RESERVES & RESOURCES
EVALUATION AND CERTIFICATION
Fit-for-Purpose Evaluation Across the Petroleum Asset Life Cycle
FAWER 4 Elements provides independent reserves and resources evaluation and certification through fit-for-purpose technical studies tailored to asset maturity, available data, reservoir complexity, development status, uncertainty, and the intended purpose of the evaluation.
The technical basis of each assessment is project-specific. Depending on the maturity and available evidence, an evaluation may range from geological, geophysical, analog and volumetric approaches to integrated static and dynamic reservoir models, production-performance analysis, development forecasting and economic evaluation.
INTERNATIONAL CLASSIFICATION & REPORTING FRAMEWORKS
Evaluations are performed within internationally recognized petroleum resources classification and reporting frameworks, including the Petroleum Resources Management System (PRMS) and applicable SEC requirements, according to the purpose and jurisdiction of the evaluation. These frameworks provide a consistent basis for relating discovered and undiscovered petroleum quantities, recoverability, project maturity, commerciality and uncertainty.
PROSPECTIVE RESOURCES Undiscovered
CONTINGENT RESOURCESDiscovered . Not Yet Commertial
RESERVESDiscovered . RecoverableCommercial. Remaining
PRODUCTIONSProductions Volumes
Potentially recoverable quantities from undiscovered accumulations by future development projects.
Potentially recoverable quantities from known accumulations that are not currently considered commercially recoverable.
Quantities anticipated to be commercially recoverable from known accumulations under defined development projects.
Production rates forecast & Cumulative production from discovered accumulations.
TB: Geological and geophysical interpretation · Analog information · Available well/log data · Volumetric evaluation · Uncertainty assessment
TB: Increasing well control · Geological and petrophysical characterization · Fluid and pressure data · Well testing · Reservoir connectivity · Analog and performance information
TB: Integrated subsurface and production history · Updated geological and dynamic models as appropriate · Reservoir surveillance · Well and production-system performance · Facilities · Secondary and enhanced recovery performance · Economic conditions
TB: Production and pressure history, reservoir characterization, material balance and performance analysis . DCA . static/dynamic modeling as appropriate, well/facility information
AP: Early-Stage / Limited Well Control
AP:Appraisal & Early Development
AP:Developing & Producing Assets
AP: Mature / Complex / Redevelopment Assets
EF: Hydrocarbons initially in place, discovery resource classification, recoverable ranges, Geological uncertainty, development concepts
EF: Reservoir extent and connectivity · Fluid characterization · Recoverability · Development alternatives · Uncertainty reduction · Initial development planning
EF: Production forecasting · FDP updates · Reserves classification and categorization · Development drilling · Recovery strategy · Commerciality
EF: Remaining reserves · Incremental recovery · Field reactivation · Redevelopment opportunities · Recovery optimization · Project reassessment · Economic limit
Not every reserves evaluation requires the same technical workflow. The appropriate level of study is determined by the maturity of the project, quality and quantity of available data, reservoir complexity, development mechanism and decision being supported.
THE LEVEL OF EVALUATION EVOLVES WITH THE ASSET
Reserves and resources evaluation evolves as an asset progresses through exploration, appraisal, development, production and redevelopment. The level of technical analysis is therefore adapted to the available evidence, reservoir understanding, project maturity and uncertainty at each stage.
Asset/Project Maturity-AP Typical Technical Basis_TB Evaluation Focus_EF