This course is designed to instruct in the estimation of petroleum reserves under SEC and SPE/WPC reserves definitions guidelines. The course discusses all definitions including latest developments and interpretations presented by the SEC and SPE/WPC. The course covers in detail the requirements that must be met to classify reserves as proved reserves, but also discusses probable and possible reserves classifications. Following a review of reserves definitions the course presents and discusses the main reservoir engineering and geoscience methods that are used to estimate reserves and how reserves definitions affect such estimates. Case examples will be presented to illustrate estimation methods along with typical errors associated with reserves estimates and how to avoid them. In addition, the course covers supplemental estimation techniques such as reservoir simulation and probabilistic methods to estimate reserves and how to properly apply such techniques.

Topics Covered

• Purpose of Reserves
• Reserves Studies
• Reserves Reports
• Reserves Definitions
• Petroleum Fluids
• Resourses vs. Reserves
• U.S. Reserve Standards
• Reserve Classification and Status
• Typical Problems Identified by the SEC
• International Reserve Standards
• Reserves Estimation Methods
• Analogies
• Volumetric Method
• Recovery Factors
• Supplimentary Techiniques
• Reservoir Simulation
• Probablisitc Method
• Special Interest Topics
• Reserve Audit
• Quality Control
• SEC Hot Topics
• Sarbanes-Oxley

Student materials generously sponsored by Ryder Scott Company, Petroleum Consultants.