Technology Focus: Reserves/Asset Management (December 2011)

Abstract

Technology Focus As a member of the JPT Editorial Committee, I am privileged to review papers presented at SPE events during the last year in the area of Reserves and Asset Management. I am always impressed by the highly skilled, innovative members of our Society who address the constant change in our industry in these papers. Recently, many of the reserves papers have focused on changes in reserves and resource estimation resulting from the introduction of the Petroleum Resource Management System (PRMS) and the US Securities and Exchange Commission’s (SEC’s) Modernized Rules. Last year, many of the papers dealt with theoretical aspects of reserves estimation in unconventional plays. This year, most of the papers dealt with unconventional reserves, focusing on integration of theoretical and practical aspects of the engineering principles used to estimate reserves and resources. Several papers went full circle to address how issues around PRMS or the SEC’s Modernized Rules affect reserves and resource estimation in unconventional resources. There was a similar shift in asset-management papers. Prior years were weighted heavily toward theoretical-optimization approaches, primarily focused on surface facilities. This year, there were many excellent papers addressing the practical application of those principles in technically challenging, high-cost environments. Integration of surface and subsurface components to improve efficiency was another recurring theme. The fact that I could select only a few of the many outstanding papers that I reviewed highlights the importance of attending the venues at which these papers are presented. The insight provided during the presentation’s opportunity to ask questions yields valuable information that cannot be obtained by reading the paper alone. I selected the papers for highlighting and those recommended for additional reading with a view to the needs and interests of the membership of our global society. I hope I found something that will benefit each of you. Reserves/Asset Management additional reading available at OnePetro: www.onepetro.org SPE 128542 • “Greater Plutonio—Real-Time Reservoir Management in a High-Cost Deepwater Environment” by Dave Booth, SPE, BP plc, et al. (See JPT, September 2010, page 43.) SPE 147623 • “Estimated Ultimate Recovery as a Function of Production Practices in the Haynesville Shale” by V. Okouma, Shell Canada Energy, et al. SPE 142822 • “Tight Gas Modeling Frameworks for Improved Reservoir Management and Application to the Moxa Development Area” by Felipe Gallego, BP plc. SPE 146788 • “Field-Development Optimization Under Uncertainty: Screening Models for Decision Making” by B.A. Ogunyomi, SPE, University of Texas at Austin, et al.