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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SponsoredMOSAIC's advanced Automated Reconciliation to Reserves Workflows enhances accuracy, speeds up processes, and meets the need for precise asset valuation. Equip your reserves teams with reliable information and insights to reduce uncertainty, boost efficiency, and make smarter business decisions. -
This paper discusses how multiple reliable technologies may be used in concert to establish reasonable certainty for reserves estimates through the flexibility provided by the Petroleum Resources Management System.
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This paper discusses how a traditional stochastic approach in project economics used for screening and ranking can sometimes limit management visibility of all possible outcomes in a project.
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This paper describes natural fractures and their effect on hydrocarbon productivity in the Vaca Muerta shale formation.
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This study catalogs global gas/oil ratio data to identify currently produced light crude oils that could be rendered carbon neutral through the direct-air-capture mechanism.
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The FAQs present questions frequently received from industry with answers prepared by the FAQ Subcommittee and reviewed by the SPE Oil and Gas Reserves Committee and Petroleum Resources Management System (PRMS) co-sponsors. The FAQs address select topics on the interpretation and application of the PRMS on the evaluation and classification of petroleum reserves and re…
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We continue to live in volatile times. While there has been an easing of the global pandemic, geopolitical issues and conflicts have been increasing. There is also ever-increasing pressure to sanction and maintain oil and gas projects in a socially and environmentally sustainable manner. These projects can no longer be considered part of an isolated or independent pet…
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The Petroleum Resources Management System (PRMS) has long been recognized as the global standard reference for resources and reserves classification and definition. The newly published “2022 Guidelines for Application of the PRMS” is not merely a refresh of the 2011 version but a complete rewrite by contemporary subject-matter experts.
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The complete paper outlines adaptations of the SPE Petroleum Resources Management System to a company’s business processes.
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The complete paper builds on existing tools in the literature to quantify the effect of changing well spacing on well productivity for a given completion design, using a new, simple, intuitive empirical equation.
