Major Revisions Included in New Version of Oil and Gas Standard | APEGA

Major Revisions Included in New Version of Oil and Gas Standard

APEGA has issued two new professional practice standards, including a major update of the Evaluation of Oil and Gas Resources and Reserves for Public Disclosure Professional Practice Standard.

Version 2 of the evaluation standard represents a complete revision of version 1, which was issued in 2003. It draws on the experiences of professional practitioners applying the standard for about 15 years.

Many changes reflected in this version are consistent with recent changes to the Canadian Securities Administrators’ National Instrument 51-101 and the Society of Petroleum Evaluation Engineers’ Canadian Oil and Gas Evaluation Handbook.

Changes include the addition of:

  • international technical standards
  • definitions section
  • securities administration requirements 

APEGA Members performing resources and reserves estimation, evaluation, and classification will want to carefully review this new version. New practitioners should become familiar with this professional practice standard and the documents listed in its Related Documents section, as well as with the above-referenced documents.

Wetlands Standard

Also just issued by APEGA is the Joint Practice Standard to Regulate Professional Responsibilities in Completion and Assurance of Wetland Science, Design and Engineering Work in Alberta.

 Alberta Environment and Parks (AEP), in collaboration with APEGA and nine other professional regulatory organizations, has released this joint practice standard defining the educational and professional competencies required for regulatory applications to AEP. The standard applies to professional documents submitted under the Alberta Wetland Policy.

As of May 1, 2017, AEP requires signoff by an authenticating professional on regulatory documents submitted under the Alberta Wetland Policy. This will help provide assurance to Albertans that wetlands in the province are being managed to a high standard of professional excellence.

AEP will release a transitional directive, and APEGA will develop and release a practice guideline to guide practitioners in using the new standard.

AEP’s implementation web page

More Information

APEGA professional practice standards and guidelines

For more information on the two standards mentioned in this article, contact Tom.Sneddon@apega.ca.