SPE-PRMS definition
SPE-PRMS means the Society of Petroleum Engineers – Petroleum Resources Management System;
SPE-PRMS means the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers, and the Guidelines for Application of the Petroleum Resources Management System (November 2011 edition);
Examples of SPE-PRMS in a sentence
Prospective Resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards.
The Reserves Auditor shall be instructed to state in its report its best estimate of (i) the SPE-PRMS 2C Cumulative Resources of oil in the Block SK 405B PSC Contract Area as at 31 October 2020, and (ii) the quantity of SK405B Incremental Oil.
While not a requirement for disclosure under the SEC regulations, developed oil and gas reserves may be further sub-classified according to the guidance contained in the SPE-PRMS as Producing or Non-Producing.
The reserves and resources assessment follows the guidelines set forth by the Society of Petroleum Engineers – Petroleum Resource Management System (SPE-PRMS).