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.

The PRMS provides a framework for classifying and categorizing hydrocarbon resources. Understanding the PRMS and correctly applying the concepts can sometimes be challenging. In this series, examples are presented to illustrate proper interpretations of principles, terms, and concepts. New examples will be added as they are developed and produced.

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.