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Comparison of Petroleum and Mineral Resources Classification

Comparison of Petroleum and Mineral Resources Classification. David MacDonald Segment Reserves Manager. SPE PRMS. PRMS – CRIRSCO comparison. Common principles. Estimated by competent persons or qualified evaluators

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Comparison of Petroleum and Mineral Resources Classification

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  1. Comparison of Petroleum and Mineral Resources Classification David MacDonald Segment Reserves Manager

  2. SPE PRMS

  3. PRMS – CRIRSCO comparison

  4. Common principles • Estimated by competent persons or qualified evaluators • Reserves are the marketable/extractable volume to which entitlement has been conferred • Reserves are the integration of a project’s production profile • Project future net revenue is the integration of cash flow associated with a project and is impacted by production costs and commodity price • Multiple projects may be applied to the same accumulation, sequentially or concurrently • All projects involve risk and uncertainty

  5. Differences to be aware of • Volume Classified • PRMS classifies all hydrocarbons, whether discovered or undiscovered, commercial or sub commercial • CRIRSCO classifies those classes expected to be economic • PRMS estimates the sales quantity delivered • CRIRSCO estimates run-of-mine tonnage and grade • Volumes Reported • In general, for petroleum, only proved reserves are reported externally • For minerals, proved and probable reserves • For petroleum, only entitlement reserves after royalty are reported • For minerals, reserves are reported on a gross basis with share shown separately

  6. Integration of CRIRSCO, SPE and IASB Maintained separately in linked websites Petroleum Classification, Principles, Definitions & Guidelines (SPE) Minerals Classification, Principles, Definitions & Guidelines (CRIRSCO) Convergence Mapping Module IASB Accounting Standards

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