UN Framework on Fossil Energy and Mineral Reserves and Resources (UNFC)

Update: the Committee on Sustainable Energy of the United Nations Economic Commission for Europe (UNECE) has approved (22nd November) the specifications for the application of the United Nations Framework for Fossil Energy and Mineral Reserves and Resources 2009.

The UNFC is an umbrella classification system aligned to the widely-used commodity-specific systems for solid minerals – the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) International Reporting Template – and for petroleum, the Petroleum Resource Management System (PRMS). Approved by the Board of the Society of Petroleum Engineers (SPE) in March 2007, the PRMS was developed by an international group of reserves evaluation experts led by SPE and co-sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE), and subsequently endorsed by the Society of Exploration Geophysicists (SEG).

The UNFC is stated to be designed to meet the needs of four principal stakeholders: (i) analysts of international energy and mineral resources; (ii) Governments – to manage their resources accordingly; (iii) industry – to provide data and information necessary to deploy technology, management and finance in order to serve the host countries, shareholders and stakeholders; and (iv) the financial community.

Further information is found here.

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