URTeC 2018: Veteran expert says PRMS may be better reserves reporting method than SEC

After modernization of the SEC’s reserves reporting requirements in late 2008, many folks in the U.S. oil and gas industry would have expected that the SEC and PRMS (Petroleum Reserves Management System) systems would classify, characterize and estimate reserves in a broadly consistent way, save for some obvious differences, such as prices and costs used in evaluations and some potential interpretation issues. However, this has not necessarily been the case. More »