Oil and Gas Reserves Evaluation

format: Virtual course

duration: 5 days

level: Foundation

accreditation: CPD

availability:

N/A

$2,999.00

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.

DAY 1

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.

DAY 2

Basics of reservoir characterization & modelling

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

DAY 3

Reserves evaluation

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

DAY 4

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.

DAY 5

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.