India’s Hydrocarbon Outlook 2024 131 A Report on Exploration & Production Activities DGH initiatives in introduction of PRMS: DGH initiated a periodical update of countrylevel database on Reserves and Resources of oil and gas as per Petroleum Resources Management System (PRMS) standard for all blocks and fields across all operating regimes both Nomination and Contract. Effective 01.04.2021, all Indian E&P operators were directed to adopt and adhere the PRMS standard in reporting the company-level resource and reserve portfolio. PRMS is an internationally standardized system for hydrocarbon accounting developed for consistent and reliable definition, classification, and estimation of hydrocarbon resources. The Society of Petroleum Engineers (SPE) Oil and Gas Reserves Committee (OGRC) completed the revision of the PRMS and the SPE Board approved it in June 2018. The updated PRMS was approved by six sponsoring societies, PRODUCTION Project Maturity Sub-classes On Production Approved for Development Justified for Development Development Pending Development On Hold Development Unclarified Development Not Viable Increasing Chance of Commerciality Range of Uncertainty Prospect Lead Play RESERVES CONTINGENT RESOURCES UNRECOVERABLE PROSPECTIVE RESOURCES UNRECOVERABLE COMMERCIAL DISCOVERED PIIP TOTAL PETROLEUM INITIALLY-IN-PLACE (PIIP) SUB-COMMERCIAL UNDISCOVERED PIIP namely theWorld PetroleumCouncil (WPC), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers(SPEE), the Society of Exploration Geophysicists(SEG), the European Association of Geoscientists and Engineers(EAGE), and the Society of Petrophysicists and Well Log Analysts(SPWLA). Not to scale Figure 5.1: Sub-classes based on project maturity
RkJQdWJsaXNoZXIy MTE0OTM0OQ==