|Theme||Visible||Selectable||Appearance||Zoom Range (now: 0)|
Proved oil reserves totaled 43.8 billion bbl at yearend 2018 while proved gas reserves amounted to 504.5 Tcf, both topping records set in 2017, the US Energy Information Administration said. Proved oil and gas reserves in the US have spiked to levels not seen before, the EIA reports, and one of the main drivers is the Permian’s Wolfcamp-Bone Spring Shale.
Two discoveries offshore Mexico add to April’s finding in the Norwegian Sea. The Esox-1 well encountered 58 m of high-quality oil-bearing Miocene reservoirs and will be tied back to Tubular Bells production facilities. The Orca-1 and Marsouin-1 wells have derisked up to 50 Tcf of gas initially in place from the Cenomanian and Albian plays in the BirAllah area, more than sufficient to support a world-scale LNG project, partner Kosmos Energy said. India’s ONGC reported an oil find in Colombia’s Llanos Basin as well as a gas and oil discovery in Brazil’s deepwater Sergipe Alagoas Basin. Development of the Tolmount East discovery will be fast-tracked, the operator said.
This paper presents a methodology that provides the upstream industry with a robust approach to petroleum inventory management. This paper will examine ways in which Chance of Development (CoD) can be defined better, methods for its estimation, and its appropriate application along with common misuses. The implementation of the PRMS has contributed significantly to the understanding of the hydrocarbon-maturation process in the Netherlands. There are no reliable estimates of technically recoverable resources (TRRs) for unconventional reservoirs outside North Amercia, and many countries lack the advanced technology such as horizontal drilling and hydraulic fracturing necessary to develop unconventional resources. The Guidelines for Application of the Petroleum Resources Management System (AG) document was issued in November 2011.
In the complete paper, the inverse-injectivity method of evaluating matrix-stimulation performance is modified and validated with real data of two matrix-acidizing operations in a gas-condensate field. One of the world’s leading energy watchers says the second shale revolution will come in the form of LNG exports. After 70 years of production, more than 30% of the Arab C reservoir stock-tank original oil in place has been recovered through various mechanisms including natural depletion, waterflooding, gas lift implementation, and horizontal-well development. The North field offshore Qatar was observed to have a chance of inner annuli becoming charged with shallow-gas pressure with possible communication to other annuli, which was thought to be a well integrity concern. Airborne imaging spectroscopy has evolved dramatically since the 1980s as a robust remote-sensing technique used to generate 2D maps of surface properties over large areas.
The Petroleum Resources Management System (PRMS) is a system developed for consistent and reliable definition, classification, and estimation of hydrocarbon resources. The Oil and Gas Reserves Committee has completed the revision of the Petroleum Resources Management System (PRMS) and the SPE Board approved it in June 2018. The updated PRMS is a consensus of input collected from consulting and financial firms, government agencies, and E&P companies. The process included a 90-day public comment period, and required input and approval by six sponsoring societies: the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the European Association of Geoscientists and Engineers, and the Society of Petrophysicists and Well Log Analysts. The 2018 PRMS update maintains the foundation principles contained in the PRMS 2007 and addresses many of the points in need of clarification that have been collected over the years.
The committee is responsible for programs dealing with oil and gas reserves and resources matters, including reserves and resources definitions, terms, recommended practices, and standards. The committee disseminates reserves and resources information to other organizations, agencies, and companies involved in reserves matters, including cooperation with other committees and organizations in development and delivery of relevant training courses. The Oil and Gas Reserve Committee (OGRC) typically includes twelve to sixteen SPE members (or more when deemed necessary for special projects or special skill sets) who are degreed engineers and geoscientists with 10-plus years of experience in reserves and resources estimation. Traditionally, members serve three-year terms. In addition to the Society of Petroleum Engineers, other organizations may provide OGRC observers.
The new numbers for the Marcellus Shale and Point Pleasant-Utica Shale represent large increases from previous USGS assessments of both formations. Production and proved reserves in the Permian Basin’s Wolfcamp Shale and Bone Spring Formation are reaching new heights, and a new assessment from the US Geological Survey indicates the industry is just scratching the subsurface when it comes to what may be technically recoverable. Major oil discoveries by Armstrong Oil & Gas and ConocoPhillips have compelled the US Department of the Interior to reassess its estimate of undiscovered, technically recoverable resources in parts of Alaska. The list of the biggest gas plays in the US is being revised as the US Geological Survey creates new estimates based on additional drilling results and available rock samples. New at Number 2 is the Mancos Shale on the Western Slope of the Rockies with 66 Tcf in recoverable reserves.
Noble’s first row of wells in its massive Mustang project is helping increase the operator’s DJ Basin output, and similar results are soon expected in the Delaware Basin. Proved oil and gas reserves in the US have spiked to levels not seen before, the EIA reports, and one of the main drivers is the Permian’s Wolfcamp-Bone Spring Shale.
Unproved reserves are based on geologic and/or engineering data similar to that used in estimates of proved reserves; but technical, contractual, economic, or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable reserves and possible reserves. Unproved reserves may be estimated assuming future economic conditions different from those prevailing at the time of the estimate. The effect of possible future improvements in economic conditions and technological developments can be expressed by allocating appropriate quantities of reserves to the probable and possible classifications (SPE).