The Industry’s Reserves

Estimation Meeting:

June 20-22, 2017

Houston, TX

Day One
Wednesday June 21 2017

Day Two
Thursday June 22 2017

08.30
Chair’s Opening Remarks

Improving Reserves Forecasting to Meet Evolving Reporting Requirements

08.40
SEC Reporting: Hot Button Issues for Proved Reserves Reporting

Synopsis

  • SEC Enforcement priorities for oil & gas industry reporting
  • The importance of effective internal controls over proved reserves reporting
  • Comments and issues from the 2016 filings season

09.10
Panel Discussion: Improving the Bankability of Your Assets to Enable Increased Investment in Production Capacity

  • Brad Larson Managing Director, Société Générale Corporate and Investment Banking
  • Larry Tharp Managing Director and Chief Engineer, GSO Capital Partners
  • Phil Martin CEO, New Century Exploration
  • Matt Parsons Senior Reservoir Engineer, Hunt Oil

Synopsis

  • Impacts of changing dynamics of oil/gas pricing on lenders evaluation criteria and the ability to project positive economics on development: When will capital become more freely available again?
  • Improving the balance of fiduciary responsibility and the natural drive for operators to push up stock prices: Abiding by definitions of reserves and understanding the grey areas
  • Benchmarking with other operators to ensure reserves are being estimated and reported to SEC, banks and other lenders consistently
  • Moving towards more sustainable business plans and realistic determination of net present value to enhance investor appetite
  • Basing booking of reserves on recent performance offset e.g. booking unproved locations

10.00
Morning Refreshments & Networking

10.30
Survivor 2017 Roundtables: Exploring Relationships between Reserves Forecasting, Bookings, Successes & Failures during the Downturn

Synopsis

  • Understanding the trends of reserve forecasting and bookings vs financial performance in 2015 and 2016
  • Where was reserves estimation a culprit and where did leveraging and production costs etc. drive the issue?
  • Analyzing write-downs attributable to energy price decreases and those attributable to reserves re-appraisal
  • The impacts of greater scrutiny on financials and reserves during bankruptcy proceedings, divestitures and acquisitions
  • Exploring how multiple methodologies impact on the tail end and net present value
  • Lessons learnt during the downturn and applying them to the leaner operating environment

11.30
Q&A Session: Evaluating the Effectiveness of Monograph 4, One Year In

  • Dr John Lee Professor of Petroleum Engineering, Texas A&M University

Synopsis

  • Highlights of monograph 4 application
  • Learnings in the first year
  • Interactive Q&A on improvements

12.00
Lunch

Technical Estimation Case Studies & Sessions

13.30
Case Study: Exploring Relations between Early Time Performance & EUR in the Eagle Ford Basin

  • Stuart Cox Vice President Reservoir Engineering, PetroEdge

Synopsis

  • Combining flow regime analysis with classical decline curve analysis to improve estimates
  • Estimating ultimate recovery from early transient flow behavior
  • Recommendations to improve the early time projection with respect to projected ultimate recovery
  • Proposal for a method of evaluating public data to determine well spacing requirements

14.00
Innovative Ways of Indexing & Ranking Wells through Rate Transient Analysis (RTA) & Type Curve Analogies

  • Dr Ebrahim Fathi Assistant Professor of Petroleum and Natural Gas Engineering, West Virginia University

Synopsis

  • Selecting the best well type curve analogies from single or representative well performance
  • Adjusting for fracking and other interference effects
  • Forecasting a grouping of wells, including interaction and interference between unique wells

14.30
Afternoon Refreshments & Networking

15.00
Case Study: I Want to See the Forest, but What Do I Do about All of Those Trees? Developing Efficient Workflows for Large Datasets to Improve DCA & Data Analytics to Better Understand Parameters Driving Higher Well Productivity (EUR)

Synopsis

  • Back testing historical production data to see how empirical decline curve models change in time from large well counts
  • Iterating auto-forecasting tools to flag wells with higher confidence and using these analogies to correlate across the data set
  • Building a more accurate reserves projection for the whole field through drawing analogies from internal and external datasets
  • Identifying and refining well analogies and strategies for targeting optimal completions and new drilling

15.30
Roundtables: More Effective Technical Department Collaborations

Synopsis

  • Ensuring better inputs… and therefore more accurate outputs
  • Building a better understanding across disciplines of how data is used and models will be beneficial for the end goal
  • Working alongside with geology and other departments more effectively

16.00
Chair’s Summary

16.10
Close of Conference