Reserves and Economics

The assessment and evaluation of reserves and economic forecast of oil and gas projects requires the combination of reservoir engineering, production engineering, drilling engineering, Petrophysics, oil and gas law and economics. Work on SPEE Monograph 3 has resulted in a widely used tool throughout the world to assess unconventional oil and gas reserves.

We co-authored the SPE Guidelines for the applications of the Storage Managment System (SRMS) published this year. Previously, we worked with the same group to author the SRMS document which was subsequently approved by the Society of Petroleum Engineers (SPE). This document sets forth a procedure and guidance for formally booking storage capacity and resources for the sequestration of carbon dioxide to combat global climate change.

Faculty: 

Marshall Watson

Al Giussani

Books:

• Guidelines for Applications of the CO2 Storage Resource Management System, SPE (2022)
• Watson, M., CO2 Storage resources management system (SRMS). Society of petroleum engineers. (2017)
• Watson, M. C., Chapter 17 "The Report" plus appendices in Textbook; Wright, J. D., "Oil and Gas Property Evaluation", Thompson-Wright LLC, Golden, CO (2015)
• Watson, M.C., et al, "Guidelines for the Practical Evaluation of Undeveloped Reserves in Resource Plays", SPEE Monograph 3, The Society of Petroleum Evaluation Engineers, Houston, TX (2010)
• Ettehadtavakkol, A. Storage of CO2 in Depleted/Producing Oil Reservoirs. Geologic Carbon Sequestration, Understanding Reservoir Behavior. T. N. Singh and V. Vishal, Springer (2016).

Refereed Papers:

• Ali, T., Sheng, J., & Watson, M. (2014, August 28). Reserves Estimation in Unconventional Reservoirs Using Production-Decline Model. Society of Petroleum Engineers. doi:10.15530/urtec-2014-1922914
• Ali, T., Sheng, J., & Watson, M. (2014, August 28). Reserves Estimation in Unconventional Reservoirs Using Production-Decline Model. Society of Petroleum Engineers. doi:10.15530/urtec-2014-1922914
• Watson, M., Ewing, B. (2014). Current and Future Economic Impacts of the Texas Oil and Gas Pipeline Industry.
• Watson, M., Ewing, B. (2014). The Economic Impact of the Permian Basin's Oil and Gas Industry. Engineering (170967th ed., vol. 2014 ATC&E, pp. 9).
• Ettehadtavakkol, A. (2014). Storage compliance in coupled CO2‐EOR and storage. Greenhouse Gases: Science and Technology 4(1): 66-80.
• Ettehadtavakkol, A., et al. (2014). CO2-EOR and storage design optimization. International Journal of Greenhouse Gas Control 25: 79-92.
• Ettehadtavakkol, A., et al. (2014). Impact of Storage Tax Credit on Economic Viability of CO2 Storage with EOR. SPE Hydrocarbon Economics and Evaluation Symposium. Houston, Texas, Society of Petroleum Engineers.
• Jamali, A. and A. Ettehadtavakkol (2017). Application of capacitance resistance models to determining interwell connectivity of large-scale mature oil fields. Petroleum Exploration and Development 44(1): 132-138.
• Jamali, A. and A. Ettehadtavakkol (2017). CO2 storage in Residual Oil Zones: Field-scale modeling and assessment. International Journal of Greenhouse Gas Control 56: 102-115.