Determination of Oil and Gas Reserves by The Petroleum Society of the Canadian Institute of Mining,

By The Petroleum Society of the Canadian Institute of Mining, Metallurgy and Petroleum

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The conversions to BOE are usually made to barrels of "light" oil equivalent. Since medium and heavy oil have values much lower than light oil, it may be desirable that the medium and heavy oil reserves be converted to BOE of light oil as well as converting the gas and related product reserves, to better indicate their real value. Some companies may prefer to convert their reserves using gas as the common unit. The procedure would be similar, except that the converted reserves would be quoted as thousand cubic feet of gas equivalent.

When the value of the risk-weighted reserves is being determined, the unrisked reserves must be used in the economic analysis. Risk for both the reserves and values should only be applied after the economic forecasts have been completed using total costs to develop the unrisked reserves. 2 Aggregation of Reserves Estimates Traditionally, when deterministic approaches are being used, the aggregation of a series of reserves estimates will have been made using the arithmetic method. However, with the increase in the use of statistical methods in reserves determination, the arithmetic method of aggregation may not always be appropriate.

GUIDELINES FOR ESTIMATIONOF OIL AND GAS RESERVES The assignment of reserves estimates to the respective categories using the deterministic procedure normally uses one of two approaches. In the first, the evaluator develops a "best estimate" of reserves for each of the categories, using consistent parameters. Using this methodology, the evaluator effectively establishes a range of estimates of reserves, with the proved estimate based on parameters for which a high probability can be attributed, and additional estimates of probable and possible reserves based on parameters for which there is a lesser probability of occurrence.

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