Overview

Looking through the abstracts of approximately 65 papers, and needing to select relevant papers for this feature, proved the following to me.

My selections will leave some important and useful papers “behind.”
There is a wealth of experience to be shared among SPE members worldwide.
The topic of risk and dealing with uncertainty continues to be a major theme—as well it should, because it is what we do on a daily basis as petroleum engineers.

To address my first issue, I simply tried to identify the papers that would have the broadest appeal to benefit the most readers. I would encourage you to search online (SPE’s eLibrary) to find papers that are not listed here.

As for issue two, there were plenty of papers illustrating best practices or promising results and conclusions from case studies. Take note of the selected case studies, because the authors’ experiences and observations can add to your repertoire of knowledge to improve the management of your own assets and projects, however different they may be from those highlighted.

As for risk and uncertainty, the selected papers help provide a better understanding of the topic by highlighting the latest developments and practices.

Finally, keep in mind that what we lack in experience (both successes and failures), we must make up for in terms of acquiring knowledge and risk/reward and uncertainty management. Our predecessors were able to conduct business based heavily on experience and the best understanding of the inherent uncertainties. This method may have been appropriate at that time, regardless of the project. Unfortunately, we have moved to the cutting edge of “megascale” projects such as harsh environments or deep and ultradeep water that are so significant in terms of economic scale, human resources needed, and the complex interrelated components, that in some cases overall project management is almost beyond comprehension. Therefore, acquiring knowledge and understanding risk and uncertainty become as important as a lifetime of experience.

Increasing Confidence in Production Forecasting Through Risk-Based Integrated Asset Modeling: Captain Field Case Study
Dynamic Economic Indicator To Evaluate SAGD Performance
Stage-Gate Project-Management Process in the Oil and Gas Industry

Dean Rietz, SPE, is Managing Senior Vice President at Ryder Scott Co. He has 22 years of diverse experience in evaluating oil and gas properties, including more than 18 years applying numerical-modeling approaches to these evaluations. Rietz manages the Reservoir Simulation Group and has built a variety of simulation models including compositional and thermal. Currently, he is an adjunct professor at the U. of Houston and also teaches a 2-day simulation course for SPE. Rietz earned a BS degree in petroleum engineering from the U. of Oklahoma and an MS degree in petroleum engineering from the U. of Houston. He serves on the JPT Editorial Committee and is a registered professional engineer in Texas.

Overview

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