Carbon capture, utilization and storage (CCUS) is experiencing rapid growth and the ability to classify and compare projects across the globe is of increasing importance. The CO2 Storage Resources Management System (SRMS) has been designed to provide the common framework and is increasingly being applied across the industry. The SRMS has been seeded from the widely used Petroleum Resources Management System (PRMS), which makes it ideal for industry professionals familiar with the concepts of classification and categorization.

The SRMS was applied to an onshore project by an Australian oil and gas company in 2021 and led to the world’s first public reporting of CO2 storage quantities under the SRMS classification system. Standard reserves workflows and systems were modified for CO2 evaluation and reporting, resulting in a streamlined processes throughout the organization. Multiple benefits were realized such as standardized evaluation and reporting, a unified language across the company, and enhanced formality in CCUS reporting.

As more CCUS projects are proposed, a robust classification system has become vital to communicate consistent terminology, valuation methodologies, and reporting systems for identifying project status and differential between projects. The application of the SRMS is highly recommended for stakeholders, financiers, or regulatory bodies involved in the commercial development of a CCUS project.

Biography

Paul Lyford is the Reserves and Resources Manager at Santos Ltd, an
Australian oil and gas company and the first to add CO2 Storage resources
to the annual reserves report. Paul has over 30 years experience and has
been involved in many field developments across Australia. He has a
background in reservoir engineering, operations, planning, strategy and
commercial. He is a Fellow of the Institution of Engineers Australia, a
member of Society of Petroleum Engineers (SPE) and member of Society of
Petroleum Evaluation engineers (SPEE). Paul holds an honors degree and
PhD in Engineering from University of Melbourne and post graduate
qualifications in Finance. Paul is currently a member of the SPE CO2 Storage Resources Committee (CSRC) and involved with the SPE SRMS subcommittee charged with updating the SRMS.