Reserves and Resources Estimation (PBM32)
Description
This course investigates the classification and categorisation of resources within both the SEC and the PRMS systems. Using case studies, the course rigorously studies the boundaries between class and category when assessing resources for management and financial disclosure.
The methodology for assessing hydrocarbons-in-place and resources is explained and the significance of uncertainty is described. Both deterministic and probabilistic approaches to volumetric assessment are outlined, and sufficient statistics is introduced to understand both the Parametric and Monte-Carlo methods for combining distributions.
The engineering toolkit, using static, decline curve, material balance and reservoir simulation, is described. Practical exercises and illustrations of the pitfalls and issues in resource categorisation are illustrated by examples.
Course Level: Foundation
Duration: 5 days
Instructor: Pete Smith
The methodology for assessing hydrocarbons-in-place and resources is explained and the significance of uncertainty is described. Both deterministic and probabilistic approaches to volumetric assessment are outlined, and sufficient statistics is introduced to understand both the Parametric and Monte-Carlo methods for combining distributions.
The engineering toolkit, using static, decline curve, material balance and reservoir simulation, is described. Practical exercises and illustrations of the pitfalls and issues in resource categorisation are illustrated by examples.
Course Level: Foundation
Duration: 5 days
Instructor: Pete Smith
Designed for you, if you are...
- A reservoir, petroleum or drilling engineer or geoscientist working in multi-discipline teams
How we build your confidence
This is a five-day classroom-based course with worked examples, case studies, individual and group exercises and discussions.The benefits from attending
Participants will learn to:- Assess the volumetric derivation of resources, both deterministically and probabilistically
- Evaluate uncertainties for projects at different stages of the E&P lifecycle
- Formulate problems probabilistically and systematically assess risks & uncertainties
- Develop decision trees to lay-out the logic of the decision, evaluate the robustness of the decision and competently use the provided software
- Validate data using statistical distributions and combine them using both parametric and Monte-Carlo methods
- Evaluate the impact of correlations between variables in resource estimation exercises
- Understand the various methods in the resource estimation toolkit
- Appraise the limitations of resource assessment methods
- Select the appropriate estimation tool given the maturity of the project and the level of uncertainty
- Assure resource assessments by integrating the relationship between volumes, development plans and economics
- Evaluate the different categories of reserves and resources
Topics
- Introduction
- Primary resource estimation methods
- Value - measuring project value
- Making decisions
- Statistics and distributions
- Estimating probabilities and ranges
- Bayesian revision
- Finding a deterministic value that best represents a distribution
- Correlations and dependent variables
- Importance
- Value of information
- Alpha field group exercise - risks and opportunities
- Estimation tools - analogues
- Estimation tools - volumetric derivation of hydrocarbons in-place
- Assessment of recovery factor (RF)
- Risk and uncertainty in resource estimation
- Volumetric uncertainty
- Alpha field group exercise - volumetric estimation
- Estimation tools - decline curves
- Estimation tools - material balance and numerical simulation
- Commercial considerations
- Case studies
- Alpha field group exercise - assessing value
- Resource reporting
- What are the SEC and the PRMS schemes?
- Resource booking approach
- Other reporting systems
- Alpha field group exercise - resource and reserve reporting
HOT Engineering GmbH Tel: +43 3842 43 0 53-0 Fax +43 3842 43 0 53-1 hot@hoteng.com
