SPE Live Podcast: What is New on PRMS?

This SPE Live podcast episode, hosted by Dan Olds and featuring Herman G. Acuna, president at Ryder Scott and chair of the SPE Oil and Gas Reserves Committee (OGRC), explores the latest developments and principles of the Petroleum Resources Management System (PRMS). Acuna emphasizes PRMS as a globally adopted, principle-based framework that standardizes the classification and categorization of oil, gas, and other energy resources, enabling alignment between technical teams and financial stakeholders. He explains how PRMS supports decision-making across project maturity stages—from prospective resources to proven reserves—by addressing both technical uncertainty and commercial viability. The discussion highlights the critical distinction between 'economic' and 'commercial' projects, where commerciality depends on stakeholder-specific thresholds like rate of return and strategic commitment. Acuna also previews upcoming updates to PRMS, including working groups focused on clarifying commerciality, probabilistic analysis, and integrating HSE and energy transition considerations into the framework. The episode concludes with insights into PRMS applications beyond hydrocarbons, such as lithium, helium, carbon capture, and geothermal energy, demonstrating its adaptability as a foundational system for resource management across emerging energy sectors.