PRMS 2018 Update, Examples, and Usage: Excerpts from HEES


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.

Duration: 4 hours, 58 minutes

Expiration: This course expires 12 months from date of registration.


  • PRMS Journey to the Update in 2018
  • The 2018 PRMS and Key Updates
  • Panel Session: Stakeholder Views of PRMS's Evolution and Value
  • Introduction to PRMS Examples Initiative
  • PRMS Example: Practical Use and Understanding the Difference between Estimated Ultimate Recovery (EUR) and Technically Recoverable Resources (TRR)
  • PRMS Example: Clarification of Economic Viability and Commerciality of Projects
  • Quantifying the Differences between the SEC Regulations and the SPE PRMS
  • Perspectives on Value and Cash Flow of Reserves and Resources from Banking and Financing Views
  • Addressing Concerns and Misconceptions of Stakeholders

This webinar is categorized under the Reservoir discipline.  

Daniel DiLuzio

Reserves Manager, Newfield Exploration

Dan has 33 years of global industry experience and has been employed by Shell International, Total E&P and Encana in various engineering and management roles in development, operations, country management, business development, reserves, and reservoir engineering.  Dan holds BS and MS degrees in Petroleum Engineering from Louisiana State University.  Dan is a member, and prior chair, of the SPE Oil and Gas Reserves Committee (OGRC) since 2011 and was recently lead of the PRMS Update subcommittee.  He has served as SPE’s representative to the United Nations on classification of resources (UNFC), and various committees for resource evaluation ATWs.

D. Ronald (Ron) Harrell

Chairman Emeritus, Ryder Scott Company, Petroleum Consultants

Mr. Harrell is a Petroleum Engineering graduate of Louisiana Tech University and continues as Chairman Emeritus of Ryder Scott Company, Petroleum Consultants.   Ron remains active in the industry as a licensed engineer in three states and serves on several Management and Advisory Boards including corporations, not-for-profit organizations and three universities. He is a Senior Advisor to RSK(UK)LTD, Board member of eCORP International plus Energy Advisory positions for The Carlyle Group and Morgan Stanley private equity energy divisions. 

He is a founding member and immediate past Chairman of the UH Petroleum Engineering Advisory Board and an active member of the UH Subsea Engineering Program since its formation. Further, he is a founding member and Vice Chairman of the College of Engineering Advisory Board for Houston Baptist University. 

Society of Petroleum Engineers (SPE) awards include the Legion of Honor (2007), Gulf Coast Section Reservoir Description and Dynamics Award (2007), SPE Distinguished Member Award (2007), SPE – AIME Mineral Economics Award (2009) and the Gulf Coast Section Public Service Award (2012). He served as an SPE Distinguished Lecturer in 2007-2008 delivering 34 lectures in 17 countries. He remains a member of SPE’s Distinguished Lecturers Selection Committee and is a peer reviewer for SPE M&I technical papers. Further, he serves as SPEE’s Observer on the SPE Oil & Gas Reserves Committee (OGRC).          

Ron has provided expert engineering testimony before several regulatory agencies in Washington D.C., Arkansas, Florida, Louisiana, Mississippi and Texas as well as US Federal Courts in Washington D.C., Alaska, California, Colorado, Louisiana, Kentucky and Texas. He has testified before state courts in Alabama, California, Kansas, Louisiana, Mississippi, Oklahoma, Texas and West Virginia. He has testified in International Chamber of Commerce arbitrations involving petroleum reserves and resources in North America, Italy, Jordan and Turkmenistan.

Dan Olds

Managing Senior Vice President and Board of Directors Member, Ryder Scott Petroleum Consultants

Prior to joining Ryder Scott in 2001, Dan served as a manager of the energy consulting group of PricewaterhouseCoopers, engineering manager of Wintershall Energy, as well as reservoir and drilling positions with Tricentrol Resources and Cities Service Oil Company.  He received his BS in petroleum engineering at West Virginia University and an MBA from the University of Houston. 

At Ryder Scott, Olds has worked on projects on a world-wide basis, with responsibility for evaluations done to SEC, PRMS, and NI-151 standards.  He is responsible for projects in the far east and middle east, as well as North America.  He is a member of the audit groups of several major oil companies, as well as working with several national oil companies. 

Olds is a licensed engineer in the state of Texas, a past president of the Society of Petroleum Evaluation Engineers and a current member of the SPE Oil & Gas Reserves Committee (OGRC). He served on the OGRC subcommittee that was responsible for drafting the current version of SPE-PRMS.

Rawdon Seager

Chief Reservoir Engineer and Global Director of Quality Assurance, Houston, Gaffney, Cline & Associates’

Mr. Seager is a reservoir engineer with over 45 years of experience in the international oil and gas arena and has carried out numerous field studies, reserves assessments, and asset evaluations.  He has also given expert testimony during arbitration hearings. 

Throughout his career, Rawdon has been deeply involved with the proper evaluation and reporting of oil and gas reserves and resources, a subject on which he now provides clients with advice and training.  Rawdon has spoken at various industry events as well as presenting in-house and public courses to clients on matters relating to reserves estimation, classification and reporting.  He is currently based out of Houston at Gaffney, Cline & Associates’ western hemisphere headquarters, where he is Chief Reservoir Engineer as well as Global Director of Quality Assurance. 

Rawdon began his career in 1972 as a Petroleum Engineer with Shell International in Malaysia, Brunei, the Netherlands and Australia. In 1980 he joined Roy M. Huffington, Inc. in Indonesia where he became Petroleum Engineering Manager, before joining GCA in 1985 with whom he has held senior positions in the United Kingdom, Singapore, Argentina, Venezuela and the USA. 

He has a BSc (Honors) in Physics from Bristol University, England and an MSc (Distinction) in Petroleum Reservoir Engineering from Imperial College, London.  Rawdon is a member of the SPE (Past-Chairman of the Oil and Gas Reserves Committee), SPEE (past member of the Board of Directors and current Vice-Chair of the Reserves Definitions Committee), the American Association of Petroleum Geologists and the UK Energy Institute. He is a Chartered Petroleum Engineer in the UK and is registered as a European Engineer with FEANI.

Steve McCants (Moderator)

Steve McCants has over forty-two years of experience working in various positions of increasing responsibility. He most recently formed Rivercrest Oil and Gas with a focus on consulting and M&A Evaluations for clients.  Prior to this he was Head of Reservoir Engineering at CC Energy Service Inc, he held positions in Occidental Petroleum Corporation (Oxy) as Chief Subsurface Manager for the Mid-Continent Region, Director of Reserves and worked in the Corporate Reserves Group. Additionally, he worked for Altura Energy, a limited partnership formed in 1997 through a combination of the former Amoco Corporation and Shell properties in the Permian basin. He began his career with Amoco Production Company. Steve has a B.S. in Industrial Engineering and is a member of the Society of Petroleum Engineers (SPE) serving in many positions in the Gulf Coast Section, including Chairman. He also served on the PRMS 2018 update committee and served as the Oil and Gas Reserves Committee (OGRC) Chairman for SPE in 2019-2020.

Dr. Luis F. Quintero

Formation and Reservoir Solutions, Chief Advisor – Production Management, Halliburton

Dr. Quintero was President of the Society of Petrophysicists and Well Log Analysts (SPWLA) from 2016-2017, Vice-President Technology and the recipient of the Medal of Honor for Career Services of SPWLA. Prior to joining Halliburton, he worked as President and Technical Leader of Oilfield Development Specialists (ODS). He obtained a B.S. in Electronic Engineering from Universidad Simon Bolivar (Venezuela), and M.Sc. and Ph.D. degrees in Petroleum Engineering from Louisiana State University.

Luis started his career in 1984 as a wireline engineer in Bhubaneswar and Assam in India (offshore and onshore). He later advanced to positions in petrophysics, reservoir engineering, business development, financial analysis, project management and production management in over 40 countries. Luis is currently a member of the Oil and Gas reserves Committee (OGRC), a member of SPE's Legion of Volunteers, has been a Technical Editor of SPE Reservoir Evaluation, and the winner of SPE’s International PhD Student Contest.

Throughout his career he has had the privilege of offering his thoughts about the oil and gas industry in keynote speeches in India, Colombia, London, Houston, Japan, Kuwait, Nigeria, and Saudi Arabia. Dr. Quintero has written for the World Energy Monthly Review and offered TV interviews in the UK, Azerbaijan, and Colombia.

Abhijit Gadgil

Head of Petroleum Reserves, BHP

Mr. Gadgil has a Bachelor’s Degree from the Indian Institute of Technology Bombay and a Master’s degree from Rice University in Chemical Engineering. He has 37 years of petroleum industry experience in a variety of roles. Abhijit began his career with Mobil Oil in 1981, gaining increased levels of responsibility in the US and overseas. He worked for 11 years in UK and then in Germany in management positions in reservoir engineering and reservoir development. He returned to the US in 1997 as Manager of Corporate reserves. He continued his career with ExxonMobil in 2000 also as Manager of Corporate reserves. In 2013 Abhijit joined BHP as their Head of Petroleum Reserves. In his career across Mobil, ExxonMobil and BHP, Abhijit was the manager of Corporate Petroleum reserves for 20 years. Abhijit has been a member of the Society of Petroleum Engineers (SPE) for 37 years. He served on the board of the SPE Oil and Gas Reserves Committee (OGRC) from 2004 to 2007 and continues to be active in the OGRC.

Rod Sidle

Independent Consultant

Mr. Sidle is an independent consultant serving training provider PetroSkills, software provider Aucerna and other oil and gas industry clients. His industry experience, including 35 years with Shell Oil Company/Royal Dutch Shell, has primarily been in reservoir engineering and economics with a focus on reserves estimation. Rod is a member of the Society of Petroleum Evaluation Engineers (SPEE), where he is currently the Chair of the Reserves Definition Committee, and a former member of the Board of Directors. He is also a member of SPE and previously served as SPE Distinguished Lecturer and member of the SPE Oil and Gas Reserves Committee (OGRC). Since retiring from Shell, Rod has worked as a lecturer on project evaluation at Texas A&M University in the Petroleum Engineering Department; a Director of Reserves at Occidental Oil and Gas Corporation; and the Reserves Manager for Sheridan Production Company, a privately funded oil and gas producer.  He has co-authored seven SPE papers, primarily on reserves related topics.

Dr. Avi Chakravarty

Senior Consultant, Global Reserves Group, Chevron

Dr. Chakravarty holds a BS in Mechanical Engineering and a PhD in Computational Fluid Mechanics and Heat Transfer, both from Imperial College in London.  In his 31 year career at Chevron he has held various positions including working offshore in the North Sea as a production engineer, managing NOJV teams in the UK,  leading Simulation Consulting teams in San Ramon and Aberdeen, and more recently working in the Global Reserves as Chair of  Europe, Eurasia and Middle East.  He is a longstanding SPE member and recently served as a member of the SPE Oil and Gas  Reserves Committee (OGRC).

Elliott Young

Practice Lead Reservoir Engineer, BHP Petroleum Reserves Group

Mr. Young has been involved with resource management activities for more than 30 years in his professional career with BHP, ExxonMobil and Mobil.  He graduated in 1977 with a Bachelor of Applied Science degree from the University of British Columbia. He has served multiple terms on the SPE Oil and Gas Reserves Committee (OGRC) and also served as Chairperson of the OGRC. He has been a contributor to the 2007 and 2018 PRMS and  the companion Application Guidelines published by the SPE in 2001 and 2011.  He is currently lead of the SPE Examples subcommittee.

Paul Johnson

Reserves and Resources Investment Evaluation & Approvals, ConocoPhillips

Paul currently works for ConocoPhillips in the corporate investment and evaluations group.  He has worked 32 years with ConocoPhillips in various locations (Europe,  Middle East, Asia, and North America). His expertise is asset optimization, reservoir management and reserves and resource evaluation. He graduated with a Master's degree in Petroleum Engineering in 1987 from LSU. Paul has been active in SPE and served on the Oil and Gas Reserves Committee (OGRC), contributed to the recent version of Petroleum Resources Management System (PRMS), and is currently on the CO2 Storage Resources Management System (SRMS) committee.

Dr. John Lee

Dr. Lee is a professor, at Texas A&M University, where he holds the DVG Endowed Chair in Petroleum Engineering.

With over 50 years of petroleum engineering experience, John brings a wealth of knowledge to the industry. He has specialized in reservoir engineering aspects of hydraulically fractured wells and integrated reservoir studies, as well as unconventional gas resources development.

Throughout his distinguished career, Dr. Lee has taught at Mississippi State University, the University of Houston and Texas A&M University. He has worked at ExxonMobil, and later as a consultant for S.A. Holditch & Associates. From 2007-2008, John served as an academic engineering fellow with the U.S. Securities & Exchange Commission to modernize SEC rules for reporting oil and gas reserves.  

For SPE, Dr. Lee has authored four textbooks and received numerous awards, including the Lucas Medal, the DeGolyer Distinguished Service Medal and Honorary Membership recognition.

Stephen R. Gardner

BBVA Compass

Mr. Gardner joined BBVA Compass in 2012, bringing four decades of petroleum engineering experience in domestic and international upstream project evaluations. He previously worked for El Paso E&P (now EP Energy), DeGolyer and MacNaughton, Williams Energy, and Schlumberger. He has reservoir and project management experience domestically and internationally, and is skilled in economic and government reserves reporting. He has led diverse personnel groups that have included engineers, geologists, business analysts, and IT professionals. Steve earned a B.S. in Mechanical Engineering from California Polytechnic State University San Luis Obispo California and an M.S. in Petroleum Engineering from the University of Houston. He is a 35+ year member of SPE and served on the Oil and Gas Reserves Committee (OGRC) on the 2017-2018 update to PRMS – also a member of the Society of Petroleum Evaluation Engineers (SPEE) and a registered PE in Texas.

0.5 CEUs and 5 PDHs offered.

Members : USD 115.00

Non-members : USD 150.00


Excerpts from HEES
Recorded 10/16/2018
Recorded 10/16/2018 Total content is 4 hours, 58 minutes.
0.50 CEU/5 PDH credits  |  Certificate available
0.50 CEU/5 PDH credits  |  Certificate available