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Reserves definitions: Difference between revisions
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:An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impermeable rock, laterally by local geologic barriers, or both. It could be defined differently by regulatory authorities [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | :An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impermeable rock, laterally by local geologic barriers, or both. It could be defined differently by regulatory authorities [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | ||
;'''Field''' | |||
In conventional reservoirs, a field is typically an area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impermeable rock, laterally by local geologic barriers, or both. The term may be defined differently by individual regulatory authorities. For unconventional reservoirs without hydrodynamic influences, a field is often defined by regulatory or ownership boundaries as necessary. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Final Investment Decision (FID)''' | |||
Project approval stage when the participating companies have firmly agreed to the project and the required capital funding. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Flare Gas''' | |||
The total quantity of gas vented and/or burned as part of production and processing operations (but not as fuel). [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Flare gas''' | ;'''Flare gas''' | ||
:Total volume of vented or flared gas [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | :Total volume of vented or flared gas [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | ||
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:An operation on a well designed to demonstrate the existence of moveable petroleum in a reservoir by establishing flow to the surface and/or to provide an indication of the potential productivity of that reservoir. Some flow tests, such as drill stem tests (DSTs), are performed in the open hole. A DST is used to obtain reservoir fluid samples, static bottomhole pressure measurements, indications of productivity and short-term flow and pressure buildup tests to estimate permeability and damage extent. Other flow tests, such as single-point tests and multi-point tests, are performed after the well has been cased. Single-point tests typically involve a measurement or estimate of initial or average reservoir pressure and a flow rate and flowing bottomhole pressure measurement. Multi-point tests are used to establish gas well deliverability and absolute open flow potential [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | :An operation on a well designed to demonstrate the existence of moveable petroleum in a reservoir by establishing flow to the surface and/or to provide an indication of the potential productivity of that reservoir. Some flow tests, such as drill stem tests (DSTs), are performed in the open hole. A DST is used to obtain reservoir fluid samples, static bottomhole pressure measurements, indications of productivity and short-term flow and pressure buildup tests to estimate permeability and damage extent. Other flow tests, such as single-point tests and multi-point tests, are performed after the well has been cased. Single-point tests typically involve a measurement or estimate of initial or average reservoir pressure and a flow rate and flowing bottomhole pressure measurement. Multi-point tests are used to establish gas well deliverability and absolute open flow potential [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | ||
;'''Flow Test''' | |||
An operation on a well designed to demonstrate the existence of recoverable petroleum in a reservoir by establishing flow to the surface and/or to provide an indication of the potential productivity of that reservoir (such as a wireline formation test). May also demonstrate the potential of certain completion techniques, particularly in unconventional reservoirs. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Fluid contacts''' | ;'''Fluid contacts''' | ||
:Typically defined as Oil/Water Contact or Gas/Oil Contact [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | :Typically defined as Oil/Water Contact or Gas/Oil Contact [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | ||
;'''Fluid Contacts''' | |||
The surface or interface in a reservoir separating two regions characterized by predominant differences in fluid saturations. Because of capillary and other phenomena, fluid saturation change is not necessarily abrupt or complete, nor is the surface necessarily horizontal. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Forecast Case''' | |||
A descriptor applied to a scenario when production and associated cash-flow estimates are based on those conditions (including costs and product price schedules, inflation indexes, and market factors) forecast by the evaluator to reasonably exist throughout the evaluation life (i.e., defined conditions). Inflation or deflation adjustments are made to costs and revenues over the evaluation period. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)] | |||
;'''Forward sales''' | ;'''Forward sales''' | ||
:There are a variety of forms of transactions that involve the advance of funds to the owner of an interest in an oil and gas property in exchange for the right to receive the cash proceeds of production, or the production itself, arising from the future operation of the property. In such transactions, the owner almost invariably has a future performance obligation, the outcome of which is uncertain to some degree. Determination as to whether the transaction represents a sale or financing rests on the particular circumstances of each case [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | :There are a variety of forms of transactions that involve the advance of funds to the owner of an interest in an oil and gas property in exchange for the right to receive the cash proceeds of production, or the production itself, arising from the future operation of the property. In such transactions, the owner almost invariably has a future performance obligation, the outcome of which is uncertain to some degree. Determination as to whether the transaction represents a sale or financing rests on the particular circumstances of each case [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]]. | ||