Volume and Reserve Estimation

Course Duration: 2 days | Time: 8am to 4pm | Course Locations: Lagos, Houston, San Diego

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Accurate estimation of hydrocarbon volumes and reserves is a key activity for any oil and gas business. Asset volumes and reserve estimates are needed to make overall investment program decisions, individual project valuations and financial/tax decisions. Reserves estimates are also required to be reported to government regulators and investors/bankers under securities law. Reserve estimates are required during the life cycle of an hydrocarbon assets as follows: Exploration: Defining target for exploration requires estimate of undiscovered volumes Development: Planning and execution of project requires estimates of discovered and recoverable volumes Production: Managing producing operations to achieve effective/efficient recovery requires constant monitoring/re-evaluation of remaining volume potential The objective of the course is to enhance awareness of the importance of accurate definition and determination of reserves for an oil and gas operator and provide guidelines/methodology to correctly categorize, estimate, manage and book reserves. During the short course, key features of the SPE PRMS, SEC guidelines and IOC practices will be illustrated using case studies from around the world. Also, typical management roles and responsibilities related to reserves processes will be described and key features of reserve estimation for Unconventional Resources will be summarized
1.Introduction
2.Importance of Reserves Estimation for a Corporation, its Managers and its Shareholders Compliance with regulatory requirements Business impact
3.Summary of Global Hydrocarbon Reserves: IOCs, NOCs and Country specific
4.Reserves & Resources classifications/definitions Proved Developed Reserves Proved Undeveloped Reserves Probable Reserves Contingent Resources
5.SPE-PRMS guidelines, SEC regulations and IOC practices
6.Volume and Reserve Estimation methodology: Deterministic methods Probabilistic methods Case Studies
7.Performance prediction for Reserves estimation Analogs Volumetric Production Performance Based: – Ø Decline Curve Analysis ØMaterial Balance ØAnalytical and Numerical Simulation ØAdvanced/Alternate Decline Models Continuous estimation of Ultimate Recovery
8.Reserves estimation and migration case studies
9.Financial Impact of Reserves Depreciation Non-Cash costs Earnings
10.Reserves reporting under Modern Fiscal agreements
11.Reserves roles & responsibilities – accountability, controls, and processes
12.Reserves Estimation for Unconventional Resources
13.Participants feedback/presentations
14.Class exercises
Corporate Leaders, Asset Managers and Engineers who have responsibility for Reserve estimation and Reserve certification for hydrocarbon assets