Estimation of in-place and recoverable resources as well as the evaluation of reserves are among the key processes in the oil and gas business. The lecture introduces the fundamental knowledge on terminologies and methodologies for students.
The VG-talk first discusses the volumetric Petroleum Initially In-Place (PIIP) resources estimation parameters i.e. trap volume, trap-fill ratio, gross rock volume, net-to-gross, porosity, hydrocarbon saturation and formation volume factor. The lecture proceeds with the overview of the recovery factor and the Technically Recoverable Resources (TRR).
Estimations made for the parameters above are characterized by significant uncertainties. Deterministic and probabilistic (stochastic) approaches are discussed in detail. The uncertainty analyses are demonstrated at the maturation milestones of oil and gas accumulations: undiscovered leads and prospect, discovered, undeveloped and produced pools.
The last lecture session summarizes the principles of reserve evaluation with special emphases on the commerciality criteria therein. Finally, we will conclude with the maturity-based classification and the probability-based categorization of the TRR.
Those who attend the talk will not anymore be confused by terms like “Contingent Resource”, “P50” or “Proved Reserves”.