Nov. 16, 2006


Description

Ron Harrell will present and analyze the proposed, unified 2007 petroleum reserves and resources definitions and discuss application guidelines. Sanctioning bodies are SPE, American Association of Petroleum Geologists, World Petroleum Congress and Society of Petroleum Evaluation Engineers. Currently, SPE is evaluating comments from industry. A draft of the proposed definitions is posted on the SPE Web site at www.spe.org. 
 
The SPE Oil & Gas Reserves Committee presented the new definition set to the SPE board in September. OGRC found an ambiguity between unproved reserves and contingent resources, so the new set of definitions clarified the relationship between the two for better portfolio management. The definitions also addressed the following:
  • Confusion between commercial and technical certainty
  • Misalignment—Focus on proved current conditions but project decisions based on 2P forecast conditions.
  • Lack of Clarity—Guidelines based on incremental approach but business uses scenario approach.
  • Focus too narrow—Buoyancy-based rules do not apply to unconventional resources.
            SPE also investigated how to make further classifications within each of the proved developed and proved undeveloped categories for use in portfolio analysis. 
 
Updates to reserves audit and evaluation standards included beefing up the qualifications for a reserves evaluator and auditor. The standards also address acceptable tolerances in a reserves audit, minimums for entity reserves reports, performance and volumetric analysis and use of analogs under regulatory guidelines. 

Featured Speakers

Speaker Ron Harrell
Chairman Emeritus Ryder-Scott Petroleum Engineers Ron Harrell was a member of the SPE working committee that updated reserves audit and evaluation standards. He is Chairman Emeritus at Ryder Scott Company LP. He was Chairman for six years and CEO for five years starting in 2000. Harrell has managed reservoir engineering and geological studies ...

Chairman Emeritus
Ryder-Scott Petroleum Engineers

Ron Harrell was a member of the SPE working committee that updated reserves audit and evaluation standards. He is Chairman Emeritus at Ryder Scott Company LP. He was Chairman for six years and CEO for five years starting in 2000. Harrell has managed reservoir engineering and geological studies worldwide. He graduated magna cum laude with a BS degree in petroleum engineering from LouisianaTech University.


 


He is the past chairman of the Society of Petroleum Engineers Oil and Gas Reserves Committee. Now he is an observer on that committee representing the Society of Petroleum Evaluation Engineers.  Harrell is a member of SPE, SPEE, API Houston Chapter and TIPRO as well as a registered professional engineer in Louisiana, Mississippi and Texas.

Full Description



Organizer

Chuck Wagner


Date and Time

Thu, Nov. 16, 2006

11:30 a.m. - 1 p.m.
(GMT-0500) US/Central

Event has ended

If you do not have a full-time job in the oil and gas industry, are a full-time student or Member in Transition (MiT) member, and you do not see a discounted registration fee for students/MiT regarding this event, please contact the GCS manager at spe-gcs@spe.org.


Location

Courtyard on St James

1885 St James Place
Houston, TX 77056
USA