Application of appropriate methodology for representative reserves estimation. | [Proceedings SPE-PAPG Annual Technical Conference • 2007]

Author(s):

1. Shoukat Elahi Qazi: Oil and Gas Development Company Limited (OGDCL), Islamabad, Pakistan

2. Arshad Majeed: Oil and Gas Development Company Limited (OGDCL), Islamabad, Pakistan

3. Mohammad Yousaf: Oil and Gas Development Company Limited (OGDCL), Islamabad, Pakistan

4. Raja Tahir Sultan: Oil and Gas Development Company Limited (OGDCL), Islamabad, Pakistan

5. M. Nadeem Ahmed: Oil and Gas Development Company Limited (OGDCL), Islamabad, Pakistan

Abstract:

Presently high prices of fossil fuels are pressurizing E & P companies to explore and produce all tapped and untapped resources. The existing trend to enter into joint venture with other companies to optimize financial gains from prevailing situation is mounting, and shared outlays depend on reserves owned by each partner. Further, conformance to the standards set by regulatory authorities about reserves is vital for enlistment on stock exchange. It is a common observation that reserves estimated by different professionals for a single pool vary and sometimes variation is significant. The divergence in estimated reserves is due to the fact that reserves, contrary to the common perception, are a dynamic entity and not a static one. The methodology employed in estimation of reserves varies at various stages of depletion of reservoir and each method of reserve comparing reserves estimated by different professionals, it is imperative that the depletion stage of the reservoir and appropriateness of the reserves estimation method used must be taken into consideration. This paper discusses various methods used for reserves estimation according to depletion stage of the reservoir and criteria to be applied to select representative reserves from reported ones.

Page(s): 257-265

DOI: DOI not available

Published: Journal: Proceedings SPE-PAPG Annual Technical Conference, Volume: 0, Issue: 0, Year: 2007

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