PETROLEUM EXPLO Flashcards by Sean Levi Abiera

Upstream Petroleum life cycle

Pre Concession - indetify prospective basins conduct basin analysis
Concession - apply for service contacts PECR
Exploration - Search for Oil and Gas w/in applied service contact and integrate data to form drillable prospects
Appraisal - Delineat the volume of reseres and drill additional appraisal well
Development - builsing of surface and subsurface faiclities
substantial investment requires
Production - Extraction, Processing and Exportation
Abandonment - Decomissioning

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Types of Exploration Area

1) Established Oil Province
2) Frontier (New)

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Regalian Doctrine

Article 12 Section 2

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Law that mandates DOE to spearhead any energy exploration, development, utilization, distribution and conservation

RA 7638 DOE Act of 1992

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Phases of Oil and Gas Field

1) Exploration - Wildcat Well
2) Appraisal - drill more wells to establish extent
3) Developmet - Wells drilled for exploitation of reserve
4) Maintenance
5) Abandonment - Unprofitable already

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A geophysical technique similar to an ultrasound that is used to develop images of the subusface
Recrordng and interpreating arfticially induces shock waves in the earth

Seismic Reflection Survey

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Info that can be provided by Seismic Survey

Bed Thickness
Geometry
Rock Type
Faulting and Fracturing
and sometimes, liquid present

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Both source and detectors are moved along a straigh line

2D Reflection Seismic survey

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Detectors are spread out over and area and the source is moved from location to locations within the area

3D Reflection Seismic Survey

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Exact repetition of a 3D survey at two or more time intervals with the prime objective to MAP Movement of fluids interfaces in producing oil and gas reservoir

4D Reflection Seismic Survey

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Surveys used to determine Geometry and depth of covered geological structures using the unique density and magnetic suscpetibility signatures compared to surrounding rocks

Density and Magnetic Surveys

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Used to Map surface distribution of stratigraphy and its sturcture which can be used to delineate potential hydrocarbon accumulatio

Seismic Surveys

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How is onshore sesimic survey conducted?

1) Shot holes are drilled where explosive are denoated to send energy waves down the strata
2) Waves are reflected back to the surface and picked up by geophones connected by a seismic cable to the recording instruments

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How is offshore seismic survey conducted?

with the use of airgunds and streamers with hydrophones towed by a marine seismic vessel

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What is the Signal to Noise ratio favorable for processing?

High Signal to Noise Ratio

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Collective term that covers technically recoverable quantities of petroleum classified accordin to the maturity of the project that is necessary to revocer

Resources

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Refers to the total amount of oil present in the field before production has started

STOOIP (Stock Tank Oil Originally in Place)

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STOOIP Formula

Volume x Net to Gross Factor x Porosity x HC Saturation / Formation Volume Factor

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Portion of oil and gas that is recoverable under economic constraints

RESERVE (Portion)

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Percentage of oil and gas that is economically recoverable

Recovery Factor (Percentage)

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RESERVE COMPUTATION for PETROLEUM

Reserve = (Area x Height x Porosity x HC Saturation x Recovery Factor) / Formation Volume Factor (FVF)

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Hydroacrbon saturation is equal to

1 - water saturation

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A well in a undrilled Area

Wildcat well

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A well in a new area with uknown producing potenrial

Exploratory Well = Wildcat

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Additional well drilled after discovery to confirm size of hydrocarbon deposit

Appraisal Well

A secondary well after the discovery well drilled to help determine field extent, volume and production rate

Confiramtion well or Delineation well

Drilled after the discovery and appraisal well to develop hydrocarbon production potential of the field

Development well

A well that produces HC in commecial quantities

Production well

A well either specifically drilled especially in poor producer that is converted to inject fluids to stabilize the decline in pressure on a producing zone

Injection Well

A well determined to determine stratigraphy of area

Stratigraphic Well

Well drilled vertically into the subsruface

Vertical well

Well drilled at an angle from the vertical >10deg

Deviated well

Well drilled by deviation drillinga nd tracks the dip of a subsurface reservoir (80-90 deg)

Horizontal Well

Last phase of exploration

Drilling

Opeartion on a well designed to demonstrate the existence of moveable petroleum in a reservoir by estabilighing flow to the surface

Flow Test

Operates at water up to 12,000 ft Depths

Drillship

Operates at water depths up to 10,000 ft

Semisubmersible

Operates at water depths up to 500 ft

Jack-up Rig

Operates at relatively shallow ater

Drilling Barge

Metal structures erected over an oil well in which tools for drilling are raised and lowered (Usually ung mukang satellite tower)

Derrick

Mechanichal device that is mounted on the top of the derrick which has several pulleys and with the traveling block, it supports the drill pipes

Crown Block

Device that circulates the mud in the drilling rig

mud pump

Basin that contains mud which is used mainly to cool and lubricate the bit and to remove debris

Mud Pit

Halllow steel rods that are joined together according to the depth of the excavation and their rotation activates the bit

Drill pipe

Heavy Steel Tube immediately above the bit that applies a certain weight to the bit to help it cut into the rock

Drill collar

Spaces Between the drill Pipe and the rock

annulus

Rotating drill blade with toothed steel or dimanod wheels

Drill Bit

How much is the onshore well drilling

$6M - $15M US

Cost of offshore wells

$20M-$50M

The percentatgge of the oil/gas in place which is economically recoverable

Recovery Factor (Percentage)

Utilizes the natural energy present in the reservoir to drive production

Primary Recovery

Incomings and outgoings of cash representing activities of an organization

Cash flow

Inflow - outflows in a given period

Net Cash Flow

Expenses incurred to buy fixed assests or to add to the value of an exiting fixed asses with a useul life extending beyond the taxable year

CAPEX

Ongoing cost for running a product, businessm or system

OPEX

Oil and Gas Price units

$US/BBL $US/cu feet MMBTU

The sum of the present values of incoming and outgoing cash flows over a period of time

Net Present Values (NPV)

Measure and compare the proftability of investement

Internal Rate of Return(IRR)

period of time required for ROI

Payback period

Total weighted outcomes associated with a decision

Expected Monetary Value (EMV)

Revenue shared after decductions

Total Government Take Company Take