RISC’s Principal Petroleum Engineer Antony Corrie-Keilig is co-chairing and presenting at the SPE ATW Reserves, Resources and Definitions workshop in Kuala Lumpur next week.
Antony will be presenting the following:
Session 3 – Uncertainties in Reserves Estimations, Tuesday 16th August.
“Reservoir simulation beyond the best case scenario.”
Simulation has increasingly been promoted as a means to estimate reserves, however, simulation is rarely, if ever, performed with the objective to estimate proved (1P) reserves. The focus is usually on characterising the best case on which investment decisions are typically made. Quantifying uncertainty is often inadequate due to anchoring to the base case reservoir and geological model characteristics, and as such, sensitivities of base case static and dynamic parameters may not capture the full range of uncertainty. This presentation shows how the full range of uncertainties may be captured by challenging the fundamental geological connectivity and drive mechanism of the reservoir, rather than parameter sensitivities within a base case model, and how this was achieved through the integration of geological and analytical reservoir engineering techniques.
Session 8 – Challenges facing the PRMS in the era of low oil prices – case histories and examples, on Wednesday 17th.
“Economic limit testing – the good, the bad and the ugly.”
Economic limit testing is a useful tool to indicate the time when net operating cash-flow is no longer positive, and hence constrain future production forecasts/revenue to the ‘economic’ volumes. However, economic limits may not necessarily be consistent with commercial decision making/maximising value under specific fiscal regimes, as they ignore abandonment costs and income tax liabilities even though these are real and often material cash outflows. This presentation discusses the reality that the interaction of economic limits and commercial decision making/maximising value is far more complex than determining when net operating cash-flow is no longer positive.
“Integrating the PRMS into bourse oil and gas reporting, and the Asia-Pacific perspective.”
A fundamental raison d’etre of each bourse (stock exchange) is to provide the framework for consistent reporting and disclosure for informed investment. The adoption of the PRMS throughout Asia Pacific bourses as the oil and gas reporting standard provides a uniform framework and guidelines for the evaluation of oil and gas reserves and resources, however as the PRMS is not a set of reporting regulations it does not specify the frequency and completeness or degree of disclosure – these are specified by each bourse’s listing rules. This presentation examines how Asia Pacific bourses have developed those frameworks, and in particular the challenges faced recognising that the PRMS is based on terms that require interpretation and it is difficult, if not impossible, to write reserve definitions that cover all possible situations.
Back to previous page