The Petroleum Resource Management System (PRMS)

The Petroleum Resource Management System (PRMS) is a standardized framework used to classify and evaluate the different types of oil and gas resources located underground or under the seabed. It helps industry professionals determine how much oil or gas might be recoverable, assess their commercial value, and make informed decisions about exploration and development. PRMS categorizes resources based on the certainty of their existence and recoverability, such as discovered reserves, probable, or possible resources, ensuring consistency and clarity in managing petroleum projects and investments.