Robust Corporate Training Ensures High Standard of Annual Reserves and Resources Reporting for PETRONAS
Each year, PETRONAS, a fully integrated oil and gas multinational discloses a summary of the internally generated Annual Review of Petroleum Resources (ARPR) to the global investment community. To ensure the utmost level of quality of the report, the company designed an internal governance structure and system of standards. What they needed next was a robust training program for +700 colleagues to ensure a consistent approach to classification, categorization and estimation of petroleum resources.
- Co-developed a custom training program for the PETRONAS
- Trained 700+ individuals
- Created consistent interpretation of guidance and governance standards
- Provided competency assessment
- To ensure the utmost level of quality for the PETRONAS’ ARPR, the company designed an internal governance structure and system of standards modeled on the SPE Petroleum Resources Management System (SPE-PRMS). While similar to SPE-PRMS, the company’s standards require increased rigor regarding reserves and resource classification, categorization and estimation.
- With the new reserve and resource classification system, the IOC set out to train +700 technical and financial staff members to increase company-wide consistency and compliance in reserve and resource classification, categorization and estimation.
- The IOC required outside expertise to provide a custom and robust training within an aggressive timeline.
- Sproule together with the PETRONAS’ reserve team created a custom training program, using actual project scenarios, and provided guidance on the application of the standards to both conventional and unconventional plays.
- With an in-depth understanding of SPE-PRMS, Sproule could clearly articulate the differences between those standards and those of the IOC’s resource management system.
- Training had to take into consideration the needs of both technical and financial professionals, including those with the host government’s regulator, a subsidiary operating entity, and third-party and joint-venture operators.
- Sproule professionals delivered two to three courses every week over approximately two months, ultimately training more than 700 team members. An exam, designed by Sproule and the company, assessed staff competency in the principles, knowledge and application of the standards, with those passing earning certification.
- As a result of the engagement, PETRONAS now has greater confidence that staff members understand the principles and application of its standards. It also helps ensure that everyone has a consistent interpretation of the guidance and governance standards, and that they apply them in a consistent and compliant manner. Moreover, the program fosters greater confidence in the resource evaluation process and subsequent disclosure to the global investment community.