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The Significance of Petroleum Reserve and Resource Estimates (PBM06)
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| 2011 |
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tba |
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Course Fee: tba |
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Instructor
Heimo Anton
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Course Level: Basic
Petroleum reserves data are used by a variety of stakeholders for multiple purposes.
The way reserves are estimated and communicated is an integrated activity, cutting across several technical and commercial disciplines. Therefore, a basic understanding of the reserve estimation process is a fundamental requirement for all disciplines involved in the exploration and exploitation aspects of the oil and gas industry. This course presents the reserve/resource definitions and classification systems that are currently in use and includes recommended evaluation practices.
It discusses the uncertainties and risks associated with resource estimates generated for a recovery project and describes how to quantify these uncertainties throughout project life. The course will show how reserve/resource estimates can significantly contribute to an organisation’s asset evaluation and decision-making process as well as providing an update on the effort to modernise reserves reporting. Practical examples will be used to develop the understanding of the relevant issues.
WHAT YOU WILL LEARN
Upon completion of the course, attendees should be in the position to - Understand the fundamental issues related to the estimation of petroleum reserves and resources
- Be familiar with the current reserves definition and classification systems
- Understand the differences between the various systems
- Apply the relevant system for practical use
- Understand the various uses of reserves estimates during the course of the business process including external reserves reporting obligations
OUTLINE
- Fundamental issues related to petroleum reserves and resources
- Need for classification and categorisation
- Short history of reserves definitions and current classification systems
- Efforts to achieve a mutually-acceptable harmonised system
- The SPE Petroleum Resources Management System (PRMS)
- The application of the PRMS (procedure of the evaluation process using the uncertainty-based approach, methods of estimation)
- Production forecasting (requirement for a range of production forecasts together with associated cost forecasts, evaluation approach)
- Economic evaluation (profitability, economic limit)
- Reserves/resources management (portfolio management, decision gates)
- Non-technical issues (reporting reference point, contract type, e.g. PSC)
- Reserves reporting
WHO SHOULD ATTEND
The course is designed for technical and non-technical personnel who are involved in petroleum reserves/resources estimation and/or reporting processes. This includes reserves evaluators and their technical support staff, reserves coordinators, asset managers, new venture managers, accounting and planning personnel, stock analysts and government agencies.
COURSE VENUE:
Vienna
Renaissance Vienna Hotel
Linke Wienzeile/Ullmannstr. 71
A-1150 Vienna
AUSTRIA
INSTRUCTOR
Heimo Anton
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