Denver Section SPE and Denver Chapter SPEE

Society of Petroleum Engineers and Society of Petroleum Evaluation Engineers
Continuing Education Short Course Offering

Practical Application of Petroleum Resources Management System (PRMS)

 

 

Instructor:      John Etherington, PRA International Ltd.

Dates:            Wednesday - Thursday, October 8-9, 2008 , 8:00 AM to 5:00 PM

Location:           707 Seventeenth Street, Suite 3010 , Denver , CO 80202 (Corner of 18th and California )

0.8 CEUs (Continuing Education Units) will be awarded by JCORET for each day of this 2-day course

Course Description

In March 2007, the Society of Petroleum Engineers (SPE) released new guidelines to for the classification of petroleum reserves and resources. This Petroleum Resources Management System (PRMS) is co-sponsored by the World Petroleum Council ( WPC ), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE). 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 the first endorsed by JCORET and is presented in two sessions. Those attending day two only should already understand PRMS guidelines and be prepared to discuss implementation issues.

Day One will provide a detailed understanding of PRMS. These guidelines are the result of extensive consultation with a broad range of international stakeholders and represent their consensus, but not unanimous, agreement on recommended practices. The course discusses major issues, alternatives considered, and the logic underlying the approved guidelines.

Day Two is focused on applying PRMS. The course compares PRMS guidelines to SEC disclosure requirements and discusses a hybrid model to address both internal project management and external disclosure requirements within a single opportunity inventory. PRMS accommodates both deterministic and probabilistic resource assessment methods. This course examines advantages and disadvantages of each approach and reviews several techniques for their integration into a single inventory system. A class exercise is used to illustrate selected integration methods.

Course Contents

Day One - Understanding PRMS

♦ Introduction and Background
♦ PRMS Overview
♦ PRMS in Depth
o Project Definition
o Risk and Uncertainty
o Incremental Projects
o Unconventional Resources
o Entitlement and Recognition
♦ Summary

Day Two – Managing Your Business Using PRMS

♦ Resource Management Process
o Hybrid System Design
o PRMS/ SEC Comparison and Integration
o Classification/Categorization Issues
o Deterministic/Probabilistic Integration
♦ Class Exercise
♦ QA and QC Processes
♦ In Pursuit of Global Standards
♦ Summary

Who Should Attend

The course is designed for engineers, geologists, supervisors, managers, financial analysts, bankers, or anyone who needs to understand the industry standard to classify and report petroleum reserves and resources information.

About the Instructor
John Etherington is Managing Director of PRA International Ltd., a Calgary-based consulting firm advising industry on resources assessment, reserves disclosures, and portfolio management processes. He holds BSc and MS degrees in geology. He previously spent over 32 years with Mobil Oil in Canada , USA , and international exploration and producing assignments including five years in Mobil’s central resources audit group. John has conducted resources assessment training for both multinational and state-owned oil and gas companies -- attendees have included over 600 geoscientists and engineers from 30 countries.

John served on the SPE Oil and Gas Reserves Committee with primary responsibility for the 2006 Mapping of Major International Petroleum Resources Classification Systems and the 2007 revised SPE resources definitions project termed the Petroleum Resources Management System (PRMS). He also coordinated SPE’s interface with the United Nations Framework Classification and the International Accounting Standards Board’s Extractive Activities projects. He was a SPE Distinguished Lecturer in 2005/6. John has presented papers on resources project and portfolio evaluation issues at AAPG, CIM Petroleum Society, EAGE, and SPE conferences.

Registration

The registration deadline is September 19, 2008 . The registration fee is $450.00 to attend one day of the seminar or $600.00 for both days and is fully refundable until that time. For more details, contact Darien O’Brien, P.E. at dgobrien@forestoil.com or (303) 864-6015. Make your check payable to SPE Denver Section and mail to: Darien O’Brien, Forest Oil Corporation, 707 Seventeenth Street, Suite 3600 , Denver , Colorado 80202 . Please include the course name, your FULL name (as you would like it to appear on the course completion certificate), SPE member number (if applicable), Title, Company, e-mail address, postal address, phone and fax number. If registering for only one day, please indicate which date(s) you plan to attend.

 

Wednesday, October 08, 2008 at 8:00 AM
- to -
Thursday, October 09, 2008 at 5:00 PM (MT)

Add to my calendar

707 17th Street, Suite 3010
(Corner of 17th and California)
Denver, CO 80202

Other Maps:

Yahoo | Mapquest | Microsoft

Society of Petroleum Engineers Denver Section

Questions about On-Line Registration? Contact: Mark Shaefer, Treasurer 303-263-8235 or Tom Cryan, Webmaster 303-202-9068

	View other Society of Petroleum Engineers Denver Section events
	Contact the Host
	Subscribe to receive notifications of future events by this host View XML Feed Subscribe to RSS Feed Subscribe to Atom Feed Add to Google Add to My Yahoo! Add to My AOL Add to My MSN