Abstract:

To further understand the petroleum resources/reserves classification system and its development trend, China’s petroleum resources/reserves classification system is reviewed with respect to its development history and characteristics, and compared with the Petroleum Resources Management System (PRMS) and the United States Securities and Exchange Commission’s standard classification system. The research reveals that the three systems are significantly different in evaluation purpose, reserves definition, and evaluation approach. China’s classification system focuses on the discovered petroleum originally-in-place, emphasizes the total quantity of resources, and serves for the overall benefits and long-term planning of petroleum exploration and development. PRMS, a project-based classification system, facilitates international communication and cooperation, and considers the attributes of petroleum as both resource and asset. It centers on the remaining commercially recoverable reserves and emphasizes the commercial value of resources. The SEC standard classification system provides a benchmarking platform for petroleum companies, and ensures consistent disclosure of reserves information to the public. It also centers on remaining economically recoverable reserves, paying more attention to the attribute of petroleum as asset. These classification systems maintain their distinct features while borrowing from and integrating with each other.

Key words: petroleum resources, reserves classification, China standard, PRMS, SEC standard, development trend