Unconventional Resource Assessment and Valuation
This 3-day course covers the assessment methods required for the technical and economic evaluation of Tight reservoirs including Shales. It combines the technical fundamentals of evaluating these reservoirs with a staged, probabilistic approach to make informed decisions and effectively manage a project portfolio.
Full description (pdf)
- Introduction to Probability and Statistics as the Language of Uncertainty.
- Distribution Types and when to use what
- Sampling and the number of samples required to validate a distribution
- Estimating Under Uncertainty
- What is an 80% Confidence Interval
- Deterministic P50 versus estimating P50’s using probabilistic ranges
- How to develop P10 to P90 Ranges, reality checks
- Resource and Reserve Estimation
- Average Concept – Porosity. Saturations, and Net pay
- Well Spacing considerations
- PRMS PUD’s booking philosophy
- Production Forecasting
- Uncertainty in forecasts, Arps vs other methods, B value discussion
- The use of the Duong and Modified Hyperbolic decline for Unconventional gas resources
- Decision Trees and the Value of Information.
- Decision Tree basics and the Expected Value concept
- Unconventional Resource Assessment
- Unconventional flow processes – how does oil and gas move through a shale?
- High grading the sweet spots using CRS (Common Risk Segment) mapping
- Developing performance tracking Type curves – How do I know if my Type curves are representative?
- Making Better Business Decisions Based on Limited Data
- How many wells do I need before I can move to the next stage?
- Can we fast track this program or do we need to slow down?
The course provides an assessment process for selecting the unconventional resource plays that best meet your company’s goals. You will learn characterization and valuation of the plays, and the importance of assessing reserves at a project and type well level. You will also learn how to make predictions based on limited data sets and which reservoir engineering fundamentals shape assessment of well spacing.
Who Should Attend
This course is intended for engineers, commercial team members, business analysts, geoscientists and managers charged with creating value. Unlike traditional deterministic methods which call for the ongoing study of key parameters to get ever closer to “The Answer”, probabilistic methods recognize that most parameters are fraught with uncertainty.
2.4 CEUs (Continuing Education Units) will be awarded for this 3-day course.
To receive a full refund, all cancellations must be received in writing no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Send cancellation requests by email to email@example.com; by fax to +1.866.460.3032 (US) or +1.972.852.9292 (outside US); or mail to SPE Registration, PO Box 833836, Richardson, TX 75083.
James (Jim) Gouveia (BaSc, Chemical Engineering, University of Toronto) is a registered Professional Engineer with a diverse technical, business and operations background in the petroleum industry. He joined Rose & Associates in March, 2002 after 21 years with Amoco and BP Energy. Gouveia has worked in a variety of technical and managerial assignments in exploration, production and reservoir engineering, strategic and business process planning, portfolio and risk management. Prior to BP's acquisition of Amoco in 1999, Gouveia was Director of Risk Management for the Amoco Energy Group of North America. In this role he was accountable for assurance of consistent project evaluation of all major capital projects. In his last roles, Gouveia led BP's strategic initiative into unconventional gas resources in Western Canada. With BP, he was a member of several task forces including a worldwide task force focused on growth initiatives in mature basins and developing a portfolio management process for BP's North American unconventional gas assets. Gouveia has been a key author in the development of Rose & Associates course on the assessment of Unconventional resource plays. He has consulted with firms in North America, South America, S.E. Asia and Australia on the resource, reserve and economic evaluation of their Unconventional assets. He regularly presents technical talks at the SPEE annual meetings and local SPE chapters. Gouveia has co-authored and presented papers, most recently as a contributing author to the SPEE’s 2011 Monograph 3, “Guidelines for the practical evaluation of undeveloped reserves in Resource plays”, and SPE 121525, “A Statistical Approach to the Effective Economic Modeling and Portfolio Selection of Unconventional Resource Opportunities”. Gouveia is a member of APEGA, SPE, SPEE and AAPG. Gouveia is a partner in Rose & Associates.