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Value Navigator - Reserve Management

This document provides an overview of reserves management in 3 slides. It discusses configuring a database for reserves management, defining key elements like jurisdictions and change categories. It also summarizes balancing an initial estimate, reforecasting, automatic reconciliation, and reporting revised estimates. A resource assessment and management workflow are shown. An example reserve reconciliation waterfall is presented.

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Jorge Romero
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89 views

Value Navigator - Reserve Management

This document provides an overview of reserves management in 3 slides. It discusses configuring a database for reserves management, defining key elements like jurisdictions and change categories. It also summarizes balancing an initial estimate, reforecasting, automatic reconciliation, and reporting revised estimates. A resource assessment and management workflow are shown. An example reserve reconciliation waterfall is presented.

Uploaded by

Jorge Romero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Value Navigator - Reserve

Management
Presenter: Kevin Beal

www.aucerna.com
Reserves Management: Topics
• Configure a database for use in Reserves Management
• Define Jurisdictions
• Define Change Record Categories
• Define Sequences
• Balance and Post an Initial Estimate
• Reforecasting and Various other Changes
• Automatic Reconciliation
• Waterfall tab
• Post Revised Estimates
• Reporting

www.aucerna.com
Resource Assessment

Petroleum Resources Management System | Version 1.01 (2018)

www.aucerna.com
Reserves Management
• Production rates decline as the reservoir is depleted. New resources, development
of existing resources to improve recovery, contribute to the maintenance of base
reserves available to the organization.
• Reserves management entails the identification of the causes of revisions to
reserves estimates.
• Inaccurate estimation of reserves  Technical revisions
• Economic factor revisions  Higher than estimated operating costs, capital
costs, royalties, etc.

www.aucerna.com
Resource Management Example

Reserve Reconciliation - Total Proved


Total Company Oil (Mbbl) Gas (MMcf) NGL (Mbbl) Total (MBOE)
Opening Balance (December 31, 2017) 52,800 62,543 450 63,674
Discoveries - 25 - 4
Extensions 250 50 10 268
Infill Drilling 524 26 12 540
Improved Recovery 136 - - 136
Acquisitions 600 - - 600
Dispositions - (100) - (17)
Economic Factors (15) (350) - (73)
Technical Revisions 262 (90) (10) 237
Production (1,320) (1,564) (11) (1,592)
Closing Balance (December 31, 2018) 53,237 60,540 451 63,778

www.aucerna.com
Resource Management Workflow

www.aucerna.com
Resource Management – Waterfall Example

www.aucerna.com
Resource Management Change Record
Sequence
Change Record Sequence
NI 51-101 SEC

Extension & Improved Recovery Economic Factors

Technical Revisions Production

Discoveries Extension & Improved Recovery

Acquisitions Discoveries

Dispositions Acquisitions

Economic Factors Dispositions

Production Technical Revisions

Accretion of Discount Accretion of Discount

www.aucerna.com

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