Jumps in proved unconventional gas reserves present challenges to reserves auditing

SPE Economics and Management

Volumn 4, Issue 3, 2012, Pages 131-146

  Weijermars, Ruud ^a  

^a DELFT UNIVERSITY OF TECHNOLOGY   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

COSTS; ECONOMICS; GAS INDUSTRY; GASES; NATURAL GAS; NATURAL GAS WELLS; NATURAL GASOLINE PLANTS; NETWORK SECURITY; WELLHEADS;

GAS RESERVES; MARGINAL COSTS; NATURAL GAS PRICE; PEER GROUPS; PRODUCTION ECONOMICS; PROVED RESERVES; SECURITY AND EXCHANGE COMMISSIONS; UNCONVENTIONAL GAS;

PROVEN RESERVES;

EID: 84866689553     PISSN: 21501173     EISSN: None     Source Type: Journal    
DOI: 10.2118/160927-PA     Document Type: Article

References (41)

1. Berman, A.E. 2009. Lessons from the Barnett Shale imply caution in other shale plays. World Oil 230 (8): What's new in exploration, 17.
2. Berman, A.E. 2010a. ExxonMobil's Acquisition of XTO Energy: The Fallacy of the Manufacturing Model in Shale Plays. The Oil Drum (22 February 2010), http://www.theoildrum.com/node/6229.
3. Berman, A.E. 2010b. Shale Gas-Abundance or Mirage? Why The Marcellus Shale Will Disappoint Expectations. The Oil Drum (28 October 2010), http://www.theoildrum.com/node/7075.
4. Berman, A.E. 2010c. EIA Annual Energy Outlook 2011: Don't Worry, Be Happy. The Oil Drum (29 December 2010), http://www.theoildrum. com/node/7285.
5. Berman, A.E. and Pittinger, L. 2009. Realities of shale play reserves: Examples from the Fayetteville Shale. World Oil 230 (9): What's new in exploration, 17.
6. BP. 2011. BP Energy Outlook 2030. BP Statistical Review, BP Global, London (January 2011), http://www.bp.com/liveassets/bp-internet/ globalbp/globalbp-uk-english/reports-and-publications/statistical- energy-review-2011/STAGING/local-assets/pdf/2030-energy-out look-booklet.pdf.
7. Brooks, A. 2012. Optimistic NPC report could point US energy strategy in wrong direction. Energy Strategy Reviews 1 (1): 57-61. http://dx.doi. org/10.1016/j.esr.2011.11.002.
8. DOE/EIA. 2010a. U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2009. Reserves Analysis, EIA/US DOE, Washington, DC (30 November 2010). http://www.eia.gov/oil-gas/natural-gas/ data-publications/crude- oil-natural-gas-reserves/cr.html?featureclick ed=1.
9. DOE/EIA. 2010b. Natural Gas: Shale Gas. Annual Reserves Data, EIA/US DOE, Washington, DC (30 December 2010). http://www.eia.gov/dnav/ ng/ng-enr-shalegas-dcu-nus-a.htm.
10. DOE/EIA. 2010c. Annual Energy Review 2009. Annual Report No. DOE/ EIA-0384(2009), EIA/US DOE, Washington, DC (19 August 2010). http://www.eia.gov/FTPROOT/multifuel/038409.pdf.
11. DOE/EIA. 2011a. World Shale Gas Resources: An Initial Assessment of 14 Regions Outside the United States. Analysis Overview, EIA/US DOE, Washington, DC (5 April 2011). http://www.eia.gov/analysis/ studies/worldshalegas/.
12. DOE/EIA. 2011b. Annual Energy Outlook 2011 with Projections to 2035. Annual Report No. DOE/EIA-0383(2011), EIA/US DOE, Washington, DC (March 2011).
13. Etherington, J.R. 2009. Managing Your Business Using Intergrated PRMS and SEC Standards. Paper SPE 124398 presented at the SPE Annual Technical Conference and Exhibition, New Orleans, 4-7 October. http://dx.doi.org/10.2118/ 124938-MS.
14. Gilmer, A., Hovey, R., and Simmons, J. 2009. How Arthur Berman Could Be Very Wrong. Drillinginfo (5 September 2009), http://info.drill inginfo.com/how-arthur-berman-could-be-very-wrong/.
15. Holditch, S.A. and Madani, H. 2010. Global Unconventional Gas-It Is There, But Is It Profitable? J Pet Technol 62 (12): Management, 42-49.
16. Lee, W.J. 2009. Modernization of the SEC Oil and Gas Reserves Reporting Requirements. SPE Econ & Mgmt 1 (1): 4-10. SPE-123793-PA. http://dx.doi.org/10.2118/123793-PA.
17. Lee, W.J. 2010. The "Reliable Technologies" Rule: What Did the SEC Intend. Paper OTC 20379 presented at the Offshore Technology Conference, Houston, 3-6 May. http://dx.doi.org/10.4043/20379-MS.
18. Lee, W.J. and Sidle, R.E. 2010. Gas Reserves Estimation in Resource Plays. Paper SPE 130102 presented at the SPE Unconventional Gas Conference, Pittsburgh, Pennsylvania, USA, 23-25 February. http://dx.doi. org/10.2118/130102-MS.
19. McKay, B.G. and Taylor, N.F. 1979. Definition of petroleum reserves using probability analysis. APPEA Journal 19: 197-201.
20. McRae, G.S. and Ruppel, C. 2011. The Future of Natural Gas: An Interdisciplinary MIT Study. Multidisciplinary Report, MIT Energy Initiative, Cambridge, Massachusetts (9 June 2011), http://web.mit.edu/mitei/ research/studies/documents/natural-gas-2011/NaturalGas-Report.pdf.
21. NPC. 2011. Prudent Development: Realizing the Potential of North America's Abundant Natural Gas and Oil Resources. Technical Report, National Petroleum Council, Washington, DC (15 September 2011), http://www.npc.org/ reports/rd.html.
22. Olsen, G.T., Lee, W.J., and Blasingame, T. 2011. Reserves Overbooking: The Problem We're Finally Going to Talk About. SPE Econ & Mgmt 3 (2): 68-78. SPE-134014-PA. http://dx.doi.org/10.2118/134014-PA.
23. Potential Gas Committee (PGC). 2009. Potential Supply of Natural Gas in the United States. Potential Gas Agency, Colorado School of Mines, Golden, Colorado (31 December 2008).
24. Rogner, H.H. 1997. An assessment of world hydrocarbon resources. Annu. Rev. Energy Env. 22 (1): 217-262. http://dx.doi.org/10.1146/annurev. energy.22.1.217.
25. Ryder Scott. 2010. Reservoir Solutions Newsletter, Vol. 13, No. 1 (March-May 2010), http://www.ryderscott.com/Newsletters/310nsltrWeb.pdf.
26. Sidle, R.E. and Lee, W.J. 2010. An Update on the Use of Reservoir Analogs for the Estimation of Oil and Gas Reserves. Paper SPE 129688 presented at the SPE Hydrocarbon Economics and Evaluation Symposium, Dallas, 8-9 March. http://dx.doi.org/10.2118/129688-MS.
27. SPE/AAPG/WPC/SPEE/SEG. 2011. Guidelines for Application of the Petroleum Resources Management System (November 2011), http:// www.aapg.org/geoDC/PRMS- Guidelines-Nov2011.pdf.
28. SPE/WPC reserves definitions approved. 1997. J Pet Technol 49 (5): 527-528.
29. PRMS. 2007. SPE/WPC/AAPG/SPEE. Petroleum Resources Management System-2007, http://www.spe.org/industry/docs/Petroleum-Resources- Management-System-2007.pdf.
30. UNECE. 2010. United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 (UNFC-2009). Technical Report, ECE Energy Series No.39, United Nations Economic Commission for Europe (UNECE), New York (May 2011), http://www.unece. org/energy/se/unfc-2009.html.
31. US Securities and Exchange Commission. 2009. Modernization of Oil and Gas Reporting. Final Rule, 17 CFR Parts 210, 211, 229, and 249, [Release Nos. 33-8995; 34-59192; FR-78; File No. S7-15-08], RIN 3235-AK00, US SEC, Washington, DC (14 January 2009). Federal Register 74 (9): 2157-2197 http://www.sec.gov/ rules/final/2009/33-8995fr.pdf.
32. Valko, P.P. and Lee, W.J. 2010. A Better Way To Forecast Production From Unconventional Gas Wells. Paper SPE 134231 presented at the SPE Annual Technical Conference and Exhibition, Florence, Italy, 19-22 September. http://dx.doi.org/10.2118/134231-MS.
33. Weijermars, R. 2009. Accelerating the three dimensions of E&P clockspeed-A novel strategy for optimizing utility in the Oil & Gas industry. Appl. Energy 86 (10): 2222-2243. http://dx.doi.org/10.1016/ j.apenergy.2009.01.019.
34. Weijermars, R. 2010. Why untenable US natural gas boom may soon need wellhead price-floor regulation for industry survival. First Break 28 (9): 33-38.
35. Weijermars, R. 2011a. Credit Ratings and Cash-Flow Analysis of Oil and Gas Companies: Competitive Disadavantage in Financing Costs for Smaller Companies in Tight Capital Markets. SPE Econ & Mgmt 3 (2): 54-67. SPE-144489-PA. http://dx.doi.org/10.2118/144489-PA.
36. Weijermars, R. 2011b. Price scenarios may alter gas-to-oil strategy shift for US Unconventionals. Oil Gas J. 109 (1): 74-81.
37. Weijermars, R. and McCredie, C. 2011. US Shale Reserves-Inflating US Shale Gas Reserves. Petroleum Review 65 (780): 36-38.
38. Weijermars, R. and Watson, S. 2011a. Can Technology R&D close the Unconventional Gas Performance Gap. First Break 29 (5): 89-93.
39. Weijermars, R. and Watson, S. 2011b. Unconventional-Natural-Gas Business: TSR Benchmark and Recommendations for Prudent Management of Shareholder Value. SPE Econ & Mgmt 3 (4): 247-261. SPE-154056-PA. http://dx.doi.org/10.2118/ 154056-PA.
40. Weijermars, R., Drijkoningen, G., Heimovaara, T.J., Rudolph, E.S.J., Weltje, G.J., and Wolf, K.H.A.A. 2011. Unconventional gas research initiative for clean energy transition in Europe. J. Nat. Gas Sci. Eng. 3 (2): 402-412. http://dx.doi.org/10.1016/j.jngse.2011.04.002.
41. Weijermars, R., Taylor, P., Bahn, O. et al. 2012. Review of models and actors in energy mix optimization - can leader visions and decisions align with optimum model strategies for our future energy systems? Energy Strategy Reviews 1 (1): 5-18. http://dx.doi.org/10.1016/ j.esr.2011.10.001.