Gauging the confidence in publicly reported oil and gas reserves: introducing the Reserves Confidence Metric (RCM)

2017 ◽  
Vol 57 (1) ◽  
pp. 88
Author(s):  
Don McMillan
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Coal Seam Gas ◽  
Gas Industry ◽  
Resources Management ◽  
Unconventional Resources ◽  
Production Ratio ◽  
Petroleum Resources ◽  
Unconventional Resource ◽  
Reserve Estimates

Confidence in publicly disclosed reserves and resources is critical to the investment community and the reputation of the oil and gas industry. This paper introduces a commonly utilised industry concept for reviewing reserve estimates in a format that non-professionals can use with confidence. Surveys (McMillan 2014) have indicated a perception that the Society of Petroleum Engineers – Petroleum Resources Management System (SPE-PRMS) lacks consistency and repeatability and treats conventional and unconventional resources differently. This is discussed in detail in this paper, along with an explanation of the confusion caused by these differences. The oil and gas industry is still endeavouring to understand how to treat unconventional resource estimations and this paper endeavours to capture areas of contention and risks in relation to reported reserves. Reserves Confidence Metric (RCM) is presented as a method for rating confidence in publicly disclosed reserves. RCM, which is derived from the reserves to production ratio, can be used for any reserves standard or guideline. It is a simple metric, which any organisation or individual with limited knowledge of reserves can apply to identify reserves that require further information or should be used with caution. As an example, RCM is applied to Queensland’s publicly disclosed 2P reserves for all conventional and unconventional Coal Seam Gas (CSG) resources.

From wells to decisions—data management for coal seam gas operators in Australia as compared to conventional oil and gas operators

2011 ◽  
Vol 51 (2) ◽  
pp. 716
Author(s):  
Peter Smith ◽  
Iain Paton
Keyword(s):  
Coal Seam ◽  
Data Management ◽  
Case Studies ◽  
Oil And Gas ◽  
Data Access ◽  
Oil And Gas Industry ◽  
Coal Seam Gas ◽  
Gas Industry ◽  
Innovative Solutions ◽  
Conventional Oil

The large number of wells associated with typical coal seam gas (CSG) developments in Australia has changed the paradigm for field management and optimisation. Real time data access, automation and optimisation—which have been previously considered luxuries in conventional resources—are key to the development and operation of fields, which can easily reach more than 1,000 wells. The particular issue in Australia of the shortage of skilled labour and operators has increased pressure to automate field operations. This extended abstract outlines established best practices for gathering the numerous data types associated with wells and surface equipment, and converting that data into information that can inform the decision processes of engineers and managers alike. There will be analysis made of the existing standard, tools, software and data management systems from the conventional oil and gas industry, as well as how some of these can be ported to the CSG fields. The need to define industry standards that are similar to those developed over many years in the conventional oil and gas industry will be discussed. Case studies from Australia and wider international CSG operations will highlight the innovative solutions that can be realised through an integrated project from downhole to office, and how commercial off the shelf solutions have advantages over customised one-off systems. Furthermore, case studies will be presented from both CSG and conventional fields on how these enabling technologies translate into increased production, efficiencies and lift optimisation and move towards the goal of allowing engineers to make informed decisions as quickly as possible. Unique aspects of CSG operations, which require similarly unique and innovative solutions, will be highlighted in contrast to conventional oil and gas.

scholarly journals The Moderating Effect of OPEC and Non-OPEC on the Relationship Between Oil Price Volatility and Accrual Earnings Management in the Oil and Gas Industry

2020 ◽  
Vol 6 (1) ◽  
pp. 283-300
Author(s):  
Viveksarati Sandrasigaran ◽  
Jalila Binti Johari ◽  
Soh Wei Ni ◽  
Bany-Ariffin A.N
Keyword(s):  
Earnings Management ◽  
Oil And Gas ◽  
Price Volatility ◽  
Oil And Gas Industry ◽  
Oil Price ◽  
Empirical Examination ◽  
Gas Industry ◽  
Oil Price Volatility ◽  
Production Ratio ◽  
The Relationship

This study is an empirical examination on the relationship between oil price volatility and earnings management in the oil and gas industry, moderated by price-setting abilities of OPEC (Organization of Petroleum Exporting Nations) and price taking abilities of Non-OPEC countries. This study tests discretionary, income-decreasing, current and non-current accruals as a proxy of earnings management. A total sample of 209 firm-year observations from 2008 to 2018 of listed oil and gas firm is collected from the Thomson Datastream database. To incorporate the moderation effect, the samples were divided into two sub-groups, OPEC and Non-OPEC using reserve to production ratio.  Firm attributes are included in the analysis as the constant variable such as leverage, current ratio, EBITDA and Growth. The initial results show that, overall, the interaction effect between OPEC/Non-OPEC and oil price volatility is positive and significant to discretionary and income-decreasing accruals. Data samples are limited while comparing OPEC and Non-OPEC countries as not every oil and gas company in OPEC are listed companies and their information is heavily protected. This study contributes to extant earnings management literature regarding political cost, which remains a significant concern to oil and gas companies worldwide.

Overcoming Challenges of Pigging the Unpiggable Pipelines

2021 ◽  
Author(s):  
Chinedu Oragwu ◽  
Daniel Molyneux ◽  
Lukeman Lawal ◽  
Stanley Ameh
Keyword(s):  
Carbon Steel ◽  
Oil And Gas ◽  
Raw Materials ◽  
Oil And Gas Industry ◽  
Regulatory Requirements ◽  
Gas Industry ◽  
Integrity Assessment ◽  
Flow Parameters ◽  
Petroleum Resources ◽  
Strict Compliance

Abstract Carbon steel pipelines are used to transport hydrocarbons globally because carbon steel is relatively easier to fabricate, safe for use, raw materials are available and less expensive. Amidst these benefits, carbon steel is susceptible to severe corrosion and other anomalies. Pipeline corrosion is a significant concern in the oil and gas industry. It has caused several minor and catastrophic losses of containment with resultant fatalities, environmental pollutions, asset damage, and production downtimes. The increasing failures of in-service pipelines have led the Department of Petroleum Resources (DPR) to intensify regulatory scrutiny of pipeline integrity assessment and management in Nigeria to ensure strict compliance to the regulatory requirements by the Oil Producing Companies. According to DPR Act (Section 2.5.2.1), all pipelines greater than 6" size diameter must be inspected every five (5) years with intelligent pigs (inline inspection tools) that would provide the accurate condition of the pipeline. However, many pipelines in Nigeria are unpiggable or difficult to inspect with intelligent pigs due to the unavailability of pigging facilities (especially in brownfields), pipelines with short bend radiuses, dual diameters, flow parameters, etcetera. This paper explores case studies involving the use of advanced inline inspection technology to conduct inline inspection of difficult-to-inspect dual-diameter pipelines.

Reducing Accidents Through the Implementation of the Minimum Industry Safety Training for Downstream Operations Mistdo in the Nigerian Oil and Gas Industry

2021 ◽  
Author(s):  
Michael Edem ◽  
Okechukwu Nwankwo ◽  
Jennifer Muku ◽  
Fatima Usman ◽  
Chidi Ike
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Workplace Safety ◽  
Safety Training ◽  
Industry Data ◽  
Gas Industry ◽  
Barrier Failure ◽  
Petroleum Resources ◽  
Model Training ◽  
Training Provider

Abstract The Department of Petroleum Resources (DPR), the Petroleum Regulatory agency of the Nigerian oil and gas industry is mandated by law to investigate accidents in the industry. Data obtained from the oil and gas accident database from the Department of Petroleum Resources shows that accidents in the downstream sector contribute about 70%, when compared to the upstream sector. One of the reoccurring root causes from investigations point to administrative barrier failure – which is a lack of training and re-training of staff in the downstream sector on workplace safety. Against this background, the DPR introduced the Minimum Industry Safety Training for Downstream Operations (MISTDO) as part of the Safety Audit Clearance policy launched to drive safety in the downstream sector. MISTDO is a basic safety training which must be undertaken by all personnel working in the downstream sector of the Nigerian oil and gas industry. This paper reviews the recorded accidents that have occurred in the downstream sector between 2014 – 2019; examines the MISTDO courses for the various workers in downstream facilities; analyses the MISTDO tripartite model (Training provider, Operator and DPR) adopted; the effects of implementation of MISTDO and concludes with the value additions of the MISTDO program to the industry.

scholarly journals Environmental Protection and Oil and Gas Production in the Nova Scotia Offshore: A Guidelines Approach to Operational Discharges

1969 ◽  
pp. 347
Author(s):  
Mikis Manolis
Keyword(s):  
Nova Scotia ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
Statutory Authority ◽  
Petroleum Resources ◽  
Offshore Petroleum

This article examines and describes the regulatory framework governing the production of oil and gas in the Nova Scotia offshore. Specific attention is given to the ecological dangers posed by operational discharges into the marine environment by the oil and gas industry. The regulation of operational discharges under the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act and the role of guidelines in this regard is discussed. It is argued that the attempted use of guidelines by the Canada-Nova Scotia Offshore Petroleum Board to impose binding requirements on operators is beyond its statutory authority. The administrative problems associated with these "mandatory" guidelines are also discussed.

scholarly journals Improving the Human Resources Management System in the Context of Innovative Development of the Oil and Gas Industry of the Republic of Uzbekistan

2021 ◽  
Vol 7 (2) ◽  
pp. 254-257
Author(s):  
D. Khairova
Keyword(s):  
Oil And Gas ◽  
Human Resources Management ◽  
Oil And Gas Industry ◽  
Innovative Development ◽  
Highly Qualified ◽  
Gas Industry ◽  
Resources Management ◽  
Economic Production ◽  
Qualified Personnel ◽  
The Republic

Currently, in the context of the innovative development of the oil and gas industry of the republic and the need for continuous improvement of the technologies being introduced, an important role is played by qualified personnel who meet modern and promising requirements of economic production. The efficiency of the oil and gas industry requires appropriate knowledge and qualifications from specialists. That is why highly qualified specialists in the oil and gas complex are the production need of today.

scholarly journals Coalbed Methane: Conventional Rules for an Unconventional Resource

2020 ◽  
Author(s):  
Janice Buckingham ◽  
Patricia Steele
Keyword(s):  
North America ◽  
Coalbed Methane ◽  
Oil And Gas ◽  
Common Law ◽  
Oil And Gas Industry ◽  
Environmental Concerns ◽  
Gas Industry ◽  
Regulatory Frameworks ◽  
Unconventional Resource ◽  
Over Time

Considering the evolution of coalbed methane development In North America, the authors highlight the risks involved at various stages of development. To manage these risks and potentially increase the chance of successful projects, the authors offer suggestions for adapting leases and agreements typically used in the oil and gas industry to reflect the uniqueness of coalbed methane development. The authors also suggest amendments to Alberta's current legislation affecting Crownlands. The authors acknowledge that the issues that arise in the coalbed methane context will change over time as projects are carried out, the industry matures and the legal and regulatory frameworks governing coalbed methane evolve. In providing possible solutions to the current situation, consideration is given to common law principles of ownership of coalbed methane, legislation affecting Crown and freeholdlands, typical freeholdleases, joint ventures and operating agreements and environmental concerns surrounding coalbed methane development.

Introduction to this special section: Unconventional case studies

2019 ◽  
Vol 38 (2) ◽  
pp. 92-95
Author(s):  
Scott Singleton
Keyword(s):  
Oil And Gas ◽  
3D Visualization ◽  
Special Section ◽  
Oil And Gas Industry ◽  
Resource Assessment ◽  
Gas Industry ◽  
The Past ◽  
3D Data ◽  
Unconventional Resource ◽  
Processing Techniques

The technology behind unconventional resource assessment and extraction has morphed considerably in the past few years, likely exacerbated by the extreme downturn in the oil and gas industry and everyone's fight for survival. Those of us who were around during the downturn in the 1980s remember a similar sense of desperation that led to the widespread use of 3D data, along with the commensurate advancement of processing techniques that could handle massive amounts of data as well as the evolution of 3D visualization and interpretation.

The Value Additions of Oil and Gas Industry Service Permit in the Nigerian Oil and Gas Industry

2021 ◽  
Author(s):  
Michael Edem ◽  
Abdullahi Alfa ◽  
Okechukwu Nwankwo
Keyword(s):  
Oil And Gas ◽  
Service Providers ◽  
Oil And Gas Industry ◽  
Technical Service ◽  
Application Process ◽  
Gas Industry ◽  
Mandatory Requirement ◽  
Petroleum Resources ◽  
Regulatory Instruments ◽  
Petroleum Drilling

Abstract The Department of Petroleum Resources, Nigeria's oil and gas industry regulator, is an opportunity provider and business enabler. Using regulatory instruments such as Licenses, Approvals and Permits, the Department has enabled investors to unlock opportunities in the Upstream, Midstream and Downstream sectors of the industry. The Oil and Gas Industry Service Permit (OGISP) is a mandatory requirement for all service providers rendering or engaged to render technical service to the industry, in accordance with section 60A of the amended Petroleum (Drilling & Production) Regulations, 1988. Since its establishment, the Department has issued over a million permits to service providers in various areas of specialization. This paper examines the OGISP system framework; OGISP application process and requirements for permit issuance; benefits of OGISP to the industry and the Nigerian economy; and recommendations to improve the OGISP system.

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