HGS Reserves Course Part 3

HGS Short Course Part 3 of 4
Petroleum Reserves - Avoiding Write-downs:
OVERVIEW OF RECOMMENDED ENGINEERING PRACTICES

Part three of four-part reserves course.  Recommended Petrophysical Practices will be Part 4 on September 21st.

Reserve write-downs in 2003 and 2004 have increased attention of financial analysts, investors, rating agencies, banks, the U.S. SEC and corporate boards to the process of estimating and reporting reserves.  Both geologic and engineering technical errors can contribute to erroneous reserve estimates.  Reserve evaluators, whether they are geologists or engineers, need to be aware of all the cross discipline areas where errors can occur.  In this 4-part course, you will:

• Learn basic reservoir evaluation techniques from performance to volumetric analysis.
• Learn which common engineering errors contribute to the inaccuracy of reserves estimates.
• Learn the recommended engineering practices to avoid these reserve pitfalls.
• Learn the fundamentals of economic evaluations and their impact on reserve volumes.
• Learn the value of standardizing petrophysical practices.