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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Operator Talos Energy now believes Zama’s gross recoverable resource lies in the upper half of its pre-appraisal estimate of 400–800 million BOE. The consortium is working toward a 2020 final investment decision on the project. -
Ranking places US ahead of Saudi Arabia and Russia.
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The state-run offshore company has found a gas and condensate field that holds an estimated 250 million BOE.
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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.
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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.
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Since its publication in 2007, the SPE Petroleum Resources Management System (PRMS) has been broadly adopted by the petroleum industry as the international standard reference for reserves and resources classification and reporting.
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An international committee of reserves evaluation experts has completed the revision of the Petroleum Resources Management System (PRMS). The SPE Board approved it in June 2018.
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Oil and gas demand is stable or rising in all regions of the world, meaning additional investments are needed for production to keep up. Growing indigenous requirements reduce volumes available for export in many regions, IOGP’s new Global Production Report shows.
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New Zealand will not grant any new permits for offshore oil and gas exploration, Prime Minister Jacinda Ahern said, taking the industry by surprise with a decision that it says will push investment overseas.
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Big-data mining techniques can help determe the type-curves and the resulting estimated ultimate recovery of an asset being evaluated for acquisition.
