09.00-12.00 Interactive workshop A: Understanding and managing risk and uncertainty in the delivery of your production forecasts and reserves estimates

An advanced workshop on probabilistic and deterministic approaches, their benefits and shortcomings: How to deliver more accurate information to key internal and external stakeholders.

You will examine the factors contributing to total uncertainty including: Subsurface, drilling, facilities, production, scheduling and economics. Practice shows that there are typically more factors impacting a reduced production performance against forecast, whilst in the case of reserves performance the reverse is often true. Get a handle on the complex and varying risks in delivering more precise estimates and forecasts.

Get expert tuition and advice on:

• Accurately gauging a company's future performance and the impact on investment decisions
• An overview of both probabilistic and deterministic approaches and their relative merits
• Delivering significantly improved forecast figures to key stakeholders: Understanding the impact of overestimating and subsequent underperformance
• Establishing standardised practices to drive significantly greater value to the business through your forecasting and estimation practices

Meet your workshop leader:

Pete Smith
Principal Advisor
RPS Energy

Pete trained as a reservoir engineer and researcher firstly at the UK government research Institute of Hydrology, Oxford before joining BP’s research team to lead the development of novel modelling methods. Assignments with BP have included managing BP’s operated production in the Gulf of Mexico, the appraisal and financial sanction of the Harding, Andrew, Foinaven and Schiehalion fields in the UK and lead engineer on Dukhan, Arab C Reservoir, Qatar. Pete also established the BP Institute at Cambridge University concerned with fundamental research in fluid-flow and was responsible for building BP’s environmental technology across the BP group as Technology Vice President. Most recently Pete has helped establish the new engineering University in Trinidad and Tobago as Associate Provost (R&D) and Professor of Petroleum Engineering.

12.30- 15.30 Interactive workshop B: Understanding and applying the new SEC rules (working lunch included)

This practical workshop will explain in detail the new SEC rules on reserve classification and disclosure. This will be a fantastic opportunity to hear how other operators are reacting to the updated requirements and have an open discussion.

You will:

• Understand the full scope of the SEC rules
• Consider the differences between the SEC’s definitions and those of SPE-PRMS
• Assess the practical implications of evaluating and reporting reserves under the SEC rules
• Discuss aspects of the rules that are uncertain, ambiguous or of questionable validity
• Appreciate the impact of the new rules on the oil and gas industry in general

Meet your workshop leader:

Jim Ross
Managing Director
Ross Petroleum

Jim Ross is an independent consultant with more than 30 years experience in the industry. He established Ross Petroleum in 2004 and provides advisory services, training and dispute resolution support to companies and governments in resource evaluation and classification, reserve reporting and unitisation issues. He has served on a wide range of SPE committees, including the Oil and Gas Reserves Committee, where he played the lead role in the development of the 2000 Resource Definitions and Classification System. He has a BSc and a PhD in Geophysics from the University of Liverpool, and a Masters degree in Petroleum Law and Policy from the University of Dundee.