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.
Upon completion of this course, participants will be able to:
- Place resources into appropriate classifications
- Place resources into appropriate categories within classes
- Place reserves into appropriate statuses
- State key changes in the 2018 PRMS update
- Find and use key section of the PRMS document
- Summarize key reserves reporting requirements
- Interpret reserves guidance issued by SEC staff
The course is intended those who involved in business activities include consideration of development and production of petroleum resources and economic valuation of these resources (including property purchases and sales).
- Reserves analyst
- Reservoir engineers
- Basic or Foundation
To further optimise your learning experience from our courses, we also offer individualized “One to One” coaching support for 2 hours post training. We can help improve your competence in your chosen area of interest, based on your learning needs and available hours. This is a great opportunity to improve your capability and confidence in a particular area of expertise. It will be delivered over a secure video conference call by one of our senior trainers. They will work with you to create a tailor-made coaching program that will help you achieve your goals faster.
Request for further information post training support and fees applicable