This paper describes a systematic, consistent methodology to collect reserve and economic information for characterizing a company's oil and gas resources. The authors firmly believe value is realized, both internally and externally, by being able to effectively characterize a company's hydrocarbon resources. The methodology is comprised of four elements: resource definitions, tying resources to production forecasts, valuing resources, and assessing uncertainty. A data collection process is outlined so that the same data can be used for multiple purposes including long range planning, portfolio management, regulatory reporting, reserve management, technology planning, and establishing performance targets. Finally, implementation issues associated with developing a company hydrocarbon resource characterization are reviewed. The paper is a summary of processes developed by ARCO from 1998 to 2000 to better characterize company resources and manage its portfolio of assets.

You can access this article if you purchase or spend a download.