Pete 353 Final Exam 2 Questions & Answers 2024/2025
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Course
Pete 353
Institution
Pete 353
Pete 353 Final Exam 2 Questions & Answers 2024/2025
Petroleum Resource Management System - ANSWERSJoint agreement whose goal is an up to date method of estimating and classifying resources.
Property - ANSWERSRepresents contractual right to explore, develop, and produce.
Project - ANSWERS...
Pete 353 Final Exam 2 Questions &
Answers 2024/2025
Petroleum Resource Management System - ANSWERSJoint agreement whose goal is an up to date
method of estimating and classifying resources.
Property - ANSWERSRepresents contractual right to explore, develop, and produce.
Project - ANSWERSAn individual project will represent a *specific maturity level at which a decision is
made whether or not to proceed* (ie. spend money), and there should be an associated range of
estimated recoverable resources for that project.
Reservoir Assessment - ANSWERSDetermines the petroleum initially in place (PIIP), and fluid and rock
properties that affect petroleum recovery.
3 Key Elements to PRMS - ANSWERS1. Reservoir Assessment
2. Project
3. Property
[T/F] All 3 "keys" in PRMS are required for resource volumes - ANSWERSTrue
X-axis of PRMS - ANSWERSThe x-axis called the Range of *Uncertainty*
from high confidence to high uncertainty (left to right)
Prospective Reserves - ANSWERSPetroleum that is estimated to be potentially recoverable from
undiscovered accumulations
Developed Producing Reserves - ANSWERSExpected to be recovered from completion intervals that are
open and producing at the time of the estimate
, Developed Non-Producing Reserves - ANSWERSInclude shut-in and behind-pipe reserves
Contingent Reserves - ANSWERSpetro that is potentially recoverable, confirmed via dev. projects, but not
commercially recoverable tey
Reserves - ANSWERSReserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations from a given date forward
under defined conditions: They must be *Discovered, Recoverable, Commercial, Remaining*
Associated with *discovered commercially recoverable* volumes
Prospective to contingent - ANSWERSdiscovery via well, testing, logging, and/or sampling
Resources to reserves - ANSWERScommerciability
Commerciability - ANSWERSdemonstration of intent to develop under a reasonable timetable and good
economics while satisfying all political, environmental, and social norms. Also must be a market and
facilities must be available.
proved (1P), proved plus probable (2P), proved plus probable plus possible (3P) - ANSWERSClassification
within *Reserves* along x-axis
1C, 2C, 3C - ANSWERSClassification within *Contingent Resources* along x-axis
low, most likely, high - ANSWERSClassification within *Prospective Resources* along x-axis
Proved Reserves - ANSWERSAre those that quantities of petroleum, by which analysis of geoscience and
engineering data, can be estimated with reasonable certainty to be:
1. Commercially Recoverable
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