About the course: The course will provide understanding of estimation and standardized classification of petroleum reserves which is broadly adapted by all oil and gas operators in order to evaluate projects, creating business plans, and reporting the volumes as a standard practice in order to give a practical picture of company’s performance to the stakeholders. The course will also entail different methods of estimating hydrocarbons and discuss the Classification frameworks covering range of uncertainties and degree of maturity for economic development. Students will be provided with excel spreadsheets for exercises.
Learning Objectives: Accurate estimation of hydrocarbon volumes and reserves is a key activity for any oil and gas business. Asset volumes and reserve estimates are needed to make overall investment program decisions, individual project valuations and financial/tax decisions. Reserves estimates are also required to be reported to government regulators and investors/bankers under securities law. Reserve estimates are required during the life cycle of an hydrocarbon assets as follows: Exploration: Defining target for exploration requires estimate of undiscovered volumes Development: Planning and execution of project requires estimates of discovered and recoverable volumes Production: Managing producing operations to achieve effective/efficient recovery requires constant monitoring/re-evaluation of remaining volume potential The objective of the course is to enhance awareness of the importance of accurate definition and determination of reserves for an oil and gas operator and provide guidelines/methodology to correctly categorize, estimate, manage and book reserves.
Course Duration: 5 days
Prerequisites: Familiarity with Petroleum / Reservoir Engineering concepts are desirable but not an absolute necessity. Students and Professionals are welcomed to join the course and learn about the upstream production engineering domain.
Topic to be covered:
- Introduction to Reserve Estimation and Classification.
- Different methods and application of reserves estimation ( Exercises on Excel Sheets).
- Petroleum Resources Management System.
