1. Define prospect elements Estimating trap volumes HC Type Assessment
Outline
Define prospect elements
Estimating trap volumes
HC Type
Assessment
Risk
Slide 25
Now we are ready to start to determine the economic value – the heart of the assessment
This consists of two components:
(1) How much oil or gas is there that we can get out of the reservoir, and
(2) What will its value be when we sell it
Geoscientists and engineers work on the first part
All oil companies have business analysts that work on the other
It is a mystery to me how they estimate the price of a barrel of oil 8 or more years into the future
I’m going to let this sleeping giant alone!
For the first part – how much can we produce (get out of the ground) there are two basic approaches:
(1) a deterministic approach, and
(2) a probabilistic approach
Deterministic
Assessment
Probabilistic
Assessment
Courtesy of ExxonMobil
L14 – Prospect Analysis