SPE standards state that the “sufficiency and reliability of the database is of primary importance in the estimation of reserves and other reserves information”. The information within such a database reflects the total hydrocarbon resources of an oil company, and whether in place, contingent, or prospective, these resources are its primary assets. Accurate reserves reporting against these assets is not only needed to comply with regulations, but also is used to define the total value and share price of the company so it can secure finance and investment opportunities for the future.
A new short article from E&P Magazine is available for download here, and discusses the ENERGYSYS application for reserves reporting, and the benefits of a cloud solution.