24-Pet-B3 Petroleum Geology · December 2015
Nivaar worked solution (AI-drafted; not reviewed by a licensed engineer)
National Exams, December 2015 — 98-Pet-B3, Oil and Gas Evaluation and Economics (3 hours, closed book, approved non-programmable calculator only). The exam's own cover page is titled "Oil and Gas Evaluation and Economics" and every question is property valuation / reserves & production economics / DCF-NPV screening content — no geology anywhere.
Reference texts: Thompson & Wright, Oil Property Evaluation; Canadian Oil and Gas Evaluation Handbook (COGEH), Vol. 1 (Society of Petroleum Evaluation Engineers, Calgary Chapter); National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities (Canadian Securities Administrators); SPE/WPC/AAPG/SPEE Petroleum Resources Management System (PRMS); Ahmed, Reservoir Engineering Handbook.
The exam's own instructions ask for only 7 of the 10 short-answer questions and note the Cash-Flow/Future-Value tables are graded by column; for "choose N of M" exams, every item below is answered in full as a study resource. Questions 1–10 correspond to the exam's printed Short-Answer items 1–10; Questions 11–20 correspond to the printed Multiple-Choice items 1–10; Question 21 is the Future Value table; Question 22 is the Cash Flow table.
Question text not reproduced: the examination questions are © Engineers and Geoscientists BC. Open the official past paper (linked at the top of this page) to read the question, then follow the worked solution below.
Given. The volumetric data below describe a conventional reservoir; the oil resource in place is required from N = VR × φ × (1/Bo) × (1 - Sw).
| Quantity | Symbol | Value |
|---|---|---|
| Area of the reservoir | A | 40 km² |
| Average pay thickness | h | 20 m |
| Porosity | φ | 10% |
| Formation volume factor | Bo | 0.9 m³/stm³ |
| Water saturation | Sw | 15% |
Find. The oil resource in place N, in cubic metres and in barrels.
Approach. Convert the areal extent to a consistent unit, form the gross rock pay volume, then scale by porosity, hydrocarbon saturation and the formation volume factor to get stock-tank oil in place.
| Quantity | Value |
|---|---|
| Gross pay volume VR | 8.0×108 m³ |
| Oil in place N | 75,555,556 stm³ (≈ 75.6 million m³) |
| Oil in place N | ≈ 475.4 million bbl |