A case study using project-based petroleum resource classification for government, industry and financial management

Category Paleontology and Stratigraphy
Group GSI.IR
Location International Geological Congress,oslo 2008
Author Heiberg, Sigurd۱; Blystad, Per۲; Michael, Lynch-Bell۳; Ross, James۴
Holding Date 08 September 2008

The Norwegian Petroleum Directorate (NPD) introduced its project-based petroleum classification system for resource management in 1996 in response to the development of similar systems by certain major IOCs. The Society of Petroleum Engineers (SPE) adopted a resource classification system based on the same principles in 2000, as did the United Nations in 2004, and the concept of a project-based resource evaluation process was formally endorsed as the fundamental basis for the SPE Petroleum Resources Management System (SPE-PRMS) in 2007.
It is surprising, therefore, that many companies and countries have yet to appreciate fully the key benefits associated with such a logical, business-driven, approach. Implementation of such a system is very simple, but the advantages in terms of decision-making and resource management are far-reaching.
It lends itself naturally to produce consistent and comparable information. This aids communication also with the capital markets and hence enhances the ability of a company to raise capital and inform investors.
This case study will demonstrate the strength of a project-based system as applied to individual fields and to groups of fields