Research And Application "SEC Estimation Approach For Oil & Gas Reserves" In China

As one standard and regulation, SEC is imperative to be executed andrespected for Oil Company on market in USA. Information published on thebasis of SEC would directly not only influence current prices of stocks but alsodevelopment and potential. After joining WTO, China has tree giant oilcompanies on market abroad successfully and international cooperation has beenexpanding and increasing without cease, so rules of international capital marketmust be respected.On this basis of "SEC oil and gas reserves estimation standards", this paperwill provide "China petroleum resource/reserves classification system"according with SEC and national demand, after studying WPC/SPE,SEC ,national reserves classification published in 1988, reserves economy and moveability and limitation, comparison of international and national resource/reservesclassification. The key factors of this classification system are: addition ofeconomy and limitation to technically recoverable reserves, divide ofrecoverable reserves into economic reserves and sub- economic reserves, divideof proved recoverable reserves into proved reserves produced and non-produced.Upon "SEC oil and gas reserves estimation standards" the paper will studythe volumetric method in proved reserves estimation and its parametersin-certainty, the example of about 300 oil fields evaluated by D&M USA, andthen the paper will give rational well spacing and well control areacorresponding SEC for oil fields in our continental basins: different well spacingdue to the different boundary and area of oil reservoirs;effective oil thicknessand volume calculation due to different formation and zone;important to oilfield test data, interwell pressure and development risk in order to guaranteereasonability of estimation and continuity of production.In 2004, the volumetric method is used to evaluate new proved reservesincrement of 12 oil fields and blocks of PetroChina, estimation results isaccepted and proved by D&M USA. The volumetric method is the first used forevaluating oil and gas reserves of company on market, and is playing a key rolein this domain. About oil and gas volume calculation, the successfullyapplication of the volume weigh method decided by "reservoir top structure mapand net producing zone isobaths map" is too rich in our petroleum geologictheory.In addition, the paper will correct and perform the definition, limitation,reserves estimation of two PetroChina enterprise standards "Detailed rules andregulations of oil and gas control/prognostic reserves calculation" using SECresearch results;and formulate "The SEC oil and gas reserves estimation guide(try)"...