Petroleum reserves
Since the US arrested and removed Venezuelan President Nicolás Maduro on 3 January 2026, all eyes have turned toward the country’s vast oil reserves, the largest of any country. From 2005 to 2024, oil production in Venezuela fell by 70%, from 3.1 million B/D to just 0.9 million B/D. The race is on to bring production back, but aging infrastructure and expatriation pre…
The three featured papers illustrate how emerging computational methods—ranging from gradient-based optimization to data-driven proxies—are reshaping reservoir characterization, uncertainty assessment, and real-time decision support across diverse subsurface applications.
Latest 5-year assessment puts undiscovered technically recoverable gas resources on the US Outer Continental Shelf at 218 Tcf.
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Westwood links 2026 exploration outcomes to policies, with operators offshore Norway finding seven times more resources than those offshore the UK. -
This study presents a novel hybrid approach to enhance fraud detection in scanned financial documents.
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This paper provides insight into existing tools, methodologies, and processes that can help any capital project or organization improve predictability of outcome while mitigating risks and exploiting opportunities effectively.
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Data and impartial viewpoints can help de-risk exploration portfolios and keep resource estimates in check.
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ExxonMobil joins BP, Chevron, and TotalEnergies in greenlighting new investment projects in Iraq in 2025 as the government targets oil production of 6 million B/D by 2029.
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The number of high-impact wells drilled across the globe this year are expected to be on trend with the most recent 5-year average.
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The operator’s deepwater discovery in the Gulf of Mexico is potentially commercial, and government analysis indicates the gulf holds 1.3 billion BOE more reserves than estimated.
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This paper presents three examples covering both gas and oil fields at different stages of their lives that show how estimated ultimate recovery (EUR) and the corresponding range of EUR uncertainty varies over the life of each field.
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Since the late 1930s, the offshore industry has advanced from the first platform in 14 ft of water to the ultradeepwater 20K era. Driven by seismic, drilling, and development breakthroughs, the industry has pushed into deeper waters, high-pressure reservoirs, and new frontiers like Guyana, continually expanding the limits of offshore exploration.
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The SPE Oil and Gas Reserves Committee has opened a period for public comments and feedback on the current 2018 PRMS.
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