This course provides an overview of the 2018 update of the SPE Petroleum Resources Management System (PRMS).

With the 2018 update to PRMS, the evolution of this important document continues with clarifications of existing terms and concepts as well as introductions of new terms. One constant has been the requirement of “commerciality” as an element of reserves. To ensure PRMS users distinguish “commercial” from “economic”, this online training course explains both terms. Also, related terms, like “economic limit”, are explained along with some FAQs on economic topics.

A new term, Total Resource Recovery (TRR), is introduced in 2018 PRMS to complement another previously used resource potential related term, Estimated Ultimate Recovery (EUR). The [presentation/talk/slide show] defines both terms and a new related term, Technical Forecast, to explain their meaning, use and the differences between these terms.

With excerpts taken from the 2018 Hydrocarbon Economics and Evaluation Symposium, this course provides an overview of the key changes in the 2018 Update, practical examples for interpreting common issues, and usage of the PRMS in regulatory environments.