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Appraising Reserves & Production Potential of Oil & Gas Fields - Conventional and Unconventional: Masterclass

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Dr. Rafael Sandrea, a world-renowned petroleum expert and author, conducts a specialized presentation on the techniques for appraising oil and gas reserves and their production potential, with the view of providing the tools and skills necessary to maximize the financial value of your company’s hydrocarbon assets in compliance with SEC regulations.


  • Session #1 – Petroleum Systems Total petroleum system processes: generation, migration and entrapment. Geologic setting. Characteristics of light oils and natural gas, condensates & natural gas liquids (NGLs). Heavy and extra-heavy oils. Oil sands. Tight oil. Shale gas, Tight gas, and CBM. Size distribution of oil & gas fields. Zipfian distribution of giant oil & gas fields. Global oil & gas production trends since 1900’s. Trends for oil & gas discoveries since 1900s. Global E & P capital expenditures. Reserves and resources – differences. What are proven, probable, possible, technical, prospective/speculative reserves? Confidence levels. Economic yardsticks: RRR, UDRR. SEC Rulings.
  • Session #2 – Reserves Classification and Evaluation Reserves classification systems: SPE-WPC-AAPG or PRMS, and UNFC. Proven, probable, possible, and technical reserves. Contingent and prospective resources. Economic, Feasibility, and Geologic level of knowledge of reserves. PRMS and SEC definitions of proven reserves. Reserves estimation methodologies: Volumetric, Material Balance, and Production Decline models – hyperbolic and logistic. Monte Carlo analysis. Field cases. Recovery efficiencies X mechanism; X type of oil (light, heavy, extra heavy); tight oil; conventional and unconventional gas: shale gas, tight gas, and CBM.
  • Session #3 – Reserves Valuation The production stream model. Property valuation methodology. Discounted present value of the cash flow stream. The $/barrel value of reserves. ROI and hurdle rates of projects relating reserves development. The impact of operational strategies: high draw-down, infill drilling, and marginal fields on the value of reserves. How LNG and GTL processes affect gas reserves. Well economics of major shale oil plays. Options-based valuation methodology.
  • Session #4 – Production Potential of Reserves: Oil and Gas Fields, Shale Plays Analysis of the production behavior of several world-class oil & gas fields, and of the Big Three (USA, Russia, Saudi Arabia) oil producing countries. Developing the algorithms for estimating production potential of new reserves, and time to reach peak potential. Examples of results with several newly discovered world class oil fields. Quick estimates of reserves of mature fields – useful for pre-audits. nalysis of production and decline behavior of shale oil and gas plays. Discuss their attributes: resources, recovery efficiency, production potential, and risk analysis. .

  • Who Should Attend

    • Geologists
    • Geophysicists
    • Petroleum Engineers
    • Supply Analysts
    • Bankers
    • Specialists in acquisitions and divestitures (A&D),
    • Economists, attorneys
    • Everyone interested in the appraisal of oil and gas fields.


    It’s not everyday you can learn from the expert in this field and not have to travel, book a room, and lose valuable office time. With this online web presentation you can watch when you choose and on your own time. Two days worth of instruction is condensed into four, one-hour plus segments to save you time and money. Accompanying workbook helps you reinforce the lessons. This Masterclass is divided into four one-hour online audio sessions with viewable slides. As a participant, you will receive a digital workbook with a copy of the presentation slides, and room to make notes, so you can follow the presentation more closely. At the end of each session you can email your questions to the author. A composite list of questions and answers will be compiled and sent to you so you can benefit from other’s questions. After completing the four sessions, you will receive a Certificate of Attendance.

    Dr. Rafael Sandrea

    Dr. Rafael Sandrea is President of IPC Petroleum Consultants, Inc., a Tulsa-based international petroleum consulting firm that specializes in oil and gas reserves appraisals and risk analysis. He is very active giving seminars and speaking on the reserves and supply themes around the world. Dr. Sandrea holds a Ph.D. in petroleum engineering from Penn State University and has published over 40 technical papers some of which have been featured in CNN Money, Seeking Alpha and PetroleumWorld. He has also co-authored with Dr. Ralph Nielsen: "Dynamics of Petroleum Reservoirs under Gas Injection", Gulf Publishing, 1974, a book used extensively in petroleum engineering courses around the world, and one of the first textbooks to cover the basics of miscible EOR. Dr. Sandrea has also written several Research Reports on Future Oil and Gas Supply: Global, the US, Shale Plays, which are published by PennEnergy Research. He has also written Blogs in the Financial Times (London) and PennEnergy. He is a life-member of SPE and a member of the United Nations Ad Hoc Group of Experts on Fossil Resources.

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