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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The need for cost and capital efficiency calls for careful integration of technical and commercial elements. -
This paper will examine ways in which Chance of Development (CoD) can be defined better, methods for its estimation, and its appropriate application along with common misuses.
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Members of SPE continue to share valuable and useful information through the more than 90 papers on reserves and asset management presented at various meetings, symposiums, and workshops this past year.
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The Guidelines for Application of the Petroleum Resources Management System (AG) document was issued in November 2011.
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Reserves- and resources-evaluation methods in unconventional reservoirs are different from those for conventional reservoirs.
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