PETRO 4300 S 11 CLASS 5

PETRO 4300 S 11 CLASS 5 - PETRO 4300 PROPERTY (ASSET)...

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Unformatted text preview: PETRO 4300 PROPERTY (ASSET) EVALUATION LECTURE 5 RESERVES SIMPLEST DEFINITION RESERVES ARE HYDROCARBON VOLUMES THAT HAVE NOT YET BEING PRODUCED. THEY ARE THE REAL FUTURE VALUE OF THE ASSET YOU ARE LOOKING AT THEY ARE ALWAYS AN ESTIMATE SINCE YOU CANNOT MEASURE THERE IS ALWAYS A CERTAIN AMOUNT OF RISK/ UNCERTAINTY RELATED TO THESE ESTIMATED VOLUMES. METHODS TO ESTIMATE RESERVES ANALOGY/STATISTICAL VOLUMETRIC PERFORMANCE METHODS TO ESTIMATE RESERVES ANALOGY/STATISTICAL TAKING A SIMILAR PROJECT, CARRY OUT AN EVALUATION OF ITS PERFORMANCE, IDENTIFYING THE PROJECT DRIVERS AND , ROADBLOCKS. FINALLY APPLY THESE FINDINGS TO THE PROJECT YOU ARE EVALUATING ANALYZE THE PERFORMANCE OF A LARGE GROUP OF SIMILAR PROJECT AND DISTILL THE DRIVERS AND RESULT; THEN CONNECT THEM USING SOME MATHEMATICAL/STATISTICAL APPROACH METHODS TO ESTIMATE RESERVES VOLUMETRIC BASED ON EVALUATING INFORMATION OBTAINED OFF LOGS, EXTRAPOLATING IT TO COVER THE SURROUNDING VOLUMES, PAY AND CALCULATING THE VOLUME OF: ROCK VOID VOLUME WITHIN THE ROCK AMOUNT OF OIL GAS AND WATER WITHIN THE VOID SPACE ORIGINAL VOLUME IN PLACE @ RESERVOIR CONDITIONS AND AT SURFACE CONDITIONS METHODS TO ESTIMATE RESERVES PERFORMANCE USUALLY REFERS TO PRODUCTION PERFORMANCE I.E. PRODUCTION OF HYDROCARBONS AS A FUNCTION OF TIME THE PHYSICAL PERFORMANCE, PRODUCTION HISTORY, IS FIRST FITTED BY AN EQUATION AND THEN FUTURE PERFORMANCE IS FORECASTED DECLINE ANALYSIS ONE OF THE MOST USED TOOLS IN THE OIL AND GAS BUSINESS PRODUCTION ENGINEERS USE IT FOR ECONOMIC ANALYSIS IN WORKOVERS, CONFORMANCE- INJECTION PROFILE CORRECTION, ARTIFICIAL LIFT IMPLEMENTATION/CHANGES. RESERVOIR ENGINEERS USE IT TO FORECAST FUTURE PRODUCTION OF SINGLE WELLS, GROUP OF WELLS, LARGE UNIT. ALWAYS PART OF AN ECONOMICAL ANALYSIS OF A PROPERTY. LANDMEN USE IT TO EVALUATE DEALS ANYBODY THAT NEEDS TO HAVE AN ESTIMATE OF FUTURE PRODUCTION USES SOME TYPE OF DECLINE FORECASTING METHOD. DECLINE ANALYSIS BEFORE WE GET INTO THE DETAILS OF THE DIFFERENT EQUATIONS, WE NEED TO UNDERSTAND SOME BASIC ISSUES. WHAT ARE YOU USING THIS TECHNIQUE FOR: SINGLE WELL GROUP OF WELLS DECLINE ANALYSIS FOR SINGLE WELLS UNDER A SET OF VERY STRICT ASSUMPTIONS IT CAN BE SHOWN THAT EXPONENTIAL DECLINE IS THE LONG TIME SOLUTION TO THE DIFFUSIVITY EQUATION WITH CONSTANT WELL BORE PRESSURE. FOR SINGLE WELL ONLY , RESEARCHERS HAVE BEEN ABLE TO TIE DECLINE ANALYSIS WITH THE DETERMINATION OF RESERVOIR PROPERTIES SUCH AS PERMEABILITY , RESERVOIR VOLUME AND UNDER CERTAIN CONDITIONS SKIN FACTOR. SOME RESEARCHERS HAVE USED THIS RELATIONSHIPS WITHIN THE BOUNDS OT THEORETICAL RESERVOIRS OTHER INSTEAD, HAVE EXTENDED INTO EMPIRICAL CASES....
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PETRO 4300 S 11 CLASS 5 - PETRO 4300 PROPERTY (ASSET)...

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