All You Want to Know About Oil & Gas Reserves EvaluationRafael Sandrea presents a highly interactive two-day seminar designed to provide a better understanding of reserves estimation and the skills to maximize the financial value of your company’s hydrocarbon assets.
This seminar is designed for geologists, geophysicists, petroleum engineers, economists, journalists, and everyone interested in reserves appraisal.
For locations, dates and registration please contact Stephanie at workshops@ipc66.com
Day 1 Morning: Petroleum Systems/Reserves
Oil formation/migration. Geologic timescale. Natural gas. Heavy oils. Upgrading. Canadian oil sands. Orinoco heavy oil. Shale oil. . Global oil & gas production since 1850’s. Associated and non-associated gas. CBM. Shale gas. Stranded gas. Giant oil & gas fields. What are proven, probable, possible, technical, prospective reserves. Confidence levels. Anatomy of petroleum reserves classification systems: API, SPE, WPC, AAPG, UNFC, and SEC. Mapping/harmonization of classification systems. SEC Reports and Requirements. SEC/SOX issues: proved reserves, year-end prices, F&D costs. Impact on financial statements and company’s performance. Fiscal regimes – mix of PSC’s and royalty/tax. Investors’ Indicators: RRR, UDRR.
Afternoon: Reserves Valuation
Property valuation. Net present value of the cash flow stream. DCF in situ value of reserves. Impact of discount rate. How the value of reserves is affected by different production strategies: high-draw-down, infill drilling, marginal fields. Reserves estimation methodology. Geologic, volumetric – deterministic and probabilistic. Monte Carlo and Parametric simulation. Material balance. Production decline models: exponential, hyperbolic, harmonic, and logistic/Hubbert. Parabolic fractal distribution model. Field examples.
Day 2
Morning: Decline Behavior of Oil Fields
Logistic model. Production behavior of oil & gas fields. Steady state conditions. Decline trend lines. Effects of market fluctuations, new discoveries, injection projects and infill drilling. Ultimate recoverable reserves. Reported remaining reserves. Issues. R/P relations. Half-life of reserves. Peak production potential of newly discovered reserves. Time to reach peak potential. Universal correlations for estimating reserves depletion and production decline rates. Decline curve analysis is applied, jointly with the participants, to several world-class oil & gas fields, to The Big Three oil producing countries, and to global onshore/offshore oil.
Afternoon: Gas Fields
Production behavior of giant gas fields. Logistic decline. Behavior of tight gas sands. Effect of infill drilling/ Hugoton field. Size distribution of giant oil and gas fields. Heuristic methods for estimating global gas reserves. Global map of natural gas discovered to date. How LNG and GTL processes affect gas reserves.
Offshore Oil Fields:
The new oil frontier. Geologic setting. Giant offshore fields. Production growth pattern since inception in the 1940s. E&P trends in shallow, deep and ultra-deep water regions. Discoveries and yet-to-find oil. A heuristic estimate of ultimate recoverable reserves. Regional and global production potential. Production potential and nameplate capacity. Need for modifying reported production and reserves statistics to differentiate associated and non-associated gas, and offshore oil.
