Oil and Gas Reserves Evaluation

duration: 5 days
format: Virtual course
level: Foundation
accreditation: CPD


This course provides a comprehensive and practical understanding of methods of evaluation and classification of hydrocarbons resources and reserves (PRMS, SEC) and related issues, especially risks and uncertainties and how to assess/mitigate these risks and uncertainties.

The objective of the course is to provide a good understanding of evaluating and reporting oil and gas resources and reserves.

The following areas will be covered in some detail:

  • The different international systems for definition & classification of petroleum resources and reserves
  • The difference between reserves, contingent resources and prospective resources
  • The different technical methods for estimating reserves and resources
  • The evaluation methods of the risks and uncertainties related to reserves estimations
  • The role of petroleum economics in reserves estimation
  • The project-based approach adopted for reserves estimation
  • The importance of determining the discovery status and commerciality in resources classification.
  • Reserves and resources from incremental projects
  • Deterministic and probabilistic methods for reserves and resources estimation
  • Aggregation of reserves and resources

The course is designed for:
Geoscientists, reservoir engineers, asset managers, economists, government representatives interested or involved in resources and reserves estimation and reporting, as well as related risks & uncertainties assessment.


Introduction to field development projects

  • E&P field development projects workflow and decision-making process.
  • Fundamentals of petroleum economics and economic criteria (NPV, IRR…).
  • Oil & Gas resources and reserves definitions and classification:
  • SPE definitions and guidelines. Petroleum Resources Management System (PRMS).
  • SEC definitions and guidelines.


Basics of reservoir characterization & modelling

  • Overview of rock and fluid properties.
  • Basics of reservoir characterization and geo-modelling.
  • Volumetric evaluation of Oil & Gas accumulations.


Reserves evaluation

  • Review of Oil & Gas reservoirs drive mechanisms and related expected recovery factors.
  • Analogs.
  • Performance analysis:
  • Material balance.
  • Decline curves analysis.
  • Simulation models.


Risks & uncertainties

  • Concepts of risks and uncertainties.
  • Risks: notions of probability and decision trees.
  • Uncertainties:
  • Statistical description of data.
  • Common statistical distributions.
  • Monte-Carlo and parametric methods.


Risks & uncertainties continue

  • Uncertainties within E&P development projects:
  • Structural, geological and dynamic uncertainties.
  • Notions of geostatistics and stochastic modeling.
  • Uncertainties assessment – Experimental design and response surface methodology.
  • Learning objectives

Upon completion of the course, participants will be able to:

  • Describe E&P field development projects workflow and related decision-making process,
  • Define concepts of resources and reserves and describe the Petroleum Resources Management System (PRMS) and Securities and Exchange Commission (SEC) system,
  • Discuss and apply main petroleum economical criteria affecting reserves evaluation,
  • Discuss principles of reservoir characterization and engineering,
  • Perform simple resources and reserves estimate,
  • Discuss concepts of risks and uncertainties,
  • Ddentify main sources of risks and uncertainties and discuss methods about integrating risks and uncertainties into resources and reserves evaluation: structural uncertainties, geological uncertainties, dynamic uncertainties, geostochastic modelling, etc.

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