Global events from Baghdad to Beijing and from The Hague to Houston over the decade past have ignited worldwide interest in oil and gas reserves. This renewed, expanded attention has clearly illustrated that the term “reserves” is widely misunderstood and abused – sometimes by financial analysts,, professional evaluators, politicians and/or organizations that should know better. Moreover, everyone seems to be an expert in the emerging “hydrocarbons from shale” discussion – ranging from the good, the bad and the ugly.
This presentation clarifies what the term “oil and gas reserves and resources means in several contexts. Various parties and stakeholders – for example regulators, financiers and producers – have differing needs for reserves information. However, whatever the need, all reserves estimates must be based on a sound understanding of the prevailing definitions and the value of adequate high-quality data. Trained, ethical and independent reserves evaluators must interpret and present these estimates. The term “independent” should apply to internal reserves staff as well as third-party reserves evaluators.
This presentation will describe ongoing efforts by the sponsors of the Petroleum Resources Management System (PRMS) issued in 2007 to engage evaluators worldwide to begin to explore evolutionary modifications to the PRMS embracing geological appraisal and technological advances since 2007. Included also will be a listing of many countries and stock exchanges adopting all or part of the PRMS for their regulatory reporting and governance.
Ron Harrell is Chairman Emeritus at Ryder Scott Company LP, He joined the firm in 1968 and retired in 2006.. Mr. Harrell has managed reservoir engineering and geological studies worldwide, including property evaluations for acquisitions and divestitures, financing, and reservoir management. He graduated magna cum laude with a BS degree in Petroleum Engineering from Louisiana Tech University.
At various national and international conferences and in numerous other venues, Mr. Harrell has delivered hundreds of presentations related to oil and gas appraisals, reserves definitions and classifications as well.
He has led the way in exploring emerging issues on reserve reporting requirements with the U.S. Securities and Exchange Commission. Mr. Harrell is a past chairman of the Society of Petroleum Engineers Oil and Gas Reserves Committee (OGRC). He chaired the four Society of Petroleum Evaluation Engineers forums that addressed SEC interpretive positions on petroleum reserves definitions. Mr. Harrell is a member of SPE, SPEE, API Houston Chapter and TIPRO as well as a licensed professional engineer in Louisiana, Mississippi and Texas. He continues his activities on the OGRC as SPEE”s designated observer.
He serves on several industry boards including two universities, two not-for-profits and as a Senior Advisor for three privately-held organizations involved in petroleum exploration and development, investment management and private capital placement.
Mr. Harrell was an SPE Distinguished Lecturer for the 2007-08 lecture season. He delivered 34 presentations in 17 countries during his tour.