Dr. Sandrea conducts a specialized Masterclass on the techniques for “Appraising Reserves & Production Potential of Oil & Gas Fields – Conventional and Unconconventional.” This Masterclass is divided into four one-hour Online audio sessions with viewable slides. As a participant, you will receive a digital workbook with a copy of the presentation slides, and room to make notes, so you can follow the presentation more closely. At the end of each session you can email your questions to the author. A composite list of questions and answers will be compiled and sent to you so you can benefit from other’s questions. After completing the four sessions, you will receive a Certificate of Attendance.
Session #1: Petroleum Systems
Geologic setting of world petroleum systems. Characteristics of light oils and natural gas, condensates & natural gas liquids (NGLs). Giant oil & gas fields. Heavy and extra-heavy oils. Oil sands. Tight oil. Shale gas, Tight gas, and CBM. Global oil & gas production trends since 1850s. Trends for oil & gas discoveries since 1900s. Global E&P capital expenditures. Reserves and Resources, differences. What are proven, probable, possible, technical, prospective/speculative reserves? Confidence levels. Economic yardsticks: RRR, UDRR, and SEC Rulings.
Reserves classification systems: API, SPE-WPC-AAPG or PRMS, and UNFC. PRMS and SEC definitions of proven reserves. Economic, Feasibility, and Geological level of knowledge of reserves. Reports and requirements - their impact on financial statements and company’s performance. Reserves estimation methodologies: Volumetric – deterministic and probabilistic; Material Balance; and Production Decline models – hyperbolic and logistic. Monte Carlo analysis. Field cases. Recovery efficiencies of conventional and unconventional oil and gas fields. Recovery efficiencies X mechanism; X type of oil (light, heavy, extra heavy); tight oil; shale gas, tight gas, and CBM.
Session #2: Reserves Classification and Valuation
The Production stream model for oil and gas fields. Asset (Reserves) valuation methodology. The DCF method. ROI and hurdle rates of projects. The impact of operational strategies: high draw-down, infill drilling, and marginal fields on the value of reserves. How LNG and GTL processes affect gas reserves. Well economics of major shale plays. Options-based valuation methodology. production.
Session #3: Reserves Valuation
Analysis of the decline behavior of several world-class oil & gas fields, and of the Big Three (USA, Russia, Saudi Arabia) oil producing countries. Developing the algorithms for estimating production potential of new reserves, and time to reach peak potential. Examples of results with several newly discovered world class oil fields. Quick estimates of reserves of mature fields – useful for pre-audits. Analysis of production and decline behavior of shale plays. Discuss their attributes: resources, recovery efficiency, production potential, and risk analysis.
Session #4: Production Potential of Reserves: Oil & Gas fields, Shale Plays