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    A New Standard Method for Reserve Evaluation

    Access Status
    Fulltext not available
    Authors
    Amin, Robert
    Hussen, Chawarwan
    Date
    2009
    Type
    Conference Paper
    
    Metadata
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    Citation
    Amin, Robert and Hussen, Chawarwan. 2009. A New Standard Method for Reserve Evaluation, in Nagib Callaos, Hsing-Wei Chu, Michael J.Savoie, Anders Tremante, C.Dale Zinn (ed), The 2nd International Multi-Conference on Engineering and Technology Innovation, Jul 10 2009, pp. 1-393.Orlando, Florida, USA: International Institute of Informatics and Systemics
    Source Title
    Proceedings Volume III
    Source Conference
    The 2nd International Multi-Conference on Engineering and Technology Innovation
    ISBN
    1-934272-70-1
    Faculty
    Woodside Hydrocarbon Research Facility (WRF)
    Faculty of Science and Engineering
    School
    Woodside Hydrocarbon Research Facility (Industry Research Centre)
    URI
    http://hdl.handle.net/20.500.11937/31860
    Collection
    • Curtin Research Publications
    Abstract

    Given the importance of the reserves disclosures for investors and regulators, it is surprising that there has been very little focus on how the reserves data are prepared and reported by companies. Currently, reserves disclosures in the financial statements are not audited by independent public accountants, nor are they audited by any petroleum industry-designated independent evaluators. Performing the critical "reserves evaluator" function currently does not also require any recognised certification program or other mandatory industry-wide training requirements.Despite the highly technical nature of the reserves estimation process, both preparers and users of the reserves information know that reserves estimation is not an exact science. Estimates are based on limited data obtained from small regions, which are then extrapolated to the whole field. Reserves estimations are also based on expected production paths over long periods of time. Many alternative procedures are often available and widely used for making similar technical or economic determinations. These factors make reserves disclosures inherently subject to information quality problems. Estimates of proved reserve quantities may often be imprecise and change overtime as new information through new technologies becomes available. Accurate reserves data are extremely important to investors to value and assess the performance of energy companies, and are equally important to regulators and the public given the critical role of the energy sector in the economy. It is clear, then, that reserves data should be disclosed in a way that minimizes the credibility gap that afflicts the current disclosures. In this paper, new dynamic reserve estimation and reporting method will be introduced. This model is based on complex parameters of new ways of calculation of hydrocarbon initially in place, recovery factors, and net price plus % uncertainties associated with geology, recovery factors and prices.

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