNFC), and explain the impact of economics on those estimates. At the end, application of Petroleum Resources Management System (PRMS) will be presented.