Join us this Thursday, November 10, 2011, for a free live webcast entitled, "Petroleum Resource Evaluation Using @RISK" to be presented by Dr. Ronald Brimhall.
This free live webcast contains instructions and demonstrations for using @RISK risk simulation software to examine net present value economic analyses for a petroleum resource. In this case, the asset is a low pressure gas reservoir. The main applications of @RISK cover in detail the spectrum of petroleum engineering analyses – rock and fluid properties, reservoir volumetrics, material balance, analogy, decline curve, and net present value. Microsoft Excel statistics spreadsheets with @RISK are the primary analysis tools. Basic principles are emphasized with the understanding that fundamentals may be applied to the entire spectrum of reservoir oil and natural gas assets in cases where variability and uncertainty in all relevant parameters are important.
Variability in rock properties are demonstrated by analysis of electric logs, Variability in original gas is place in demonstrated by comparing volumetric analysis and material balance for generalized reservoir (includes water influx and water production). Application of decline curve analysis with uncertainty in decline rate is applied to NPV analysis. A result of reserves determinations and NPV is compared with an alternative investment opportunity.
Dr. Brimhall’s experience covers 50 years in industry and in academia. He was part of the Petroleum Engineering Faculty at Texas A&M University, and maintained a professional practice related to formation evaluations, resource evaluations, log and pressure transient analyses, production operations for oil, natural gas and groundwater, as well as environmental and resource assessments for subsurface operations in energy and groundwater resources. His past project management experience includes business development as well as proper utilization of environment & natural resources.