SC-15 | Managing Your Business Using PRMS and SEC Standards (2018 Update)
Society of Petroleum Engineers
Sunday, 21 July 2019, 8:00 a.m.–5:00 p.m. | Denver, Colorado
Who Should Attend
The course is designed for professionals involved in estimating, classifying, and reporting petroleum resources. It is also for those who use reports of petroleum reserves and resources based on SPE’s Petroleum Resources Management System (PRMS), and the US Securities and Exchange Commission (SEC) regulations.
This Learning Level is set at: Intermediate
Objectives
Upon completion of this course, participants should have an understanding of:
- The revised PRMS 2018
- Current SEC disclosure requirements
- How the definitions can be used for managing the business
Course Content
This course is an overview of the 2018 updated SPE Petroleum Resources Management System (PRMS) and the US Securities and Exchange Commission (SEC) regulations. The PRMS is an industry standard approach to classifying petroleum resources. Portfolio managers use it to support their evaluations and decisions. Publicly traded companies listed on US stock exchanges are also obligated to report a portion of their assets according to SEC reserves disclosure rules. Although SEC rules are now more closely aligned with PRMS guidelines, there are important differences. This course compares the key features of PRMS and SEC regulations, and explains how companies may combine the two standards to better manage their business. The use of reliable technology in defining proved reserves limits, SEC supplemental guidance, and comparison of SEC and PRMS guidelines will be discussed.
Topics
- PRMS project background including the reasons for and topics included in the update
- Major principles and key guidelines in PRMS
- How PRMS captures risk and uncertainty
- Assessing and reporting unconventional resources
- SEC disclosure requirements
- SEC pricing requirement
- The concept of “Economic Producibility”
- The use of reliable technology in defining proved reserves limits
- SEC supplemental guidance
- Comparison of SEC and PRMS guidelines
- Reporting requirements and control processes
- PRMS support for resources, project, and portfolio management
- Integrating internal business management and external disclosures
- Improving quality assurance in resource evaluations
Why You Should Attend
It is critical for resources managers to keep up with the latest definitions and regulations. This course can save you days of research and reading on your own.
Fees
Members: $750
Non-Members:$950
Students: $300
Limit: 40 People
CEU: 0.8
Includes:
- Printed Course Material
- 1-day course with lecture
- Class exercises and discussion
- Morning and afternoon refreshments and lunch
Venue
Colorado Convention Center
700 14th St
Denver,
Colorado
80202
United States
Instructor