Permian Basin: Evaluating Resource Plays with Practical Statistics

Speaker Russell K. Hall
Russell Hall began his career as a production engineer and reservoir engineer with E & P companies Cleary Petroleum and Amoco Petroleum. He evaluated oil and gas properties in the Energy Lending Groups of First National Bank of Midland, Republic Bank of Dallas, and NationsBank over a fourteen year period. ...

Russell Hall began his career as a production engineer and reservoir engineer with E & P companies Cleary Petroleum and Amoco Petroleum. He evaluated oil and gas properties in the Energy Lending Groups of First National Bank of Midland, Republic Bank of Dallas, and NationsBank over a fourteen year period. In 1996, Hall founded Russell K. Hall and Associates, Inc. where he continues to evaluate oil and gas properties and serves as an expert witness in Texas and New Mexico. He is a registered professional engineer in the state of Texas, a member of the Society of Petroleum Engineers, the Society of Petroleum Evaluation Engineers, the Society of Independent Professional Earth Scientists, and the West Texas Geological Society. He currently chairs the SPEE Committee on Resource Play Evaluation Guidelines. Russell was graduated by the University of Oklahoma with a Bachelor of Science in Mechanical Engineering in 1978 and elected to Tau Beta Pi, the national engineering honor society.

Full Description

This talk addresses the relatively new area of Resource Play evaluation. The question of “what is a Resource Play?” is extensively discussed including the four identifying characteristics (repeatable statistical distribution, behavior of offset well performance, a continuous hydrocarbon system, lack of hydrodynamic support) and the reservoirs which are most commonly Resource Plays (shale gas, coalbed methane, tight gas, basin centered gas systems, certain tight oil). Statistical analysis is introduced in a fashion that treats statistics as a practical tool, rather than a complex mathematical system, with actual oil field examples offered. We review common data distributions (normal and lognormal) using examples of actual oil field data. The probability graph is of particular importance as are the concept of aggregation of wells, and the SPE reserve definitions using probabilistic methods. We examine ways to use Monte Carlo modeling to estimate Proved, Probable, and Possible reserves. However an alternative method to estimate probabilistic reserves using deterministic data, when Monte Carlo techniques are unavailable, is explored.

The primary goal of this discussion is to help the evaluator understand the concept of probabilistic reserves and how Resource Plays are best evaluated using statistical methods.

When?

Tue, Apr. 20, 2010
11:30 a.m. - 1 p.m. US/Central

How Much?

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Where?

Westlake Club
570 Westlake Park Blvd.
Houston, TX 77079
USA

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