Management In November, the SPE Oil and Gas Reserves Committee (OGRC) published Guidelines for the Application of the Petroleum Resources Management System (PRMS). The guidelines, available at http://www.spe.org/industry/docs/PRMS_Guidelines_Nov2011.pdf, provide information and examples on the use of PRMS in the classification of oil and gas reserves and resources. The new guidelines replace the 2001 Guidelines for the Evaluation of Petroleum Reserves and Resources. New chapters include “Estimation of Petroleum Resources Using Deterministic Procedures” and “Unconventional Resources.” Other chapters were updated and expanded to reflect current technology and enhanced with examples. The intent of the guidelines is not to provide a comprehensive document that covers all aspects of reserves calculations, but to serve as a useful reference tool for reservoir engineering and reserves evaluation professionals around the world. SPE has been at the forefront in developing common standards for petroleum resource definitions to provide consistency, transparency, and reliability to benefit stakeholders involved in international finance, regulation, and reporting. A milestone in standardization was achieved in 1997 when SPE and the World Petroleum Council (WPC) approved the “Petroleum Reserves Definitions.” Since then, SPE has continuously updated the definitions. In 2007, SPE, WPC, the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE) approved the Petroleum Resources Management System, globally known as PRMS. The Society of Exploration Geophysicists (SEG) subsequently endorsed PRMS. PRMS has been acknowledged as the oil and gas industry standard for reference and was used by the US Securities and Exchange Commission as a guide for its updated rules, “Modernization of Oil and Gas Reporting,” published in 2008. SPE recognized that new applications guidelines were required for the PRMS. The SPE Oil and Gas Reserves Committee formed an Applications Guidelines Document Subcommittee in April 2007 to undertake this task. I was honored to be asked to chair the subcommittee. The original 2001 guidelines document was the starting point for this work. The goal was to have an inclusive process where the industry was involved and all stakeholder input was considered fairly by experts.