expertise

KR Consulting offers expertise related to reserves and resources determinations according to all the major definitional frameworks within the upstream oil and gas industry. The two most common definitional frameworks in use within the United States are:

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1. The Society of Petroleum Engineers – Petroleum Resources Management System (SPE-PRMS or PRMS)

2. The United States Securities and Exchange Commission (SEC) definitions and regulations.

 

The SPE-PRMS is a widely used industry standard for estimating oil and gas reserves and resources, while the SEC definitions and regulations are most commonly used by SEC registrants engaged in oil and gas producing activities for regulatory disclosure purposes. We also provide evaluations in accordance with other relevant definitional frameworks as well, including COGEH, UNFC-2009, and RF-2013.

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All evaluations and reports meet the requirements regarding qualifications, independence, and objectivity as set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information by the Society of Petroleum Engineers. At KR Consulting, we are committed to exceeding client expectations while honoring all relevant data in order to provide a full and accurate inventory of reserves and corresponding cash flows. Whether you need a full, independent evaluation of your reserves and resources, an audit of internal estimates, or advice regarding reserves and resources booking strategy and methodology, we are here to help.