Reserves and Forecasting · Module R1
Reserves and Resources — The PRMS Frame
How the Petroleum Resources Management System sorts recoverable volumes: the three resource classes, the low-best-high categories within each, development status and project maturity, and the basis behind any quoted number. It closes with how SEC filing rules differ from PRMS.
- Level
- Intermediate
- Position
- Module 1 of 8
- Video
- About 17 minutes, narrated
- Format
- Narrated video lesson with captions and slide reading view; with the certified option, a quiz whose pass unlocks the next module.
What the module covers
- Resource classes and the chance of commerciality
- 1P/2P/3P, 1C/2C/3C and 1U/2U/3U
- Cumulative categories versus incremental volumes
- Developed, non-producing and undeveloped status
- Gross, net, ultimate and remaining volumes
- Where SEC rules depart from PRMS
Learning outcomes
After the module you should be able to:
- State every volume with its class, category, status and basis.
- Label any volume with class, category, status and basis
- Convert between cumulative and incremental categories
- Explain why risked and unrisked volumes are kept apart
A short preview
Categories are cumulative, which makes it easy to double count. Suppose a field is booked at 1P 12, 2P 20 and 3P 31 million barrels. The probable increment is 20 − 12 = 8 and the possible increment is 31 − 20 = 11, so the three increments add back to 31. Adding 12 + 20 + 31 instead gives 63, more than twice the high case, and the error survives surprisingly often in summary tables that mix the two kinds of column.
Who it is for
Reservoir and production engineers, petrophysicists and geoscientists who estimate, review or report reserves and production forecasts.
Prerequisites: None required; working familiarity with production data and volumetrics helps.
Take the module in the Learning Hub
Reserves and Forecasting: Specialty course, sold separately: eight modules from PRMS classification and decline curves to type wells, material balance, aggregation and the reserves report. The lesson opens in the Learning Hub once the track is purchased; graded quizzes and the certificate come with the certified option.