Petroleum reserves
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.
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.
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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ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision. -
Pemex and Talos Energy have 120 days to decide how to share a massive offshore field that both companies claim they should operate. Failure to come to terms means the government will decide the matter.
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An ultrahigh-density high-resolution data set from the Hammerfest Basin is now available from PGS. The area is thought to contain around half of the undiscovered resources on the Norwegian continental shelf, according to the Norwegian Petroleum Directorate.
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Saudi Arabia offers a seemingly bottomless supply of oil and an equally deep array of exploration challenges as well.
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A total of 12.2 billion BOE was discovered worldwide in 2019—the highest volume in 4 years, with offshore regions dominating the list of new deposits.
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Talos is hoping to retain its operatorship of the major discovery it made in 2017 offshore Mexico after a reserves audit confirmed the reservoir is shared between two offshore blocks.
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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.
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Current efforts demonstrate that industry is undertaking responsible scientific, social, and environmental management.
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This paper presents a methodology that provides the upstream industry with a robust approach to petroleum inventory management.
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Tensions in the region spike as US blames Iran.
