Unconventional Resource Assessment and Valuation
Full description (pdf)
This course is focused on effective business decision making in Unconventional Reservoirs. In a realm where we are constantly dealing with limited data, it is critical that we develop the necessary skill sets required to deal with these so called statistical plays. The course covers the assessment and valuation methods required for the characterization of resource plays from the selection of “sweet spots” to the forecasting of Proved reserves and PUDs using SPEE Monograph 3 & 4 methods. The premise for this course is that sound estimation of key engineering, geotechnical, and economic parameters is essential for maximizing profitability. Due to uncertainty and prevailing risks, unconventional resource characterization requires a staged, probabilistic approach conducive to more-informed decision making. We will cover a variety of topics:
- Dealing with limited data sets. It’s not that the information is imperfect, it’s that we are dealing with an imperfect representation of an unknown population. Rather than call it perfect or imperfect, the participant will learn how to quantify the uncertainty in terms of confidence levels relative to the number of well samples and the variance in the mean given the sample size. This knowledge is critical to making educated decisions on: pilot well counts, well spacing and testing of new technologies.
- Developing Probabilistic Production Type Well curves and how to aggregate them to the Project level. Sound knowledge of aggregation is required for the proper economic evaluation of resource plays.
- Decision tree concepts, incorporating value of information techniques.
- How do I know if my Production Type Well Curve is still representative? The use of Sequential Accumulation plots to validate that your predictions are still within statistical control. This can be applied to drill or completion costs, cycle time estimates, as well as your production forecasts.
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.
4.0 CEUs (Continuing Education Units) will be awarded for this 5-day course.
All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14 day window will not be refunded. Refunds will not be given due to no show situations.
Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.
SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.
We reserve the right to substitute course instructors as necessary.
Full Regional cancellation policies can be found at the “Cancellation Policy” link on the SPE Training Course Catalog page: https://www.spe.org/training/catalog.php.
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.