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What do the acronyms EPSG and POSC stand for?
EPSG stands for European Petroleum Survey Group. They publish a database of coordinate system information plus some very good related documents on map projections and datums. The Projection Engine uses a modified version of the EPSG model.
POSC is the Petrotechnical Open Software Corporation. It publishes open standards for the energy and petroleum industry. The POSC standard uses the EPSG model.