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With over 10 years of experience in the oil and gas industry, Proven Reserves Exploitation Ltd. has developed several methods of helping our clients get more oil and gas faster. The following processes outline other ways Proven can help you.
We find additional reserves and value for clients quickly and economically. We examine data in the public domain as well as data given to us by clients, including information on well production and equipment, geological and petrophysical data. From this data we estimate hydrocarbon reserves potential, including the probability of finding these reserves. We also forecast oil & gas production rates from existing data and potential wells.
No one can definitively predict reserves and production rates; however, we use proven mathematical techniques to estimate the size and productivity of reserves. We provide our estimates couched in a range of outcomes, as is industry standard.
For Example:
We might review a company’s well files for a certain non-producing property. Using mathematical forecasting techniques we would hypothetically tell the client that they face a 30% chance of having no economic reserves. If the client has some economic reserves, those reserves may be as small as 1.5 bcf (billion cubic feet) of gas and as large as 5.5 bcf, with most probable reserves being 3.2 bcf.
We might also tell the client that the property may produce at initial rates between 1.1 mmcf/d (million cubic feet per day) of gas and 2.3 mmcf/d.
Based on these ranges and a forecast of future oil and gas prices, we may establish a value for the property as negative $900 thousand in the case of no economic reserves, and in a range of $5.2 million and $7.8 million if there are economic reserves.
To Summarize:
Case |
Reserves |
Production Rate (mmcf/d) |
Value |
Dry |
0 |
0 |
-0.9 |
Low |
1.5 |
1.1 |
5.2 |
Mean |
3.2 |
1.7 |
6.1 |
High |
5.5 |
2.3 |
7.8 |
We might then suggest to the client that they drill another well or install additional equipment to improve the value of the property. For each such recommendation, we would provide additional range estimates of reserves, production and value. In most cases, we use the client’s well data, oil & gas price forecast, petrophysical data, and geological data to provide these estimates.
The client is free to use or ignore our recommendations. For this consulting service, we charge for our time.
Proven Reserves Provides:
We have knowledge of, and experience with deep sour gas, light oil, associated gas, shallow gas and heavy oil all over the Western Canadian sedimentary basin.
Determining Whether a Commingling Application is Necessary
The Alberta Energy Utilities Board (under Guide 65) has recently revised application guidelines for commingling status. For pools not already approved for commingling, the notification form can be used for the application if all requirements are met and the required testing and pressure data has been obtained. Otherwise, a Guide 65 application must be submitted.
Before a commingling application is prepared, the following steps should be undertaken to determine if the zone of interest is already in an approved commingled pool.
Proven Reserves has assisted companies with both determining whether potential new production can be assigned to a pool with commingling approval or preparing commingling applications for both oil and gas.
Our Data Catalogue process is a method by which Proven can get up to speed quickly on your oil and gas assets. A Data catalogue also helps Proven get all the information they need up front so that time is not lost in obtaining data. Often we find our clients are not sure where to begin, and the Data Catalogue process can help streamline, and prioritize your projects.
Some advantages of a Data Catalogue are that:
Also included in this service is a brief report, outlining a summary of the data reviewed, any deficiencies in the data, and conclusions we may have as well as any recommendations for the next step in analysis or evaluation. This report is a broad overview and helps Proven get onboard quickly with individual client needs.
Seven areas of review include:
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