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Petroleum Resources Management System

An overall project schedule is required to determine complete project timescale, resource requirements and costs. A more detailed schedule is required to manage and control the project. This more detailed schedule is developed progressively through the project by producing a schedule for the next stage during Project Initiation and towards the end of subsequent project stages. The overall project schedule provides a overview of the activities in the stage. These activities need to be further defined to the point where all necessary tasks have been identified. This should use the same approach as for developing the overall project schedule. That is, using a proven. | World Petroleum Council Petroleum Resources Management System Sponsored by Society of Petroleum Engineers SPE American Association of Petroleum Geologists AAPG World Petroleum Council WPC Society of Petroleum Evaluation Engineers SPEE Table of Contents Page No. Preamble 1 1.0 Basic Principles and Definitions 2 1.1 Petroleum Resources Classification Framework 2 1.2 Project-Based Resources Evaluations 4 2.0 Classification and Categorization Guidelines 5 2.1 Resources Classification 2.1.1 Determination of Discovery Status 2.1.2 Determination of Commerciality 2.1.3 Project Status and Commercial Risk 2.1.3.1 Project Maturity Sub-Classes 2.1.3.2 Reserves Status 2.1.3.3 Economic Status 6 2.2 Resources Categorization 2.2.1 Range of Uncertainty 2.2.2 Category Definitions and Guidelines 9 2.3 Incremental Projects 2.3.1 Workovers Treatments and Changes of Equipment 2.3.2 Compression 2.3.3 Infill Drilling 2.3.4 Improved Recovery 11 2.4 Unconventional Resources 12 3.0 Evaluation and Reporting Guidelines 13 3.1 Commercial Evaluations 3.1.1 Cash Flow-Based Resources Evaluations 3.1.2 Economic Criteria 3.1.3 Economic Limit 13 3.2 Production Measurement 3.2.1 Reference Point 3.2.2 Lease Fuel 3.2.3 Wet or Dry Natural Gas 3.2.4 Associated Non-Hydrocarbon Components 3.2.5 Natural Gas Re-Injection 3.2.6 Underground Natural Gas Storage 3.2.7 Production Balancing 15 3.3 Resources Entitlement and Recognition 3.3.1 Royalty 3.3.2 Production-Sharing Contract Reserves 3.3.3 Contract Extensions or Renewals 17 4.0 Estimating Recoverable Quantities 19 4.1 Analytical Procedures 4.1.1 Analogs 4.1.2 Volumetric Estimate 4.1.3 Material Balance 4.1.4 Production Performance Analysis 19 4.2 Deterministic and Probabilistic Methods 4.2.1 Aggregation Methods 4.2.1.1 Aggregating Resources Classes 21 Table 1 Recoverable Resources Classes and Sub-Classes 24 Table 2 Reserves Status Definitions and Guidelines 27 Table 3 Reserves Category Definitions and Guidelines 28 Appendix A Glossary of Terms Used in .