A PRMS Project is a defined activity or set of activities which provides the link between the Petroleum accumulation(s)s Resources sub-class and the decision-making process, including budget allocation. In line with PRMS.
A project may, for example, constitute the development of a single reservoir or field, an incremental development in a larger producing field, or the integrated development of a group of several fields and associated facilities (e.g. compression) with a common ownership. In general, an individual project will represent a specific maturity level (sub-class) at which a decision is made on whether or not to proceed (i.e., spend money), suspend, or remove. There should be an associated range of estimated recoverable resources for that project. (See also Development Plan.)