About this Training

PRMS (Petroleum Resources Management System) and SEC (U.S. Securities and Exchange Commission) reserves reporting regulations are two distinct frameworks used in the oil and gas industry for reporting hydrocarbon reserves and resources. This course will present the elements of the Petroleum Resources Management System (PRMS) and its resources classification framework, a systematic way of placing all petroleum initially in place in an accumulation into a convenient inventory. Resources are classified based on their probabilities of becoming commercial and placed into categories within classes based on their relative certainty of being produced. We will focus on economic criteria for classification as reserves. We will illustrate application of principles with frequent discussion questions about interpretation of PRMS. This course will also provide a full description of the modernized SEC reporting regulations, including definitions, reporting requirements, and guidance provided by the SEC staff.