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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This paper describes a development plan for an oil field discovered in a remote offshore environment in the Niger Delta that uses a probabilistic approach to estimate the STOOIP using low, mid, and high cases. -
The paper provides insight into managing reserves and resource information during a merger through description of a case study.
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The authors present a countrywide benchmarking of ultimate recovery factor for oil reservoirs in Kuwait.
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The authors write that the deterministic incremental reserve assessment method may mislead investors if used wrongly.
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E&P independent Energean has awarded Halliburton a contract to provide services for drilling up to five wells offshore Israel in collaboration with Stena Drilling.
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The complete paper outlines some of the challenges involved in late-life field management and how Reserves assessment may be affected.
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During the past decade, hundreds of unconventional oil and gas projects have failed to deliver the value sought by shareholders.
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Even without the black swan event of COVID-19, the industry must critically examine the technical, commercial, and operational bases of the projects it proposes and executes. A logical, reasonable, ethical, and philosophical approach is critical to underpin good decision making and value creation.
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The UAE produced 4 million B/D this year and is looking to these newly discovered resources to reach 5 million B/D by 2030.
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This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.
