... Abstract Historically, oil and gas reserves definitions have included the term "reasonable certainty" when describing the standard of high confidence/low uncertainty for a conservative estimate of future recovery from an accumulation. In 2008, the U.S. Securities and Exchange Commission (SEC...

... to the subject reservoir Evaluate the performance and operations of the analogous reserves Evaluate the subject reservoir in light of the analog Establish the proof of analogy under the relevant reserves definitions to a mature reservoir and recovery process The evaluator should carefully document...

... engineer engineer academic training documentation reservoir characterization reserve definition take responsibility ethical decision Introduction Modern-day philosophers still grapple with questions of ethics that philosophers like Plato and Socrates discussed over 2500 years ago. While...

... compliance. As the ‘interpretation drift’ in the application of the SPE/WPC Proved reserve definition continues unabated, the search for an International Standard by other organizations (particularly the United Nations) only further complicates the matter. The question is posed as to whether the lack...

... economic projections and experts knowledgeable in the reserves definitions and guidelines applicable to internal and external reporting requirements. A reserves expert combines the knowledge and experience of both technical and definitional aspects to the determination of the company's reserves...

... and probable reserves appropriate to their standards. Reserves definitions are not static; they change with time as an outgrowth of technology and regulatory requirements and the purpose of the definitions. Reserves evaluators must make concerted efforts to stay abreast of even subtle changes...

... Abstract A casual reading of the SPE/WPC Petroleum Reserves Definitions (1997) and the U.S. SEC definitions (1978) would suggest very little, if any, differences in the quantities of hydrocarbon reserves estimated under those two classification systems. The differences in many circumstances...

.... history match hydrocarbon modeling & simulation regulatory guideline spe 71430 reserve definition certainty reserve estimation upstream oil & gas reserves classification reservoir proved reserve simulation model reserves replacement adaptation asset and portfolio management...

... can be attributed to the current SPE/WPC reserve definitions where reserve categories are expressed in terms of probabilities of being achieved. For example, proved reserves are defined as those hydrocarbon volumes with at least a 90 percent probability of being equaled or exceeded (P-90...

... are unaware of fundamental statistical processes that apply. This paper describes two issues arising with the application of probabilistic techniques in reserve estimations. The first is aggregation of properties. This topic is identified, though without guidance, in the new SPE/WPT reserve definitions. Can...

... Abstract Inconsistency in approaches used for booking reserves, whether for internal or external reporting requirements, represents a significant problem for the industry. Despite all the efforts made in attempting to establish a broadly acceptable set of reserve definitions and the guidelines...