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PESA WA Evening Lecture – Hydrocarbon volumetrics – it’s not that hard is it?
Tuesday, 4 September, 2018 @ 5:30 pm - 8:00 pmFree
Hosted with thanks to our platinum sponsor
And with thanks to our gold sponsors
It is 20 years Peter Rose established what has become close to a standard methodology for probabilistically modelling of hydrocarbon volumes. The ‘Rose’ approach provided simple rules to characterise each opportunity. Robust discussion on definition of the P1, P10, P90 and P99 have been a firmly embedded part of subsurface reviews in many companies.
Fast forwarding to the present, computational power has increased exponentially bringing probabilistic simulation to all aspects of the oil and gas business and with it very precise results. Machine learning and other guided computational techniques offer the prospect of further precision just around the corner.
It is timely to reflect that the rocks come first and have a habit of surprising us when we turn the drill bit.
In this talk, volumetric computation examples will be considered and practical exercises in estimation undertaken. The impact of a decision analysis approach will be considered and a discussion undertaken as to how numerical simulation can be better used to characterise and more powerfully communicate the opportunities.