Reserves Reporting

[vc_row][vc_column width=”2/3″][dt_gap height=”35″][vc_column_text]Reserves are an oil and gas company’s primary capital asset, so tracking, managing and reporting them accurately is crucial to your successful operation. Considering both reserves and resources, you want to understand their present value, forecast future value, and gather information to meet regulatory reporting.

Traditional desktop solutions can lead to challenges in managing this information. Often there are multiple local databases maintained by the various asset teams, and the people who need the information find it hard to access them. The Reserves Reporting App is designed to facilitate the sharing of reserves information and development plans with the broader organisation, and support the monitoring of production performance against plan.[/vc_column_text][/vc_column][vc_column width=”1/3″][dt_gap height=”20″][dt_vc_list]

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The app incorporates the SPE’s Petroleum Resources Classification Framework, which defines the major recoverable resources classes as Production, Reserves, Contingent Resources and Prospective Resources as well as Unrecoverable petroleum.

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The goal of projects is to increase the quantities of petroleum recovered from a resource. A project generally involves some planned expense, which is then expected to deliver this production increment over time. The reserves reporting app allows you to develop multiple projects, and to combine these to form scenarios. Scenarios can then be compared to look, for example, at the baseline plan versus an upside plan.

[/vc_column_text][/vc_tab][vc_tab title=”Comparison with Actuals” tab_id=”1389620935829-2-3″][vc_column_text]The app allows you to store actual monthly production against reserve. This is normally the sales figure, although other estimates of production can be used. The production data can be entered manually, or imported from an existing file, such as a spreadsheet. If your company uses the Production Allocation Standard App then the data can be obtained directly from that application.[/vc_column_text][/vc_tab][vc_tab title=”Product Pricing” tab_id=”1389621011276-3-5″][vc_column_text]Any number of named product price profiles can be stored. The profile consists of the price at regular intervals (usually months), the product (for example, oil, gas, NGL, condensate) to which it applies, and the name of the profile. This profile is used when estimating forecast revenues.[/vc_column_text][/vc_tab][/vc_tour][/vc_column][vc_column width=”1/3″][vc_column_text]

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