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.
A pilot project carried out by Hess demonstrates how quickly automated drilling technology is able to take a rig from the bottom of the pack in terms of performance and push it to the top. The Bakken Petroleum System, which includes the Bakken and Three Forks shales in North America, is estimated to hold as much as 900 billion bbl of original oil in place. As shale operators look for ways to survive amid the current downturn in oil prices, accelerating the refracturing of older horizontal wells is turning into one of the most attractive options. More than 21 billion bbl of light, sweet crude oil will be extracted over the lifetime of the Bakken and Three Forks shale plays, according to the latest projections from energy consultancy group Wood Mackenzie.
Good diagnostic testing is often painstaking, time-consuming, and costly, but recent studies suggest that a lack of knowledge can be even costlier. Tiny soil samples may contain as many as 300,000 species of microbial life, but a Netherlands-based startup has figured out that between 50 and 200 of them can tell an operator if a drilling location will hold oil and gas reserves. For the past 2 decades, the use of DNA sequencing technology has largely been relegated to the domains of criminal forensics and the healthcare industry. One company is betting that the shale industry soon will join that list. DuPont is ramping up the commercial-scale implementation of its microbial enhanced oil recovery (MEOR) method after nearly a decade of development and testing of what it says is a low-risk way to improve production from mature fields.
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.
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.
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.
This one-day workshop presents the fundamental components of the Petroleum Resources Management System (PRMS) of the Society of Petroleum Engineers (SPE) and provides examples of classification of recoverable volumes of oil and gas in prospective resources, contingent resources, and reserves as the prospects mature. At the end of the workshop, participants will fully understand the PRMS and how to allocate recoverable volumes to the appropriate reserve categories or resources, and to the project's maturity sub-class. The theoretical material of the course is complemented with exercises to strengthen the concepts on which the PRMS is based. The resource definitions and course reservations will focus on the specific methodologies used in the PRMS, but they will also compare the classification system and definitions with those used in SEC and other rules. The purpose of this workshop is to review and discuss recent changes to petroleum resources assessment and reporting guidelines.
Estimates derived under these definitions rely on the integrity, skill, and judgement of the evaluator and are affected by the geological complexity, stage of exploration or development, degree of depletion of the reservoirs, and amount of available data. The resource classification system is summarized in Figure 1 and the relevant definitions are given below. Elsewhere, resources have been defined as including all quantities of petroleum which are estimated to be initially-in-place; however, some users consider only the estimated recoverable portion to constitute a resource. In these definitions, the quantities estimated to be initially-in-place are defined as Total Petroleum-initially-in-place, Discovered Petroleum-initially-in-place and Undiscovered Petroleum-initiallyin- place, and the recoverable portions are defined separately as Reserves, Contingent Resources and Prospective Resources. In any event, it should be understood that reserves constitute a subset of resources, being those quantities that are discovered (i.e. in known accumulations), recoverable, commercial and remaining.
This course allows an overview and in-depth look at the framework, classifications, and applications of SPE’s Petroleum Resources Management System (PRMS). Participants will gain a solid understanding of this valuable resources management tool, including insight into the latest updated version (PRMS 2018) that is due to be published shortly. PRMS is a powerful management tool that is widely used in the industry. If your job includes any aspect of resources management, this course will enhance your skills. This course is for anyone who works closely with the generating and reporting of reserves, and for those who make or use resources estimates for business decisions.