Energy Resource Classification and Management Systems – Current and Future State

Presented by: Barbara Pribyl

Abstract

This talk will discuss the current state of the principal resource classification and management systems and thoughts on their future direction. These systems include the SPE Petroleum Resource Management System (PRMS) and Storage Resources Management System (SRMS), the United Nations Framework Classification for resources (UNFC) and the evolving United Nations Resource Management System (UNRMS). Specifically, how they apply to the broader energy and storage sector to facilitate informed and reliable policy and investment decisions.

The last few years has seen improvement in the market fundamentals for the petroleum industry and merger and acquisition activity has increased. However, market volatility and project investment trepidation are expected to continue as the world adjusts to the ‘new normal’ of the societal, environmental, and economic impact of living with COVID, geopolitics and the challenge of maintaining our standard of living and a healthy planet. Governments and organisations around the world are announcing net-zero emission targets and other policy initiatives for reaching sustainable development goals. These targets have broad implications for the energy sector. Pressure to address environmental, social, and corporate governance (ESG) issues increasingly impacts the commercial viability of projects and their corresponding chance of development.  Moreover, the industry will need to demonstrate they are developing in sustainable manner and provide credible, measurable, and transparent data to maintain legitimacy.

Biography

Barbara and has over 30 years experience as a geologist, managing reserves and resources and advisory in the international energy industry and developed insights of key projects and geological basins across onshore Australia and Asia-Pacific. This experience has included management roles at Santos and Arrow Energy. Her professional focus has been on resource advisory in resource classification, management and reporting, project assurance, developing guidelines and training and the co-ordination of reserve reviews and audits. She is the Chair of the Society of Petroleum Engineers (SPE) Journal of Petroleum Technology Editorial Board, a prior member of the SPE Oil and Gas Reserves Committee (OGRC) 2014-2018, member of the OGRC Examples Subcommittee and Chair of the Petroleum Working Group (PWG) of the United Nations Economic Commission for Europe (UNECE) Expert Group on Resource Management (EGRM). Barbara is also a Vincent Fairfax Fellow in Ethical Leadership.