Risk Management in Reserves Modeling – Danvic Petroleum International

About Course

This 5-day intensive training provides participants with a comprehensive understanding of risk management in reserves modeling. It covers key aspects such as uncertainty quantification, probabilistic approaches, volumetric estimations, and decision-making strategies. The course integrates real-world case studies and hands-on exercises to enhance technical competence in evaluating reserves while mitigating risks in oil and gas exploration and production.

Course Content

Day 1: Introduction to Reserves Estimation & Risk Concepts
Overview of reserves classification (P1, P2, P3) Key principles of risk and uncertainty in reserves estimation Deterministic vs. probabilistic reserves modeling Regulatory and reporting standards (SPE-PRMS, SEC, etc.)

Day 2: Geological & Petrophysical Uncertainty in Reserves Modeling
Subsurface uncertainty and its impact on reserves estimates Data acquisition challenges in reserves modeling Role of petrophysical parameters (porosity, permeability, water saturation) Case study on geological risk assessment

Day 3: Probabilistic Methods & Monte Carlo Simulation
Introduction to probabilistic reserves estimation Monte Carlo simulation in reserves modeling Statistical distributions and confidence intervals Hands-on session: Monte Carlo simulation for reserves evaluation

Day 4: Reservoir Engineering & Volumetric Risk Assessment
Volumetric calculations and sensitivity analysis Well performance and decline curve analysis Reservoir heterogeneity and dynamic behavior Managing uncertainties in enhanced recovery projects

Day 5: Decision Making & Risk Mitigation Strategies
Risk-based decision-making in reserves classification Economic evaluation and risk-adjusted reserves booking Sensitivity analysis and scenario planning Final group exercise: Integrated reserves risk assessment

About Course

What Will You Learn?

Course Content

Day 1: Introduction to Reserves Estimation & Risk Concepts Overview of reserves classification (P1, P2, P3) Key principles of risk and uncertainty in reserves estimation Deterministic vs. probabilistic reserves modeling Regulatory and reporting standards (SPE-PRMS, SEC, etc.)

Day 2: Geological & Petrophysical Uncertainty in Reserves Modeling Subsurface uncertainty and its impact on reserves estimates Data acquisition challenges in reserves modeling Role of petrophysical parameters (porosity, permeability, water saturation) Case study on geological risk assessment

Day 3: Probabilistic Methods & Monte Carlo Simulation Introduction to probabilistic reserves estimation Monte Carlo simulation in reserves modeling Statistical distributions and confidence intervals Hands-on session: Monte Carlo simulation for reserves evaluation

Day 4: Reservoir Engineering & Volumetric Risk Assessment Volumetric calculations and sensitivity analysis Well performance and decline curve analysis Reservoir heterogeneity and dynamic behavior Managing uncertainties in enhanced recovery projects

Day 5: Decision Making & Risk Mitigation Strategies Risk-based decision-making in reserves classification Economic evaluation and risk-adjusted reserves booking Sensitivity analysis and scenario planning Final group exercise: Integrated reserves risk assessment

Day 1: Introduction to Reserves Estimation & Risk Concepts
Overview of reserves classification (P1, P2, P3) Key principles of risk and uncertainty in reserves estimation Deterministic vs. probabilistic reserves modeling Regulatory and reporting standards (SPE-PRMS, SEC, etc.)

Day 2: Geological & Petrophysical Uncertainty in Reserves Modeling
Subsurface uncertainty and its impact on reserves estimates Data acquisition challenges in reserves modeling Role of petrophysical parameters (porosity, permeability, water saturation) Case study on geological risk assessment

Day 3: Probabilistic Methods & Monte Carlo Simulation
Introduction to probabilistic reserves estimation Monte Carlo simulation in reserves modeling Statistical distributions and confidence intervals Hands-on session: Monte Carlo simulation for reserves evaluation

Day 4: Reservoir Engineering & Volumetric Risk Assessment
Volumetric calculations and sensitivity analysis Well performance and decline curve analysis Reservoir heterogeneity and dynamic behavior Managing uncertainties in enhanced recovery projects

Day 5: Decision Making & Risk Mitigation Strategies
Risk-based decision-making in reserves classification Economic evaluation and risk-adjusted reserves booking Sensitivity analysis and scenario planning Final group exercise: Integrated reserves risk assessment