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
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