Course Objectives:

By the end of this training, participants will be able to:

1. Introduction to Reserves and Resources

• Understand the fundamental concepts of reserves and resources in the context of petroleum and mineral exploration.
• Differentiate between reserves and resources, and comprehend their economic and technical significance.
• Learn about the life cycle of a reservoir, from exploration to abandonment, and how reserves and resources are integral to the decision-making process.

2. Reserve and Resource Classification Systems

• Study the different classification systems used for reserves and resources, including:
• SPE/WPC/AAPG Classification System: Standards defined by the Society of Petroleum Engineers (SPE), World Petroleum Council (WPC), and American Association of Petroleum Geologists (AAPG).
• PRMS (Petroleum Resources Management System): The global standard for classification.
• Reserves Categories: Proven (1P), Probable (2P), and Possible (3P) reserves.
• Resources Categories: Discovered, Undiscovered, and Unrecoverable resources.
• Learn the significance of each category and how to classify resources based on geological and engineering data.

3. Estimation of Reserves and Resources

• Understand the various methods and techniques used for estimating reserves and resources, including:
• Volumetric Method: Calculation based on the volume of hydrocarbons in place and recovery factors.
• Material Balance Method: Using pressure and production data to estimate the amount of hydrocarbons in a reservoir.
• Decline Curve Analysis: Estimating reserves based on historical production data and production decline rates.
• Reservoir Simulation: Using numerical models to predict the future performance of a reservoir.
• Learn how geological, geophysical, and engineering data are used in combination to improve estimation accuracy.

4. Reserves Reporting Standards and Guidelines

• Study the regulatory frameworks and guidelines governing reserves and resources reporting, such as:
• SEC (Securities and Exchange Commission) Guidelines: Reporting reserves for publicly traded companies.
• SPE PRMS Guidelines: Global standards for estimating, classifying, and reporting petroleum reserves.
• NI 51-101 (Canada): Regulatory framework for reporting reserves in Canada.
• JORC Code (Australia): Guidelines for the reporting of exploration results, mineral resources, and ore reserves in Australia.
• Learn the importance of transparency, consistency, and accuracy in reporting to ensure compliance with regulations and industry standards.

5. Risk Assessment and Uncertainty in Reserve Estimation

• Understand the sources of uncertainty in reserve estimation, such as geological, reservoir, operational, and economic uncertainties.
• Learn techniques for assessing and managing risk in reserves estimation, including Monte Carlo simulations and probabilistic analysis.
• Study the concept of risked reserves (taking into account uncertainties) and how to assign risk factors to different categories of reserves.
• Understand the role of uncertainty in decision-making and how to present reserves and resources with an associated risk profile.

6. Economic Evaluation of Reserves

• Learn how to perform economic evaluations of reserves, including discounted cash flow (DCF) analysis and net present value (NPV) calculations.
• Study the factors that impact the economic viability of reserves, including commodity prices, production costs, capital investment, and recovery factors.
• Understand how to evaluate the profitability of projects and make decisions based on reserve economics.
• Learn how to calculate break-even points and the impact of fluctuating oil and gas prices on reserve valuation.

7. Reporting and Documentation of Reserves and Resources

• Study the best practices for documenting and reporting reserves and resources in accordance with industry standards.
• Learn how to prepare reserve and resource reports for internal stakeholders, regulatory bodies, and financial institutions.
• Understand the importance of data integrity and quality control in preparing accurate and reliable reserves reports.
• Explore the process of preparing reserves audits and third-party evaluations for independent verification.

8. Environmental and Social Considerations in Resource Estimation

• Understand the environmental impact of resource extraction and how to incorporate sustainability practices in reserves and resources estimation.
• Learn about the regulatory and social factors that influence resource development and estimation, including environmental impact assessments (EIAs), community consultation, and regulatory compliance.
• Study the role of corporate social responsibility (CSR) in reporting and developing resources responsibly.

9. Case Studies and Real-World Applications

• Review case studies of successful and challenging reserves and resources estimation projects.
• Study how different methods and classification systems were applied in real-world scenarios.
• Learn from industry challenges, such as estimating reserves in unconventional resources (e.g., shale gas, tight oil) and deepwater reservoirs.
• Discuss the impact of technology and innovation on reserves estimation, such as remote sensing, seismic interpretation, and advanced data analytics.

10. Emerging Trends and Future Developments in Reserves Estimation

• Explore the latest trends in reserves and resources estimation, including the use of machine learning, artificial intelligence, and big data analytics.
• Study how advancements in technology are improving the accuracy and efficiency of reserves estimation and reporting.
• Understand the potential future challenges in estimating reserves, such as the depletion of easily accessible resources and the shift towards renewable energy sources.

Target Audience

This training is designed for professionals involved in the estimation, classification, and reporting of reserves and resources. The target audience includes:

1. Reservoir Engineers and Geoscientists

2. Financial Analysts and Economic Evaluators

3. HSE Engineers and Environmental Specialists

4. Project Managers and Supervisors

5. Regulatory and Compliance Officers