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OPTIMIZE DATA USE | COMMUNICATE UNCERTAINTY CLEARLY | REDUCE COSTS & INCREASE EFFICIENCY
Randy LaFollette
Director Applied Reservoir Technology Baker Hughes
www.reu-us.com
Leslie Armentrout
Director of Engineering Atinum E&P
John Seidle
Monograph 4 Chair Society of Petroleum Evaluation Engineers (SPEE)
Phil Martin
CEO New Century Exploration
David Foulon
Director of Subsurface Developments Total E&P USA
George Vassilellis
Senior Technology Advisor, Technology Hub Repsol USA
Kieth Braaten
President and CEO GLJ Petroleum Consultants
August 11-13 Houston
Jim Harden
ASA, CPG National Valuation Leader
Hein & Associates LLP
Larry Phillips
Director Corporate Reserves and Analytics
American Energy Partners
At a Glance:
Fundamentals Master Class Tuesday 11 August
Unconventional Reserve Estimation Conference
Wednesday 12 and Thursday 13 August
Shehab Mohaghegh
Professor West Virginia University
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
Welcome to REU Houston 2015
1Reliably forecast your well performance
The soon to be published Monograph 4 from the Society of Petroleum Evaluation Engineer will look at assessing current methods to forecast performance of wells in unconventional reservoirs
Optimize how you communicate uncertainty in a timely and reliable manner.
Atinum Energy, Chevron and Athabasca explore best case practice on how to approach this challenge.
Better understand the geological controls on unconventional production
Repsol, Texas Tech and Midwestern State look at factors affecting how we can better understand these controls and incorporate them into modeling and well site optimization.
Explore how new workflows lead to improved efficiency and reduced cost across reserve estimation
Total E&P turn their global conventional experience towards providing insight into methodologies for booking reserves in unconventional plays from the lessons theyve learnt.
Realize the potential of your data assets to increase efficiency and reduce costs
Years of rapid production have generated a wealth of data assets which are not fully utilized. Sessions from Baker Hughes, ConocoPhillips and West Virginia University look at how you can leverage your assets for tangible results.
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Expert Speakers25+
Formal Networking
Sessions
85 Benefits of Attending REU Houston
Dear Friends and Colleagues,I am pleased to welcome you to the 5th Annual Reserves Estimation Unconventionals (REU) Summit taking place in Houston in August (11 13). Over the last 5 years we have seen the forum reach over 450 senior reserve evaluators representing numerous companies, institutions and operators as they have come together to share industry recognized practices and evolving ideas.
This year we recognize all elements of the industry are under extreme financial stress resulting in even more importance on reserves estimation and reliable production and revenue forecasting. All of these challenges are framed within an environment dedicated toward optimum well-spacing and completion plans to drive efficiencies.
With that in mind the conversations will focus on:
Leveraging the valuable data assets youve built up over the last 5 years or so to decrease costs and improve efficiency savings across all aspects of production
Identify improved workflows to maximize cross disciplinary skills and talents that are critical to reliable reserves and resources estimation
Creating defensible ranges of uncertainty necessary to deliver reliable forecasts to investors and internal strategic decision markers
Remain in compliance with SEC reporting rules while portraying your assets without resorting to unnecessary conservatism
I recommend you take advantage of this opportunity to participate within a cross disciplinary group of respected experts including geologists, geophysicists and reservoir engineers. Join me and contribute to the discussion focussed on strategic and technical solutions for dealing with the big picture challenges were all facing.
I look forward to welcoming you to the summit.
Ronald HarrellChairman EmeritusRyder Scott Company LP
of Industry Content16 Hours
Hours of Research50
30+Operators on site 2014
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
REU 2015 SpeakersJennifer Fitzgerald
Senior Staff Reservoir Engineer, Corporate Reserves
Anadarko
Rod Sidle
Chair of the Reserves Definition Committee Society of Petroleum Evaluation Engineers (SPEE)
Jodi Anhorn
Executive Vice President and COO
GLJ Petroleum Consultants
Leslie Armentrout
Director of Engineering
Atinum E&P
George Vassilellis
Senior Technology Advisor, Technology Hub
Repsol USA
Bill Koehn
Project Controller
Hess Corporation
Shahab Mohaghegh
Professor
West Virginia University
Randy Freeborn
Chief Research Engineer
Energy Navigator
Ronald Harrell
Chairman Emeritus (Retired 2006)
Ryder Scott Company LP
Emad Elrafie
Technology Centre Project Manager
Repsol
Yalda Barzin
Senior Reservoir Engineer
IHS
Keith Braaten
President and CEO, Vice Chairman of the SPEE (Calgary Chapter)
GLJ Petroleum Consultants
Trisha MacDonald
Senior Reservoir Engineer
GLJ Petroleum Consultants
David Foulon
Director of subsurface developments
Total E&P USA
Jim Harden
ASA, CPG National Valuation Leader
Hein & Associates LLP
W. Scott Meddaugh
Robert L. Bolin Distinguished Professor of Petroleum Geology
Midwestern State University
Gary Nilson
Chief Reservoir Engineer
TransAtlantic Petroleum
Randy LaFolletteDirector, Applied Reservoir TechnologyBaker Hughes
John Seidle
Monograph 4 Chair
Society of Petroleum Evaluation Engineers (SPEE)
Mohamed Soliman
PhD PE NAI, George Livermore Chair Professor
Texas Tech University
Robert Best
Association Board Vice Chairman
The Professional Petroleum Data Management (PPDM)
Join the discussion with unconventional reservoir engineers, heads of reserves, project leaders, geologists & geophysicist on LinkedIn in the REU Reserve Estimation Unconventionals.
This was my first non SPE conference to attend but the information and experience was just as valuable if not more so.
Reservoir Engineer Southwestern Energy
Olusegun Osadiya
Senior Reservoir Engineer
Total E&P
Phil Martin
CEO
New Century Exploration
Larry Phillips
Director Corporate Reserves and Analytics
American Energy Partners
Clifford Zwahlen
Reservoir Engineering Advisor
Concho Resources
Neil Basu
Geoscience Manager Eagle Ford
Pioneer Natural Resources Company
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
Day 1 - August 12 Speed Networking Panel Session Keynote Session Spotlight Networking
7:00 Registration opens
7:50 Chairs opening
SEC UPDATE AND RESERVE REPORTING IN THE CURRENT CLIMATE
8:00 SEC keynote presentation Lets look at the big picture trends within SEC guidelines and reserve reporting in the current climate
Leverage the experience we have gained to date and extending that to different worlds in terms of reservoirs, different geologies and different well architecture
Recognize and learn from new methodologies while going back to the engineering principles that are the basis for the original models
8:30 Understanding contingent resources in unconventional plays Classification of contingent resources by project maturity sub-class Risking contingent resources for chance of development Reclassification of contingent resources to reserves
Keith Braaten, President and CEO, GLJ Petroleum Consultants
9:00 SEC Spotlight Latest insights into what the SEC will and will not accept Illumination into what the SEC isnt concerned about Bridge the disconnect between how auditors and operators view reserves What is the approval process on new estimation approaches?
Jennifer Fitzgerald, Senior Staff Reservoir Engineer Corporate Reserves, Anadarko Petroleum Corporation
Ronald Harrell, Chairman Emeritus, Ryder Scott Company LP
Clifford Zwahlen, Reservoir Engineering Advisor, Concho Resources
Larry Phillips, Director Corporate Reserves and Analytics, American Energy Partners
9:50 Morning Refreshments and Speed Networking
The Speed Networking sessions are a great opportunity to meet the attendees you would like to have more in-depth conversations with later in the conference. This session is the ideal opportunity to get face-to-face time with many of the brightest minds working in your field.
HOW DO WE COMMUNICATE UNCERTAINTY & RISK IN A USEFUL FORMAT?
10:50 Best practice in communicating ranges of uncertainty and why the industry has struggled with this
What do we mean by accurate forecasts? Increase confidence level by applying a range of certainties to your reserve estimates What tools do we need to effectively communicate uncertainty?
Leslie Armentrout, Director of Engineering, Atinum E&P
11:20 Reducing sources of optimism in reservoir production forecasts application of lessons learned from conventional reservoirs to unconventional reservoirs
Industry major capital projects deliver only 55-75% of planned production due to optimistic subsurface assumptions
This optimistic bias can be attributed to reservoir modeling workflow decisions, well optimization workflows, sparse data bias, analog bias, and management bias
Incorporating a fuller range of uncertainty in production forecasting and reducing sources of bias, both technical and management, should improve project economics significantly.
Lessons learned from conventional reservoir projects are fully applicable to unconventional reservoir projects
W. Scott Meddaugh, Robert L. Bolin Distinguished Professor of Petroleum Geology, Midwestern State University
11:50 Panel Discussion - The importance of successfully communicating uncertainty within the current market
How can we effectively connect theory with best practice? What toolkits are available to communicate uncertainty and is there a current best
practice? How can we better leverage increasing volumes of data to ensure were answering the
right questions with the appropriate data? Leslie Armentrout, Director of Engineering, Atinum E&P
W. Scott Meddaugh, Robert L. Bolin Distinguished Professor of Petroleum Geology, Midwestern State University
12:30 Networking Lunch
HOW CAN WE BETTER UNDERSTAND THE GEOLOGICAL CONTROLS ON PRODUCTION?
13:30 How the effective analysis of geological indicators can better be used to predict performance in tight and fractured formations?
Conducting geological modeling of extensive development areas to identify key geologic performance indicators
Elaborating dynamic formation description including depletion and pressure trends to identify pressure performance drivers
What lessons can this approach give for other developments? Emad Elrafie, Technology Centre Project Manager, Repsol
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
14:00 Presenting a Fracturability Index (FI), a recently developed concept for identifying sweet spots in shale reservoirs
Using geomechanical principles to generate an index to optimize the placement of fractures
The potential of new fracturing methodology called Cascade Fracturing Technology A presentation of results and ramifications for cost reductions and efficiency savings
Mohamed Soliman, George Livermore Chair Professor, Texas Tech University
14:30 Panel Discussion: How do the geological controls on production differ from conventional to unconventional plays and how should this shape our thinking on shale developments?
How do we shift from conventional to unconventional thinking? Where can an increasing understanding have the biggest impact? What are the most exciting possibilities moving forward?
Emad Elrafie, Technology Centre Project Manager, Repsol Mohamed Soliman, George Livermore Chair Professor, Texas Tech University Robert Best, The Professional Petroleum Data Management (PPDM) Association Board Vice Chairman
15:10 Networking break
SHORT TERM FORECASTING METHODOLOGIES MONOGRAPH 4 SPOTLIGHT
15:40 A practical approach to well spacing optimization for maximizing reserves in unconventional reservoirs using RTA
Use both deterministic and probabilistic modeling Account for hydraulic fracture characteristics and show effect of fracture characterization on well spacing Apply to both oil and gas wells
Yalda Barzin, Senior Reservoir Engineer, IHS
16:10 SPEE Monograph 4: Estimating developed reserves in unconventional reservoirs General principles & specific examples
A brief history of the SPEE and our purpose moving forward
Understanding the role of GeoScience as a major control
How is Monograph working to identify best practise workflows?
Case studies from Bakken and Eagle Ford
John Seidle, Monograph 4 Chair, Society of Petroleum Evaluation Engineers (SPEE)
Day 1 - August 12 Speed Networking Panel Session Keynote Session Spotlight Networking
The depth of presentations were deeper than at most meetings. Content and discussion dominated.
Chevron Fellow, Team Leader - Hydrocarbon Charge, Chevron
16:40 The importance of identifying and sharing best case practice How can bodies like the SPEE help the industry to understand unconventionals? Where are the biggest challenges and areas that need work? Building on lessons learnt from case studies in Monograph 4
John Seidle (SPEE), Monograph 4 Chairman
Rod Sidle, Chair of the Reserves Definition Committee of SPEE
17:20 Chairs closing remarks
17:30 End of the Day 1
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
Day 2 - August 13
7:00 Registration opens and networking breakfast
7:55 Chairs opening remarks
HOW WE CAN BETTER INTEGRATE NEW WORKFLOWS INTO RESERVE ESTIMATION?
8:00 Forecasting production in unconventional: Key aspects and specificities to consider
How well do we understand the variables including the land aspects, development programs and expected individual well performances?
What is the scale of uncertainty within these building blocks?
How to control these uncertainties through integrating new workflows within an asset operational work?
David Foulon, Director of Subsurface Developments, Total E&P USA
8:40 Integration of full field eclipse reservoir simulation with 3D Seismic data
How this can aid in the location of horizontal production wells to optimize primary and secondary recovery operations
Case study in one of Turkeys largest fractured carbonate oil fields
Gary Nilson, Chief Reservoir Engineer, TransAtlantic Petroleum
9:20 Panel Discussion How can we better leverage our multidisciplinary teams to identify new workflows and solutions to reserve estimation challenges?
Optimizing infrastructure management
Giving voice to new approaches and ways of thinking
Moving beyond a conversation to practical takeaways
Gary Nilson, Chief Reservoir Engineer, TransAtlantic Petroleum
Olusegun Osadiya, Senior Reservoir Engineer, Total E&P
Phil Martin, CEO, New Century Exploration
10:00 Networking Break
FINANCIAL RAMIFICATIONS OF THE CURRENT MARKET
10:45 What factors impact how the financial sector views your assets?
What impact is the commodity price having on forecasting value with fluid service costs?
How can you add value to your assets in the eyes of stakeholders?
What features are most important when defining value
11:15 Accurate risked PUD forecasts - Monte Carlo simulation links type wells to aggregation and economics
For the best accuracy, make your type wells consistent with the wells you expect to drill
Incorporate risk into the production or economic parameters that are most relevant to your company
Properly scale your forecasts to your planned well length
Use fit for purpose type wells: a type well for reserves may not be suitable for evaluation work.
Randy Freeborn, Chief Research Engineer, Energy Navigator
11:45 Panel discussion - How does reservoir information affect the transactions market?
Why is there a disconnect in oil and gas reserves pricing?
What is the significance of reserve write downs on public or private companies?
How can we better understand what the market is telling us from transaction values compared to book values?
Bill Koehn, Project Controller, Hess Corporation
Ronald Harrell, Chairman Emeritus, Ryder Scott Company LP
Jim Harden, ASA, CPG, National Valuation Leader, Hein & Associates LLP
Larry Phillips, Director Corporate Reserves and Analytics, American Energy Partners
Speed Networking Panel Session Keynote Session Spotlight Networking
I am excited to get back to work to apply this weeks learning to my daily responsibilities and addressing my companys issues.
Director Corporate Planning and Reserves, Baytex Energy
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
12:30 Networking Lunch
OPTIMIZING YOUR USE OF DATA ASSETS TO INCREASE EFFICIENCY AND REDUCE COSTS
13:30 Can data mining aid in reserves estimation?
Short discussion of data mining methods
Lessons learned from modern data mining methods in unconventional reservoirs
Be careful what you compare!
Randy LaFollette Director, Applied Reservoir Technology, Baker Hughes
14:00 New refracturing opportunities on Horizontal Wells in the Eagle Ford Shale opened up by data integration
Prolonging production curves through implementing new practices
Developing new integrated workflows
Re-fracturing case study from Eagleford
Neil Basu, Geoscience Manager Eagle Ford, Pioneer Natural Resources Company
14:30 Fact-based modeling; analysis, predictive modeling & optimization of hydraulic fracturing in shale
How advanced data-driven analytics provide insight into hydraulic fracturing practices in shale
Unlike traditional modeling, advanced data-driven analytics incorporate Hard Data rather than Soft Data
Using this technology synthetic geo-mechanical well logs can be generated, impact of reservoir quality can be meaningfully assessed and contribution of completion
Shahab Mohaghegh, Professor, West Virginia University and Intelligent Solutions Inc
15:00 Networking break
ADDRESSING INFRASTRUCTURAL CHALLENGES
15:30 Optimizing well spacing through use of analytical modeling of the
geomechanical impacts of stimulating and producing naturally fractured and right oil & gas formations
Integrating flow models of injection and production to increase the reliability of unconventional reservoir models
Examining the ability to model optimal well spacing, timing and operating conditions to optimize operations in unconventional resources
Validating flowback and early production observations to increase the accuracy of unconventional resources models
George Vassilellis, Senior Technology Advisor, Technology Hub, Repsol USA
16:00 Panel discussion: Where is the greatest potential to optimize infrastructural operations to maximize returns of existing plays?
Putting data operation systems into practice for demonstrating benefits
Breaking down cross departmental barriers to understand data
Where should the focus in capital expenditure currently be?
George Vassilellis, Senior Technology Advisor, Technology Hub, Repsol USA
Shahab Mohaghegh, Professor, West Virginia University and Intelligent Solutions Inc
Randy LaFollette, Director, Applied Reservoir Technology, Baker Hughes
Anton Wroblewski, Senior Geologist, ConocoPhillips
16:50 Chairs closing remarks
17:00 End of the day
Day 2 - August 13 Speed Networking Panel Session Keynote Session Spotlight Networking
Fantastic forum with open discussion amongt various industry peers for establishing best practices in reserves estimation.
Corporate Reservoir Engineer, Range Resources
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
Understanding the Fundamentals of Reserve Estimation in Unconventional PlaysDate: Tuesday, August 11 2015 Time: 09:00 - 16:00
Working closely with GLJ, this one-day workshop is an exciting opportunity to develop the skills and understanding needed to forecast production and estimate reserves in unconventional oil and gas reservoirs. Through intensive sessions and an expert panel of current clients, your questions will be answered and you will walk away with the very latest thinking on forecasting production and estimating reserves.
Who should attend?
This is a workshop for engineers, geoscientists and others involved in contingent resources and reserve estimation who are interested in benchmarking their knowledge of evaluating unconventional reservoirs against the industry leaders in the field.
It serves as an excellent foundation to update on the theory before going on to discuss these themes in the main conference.
What type of themes will be covered?
Forecasting Production
EUR forecasts using decline curve analysis. Are they reliable?
How evolving completions are incorporated into type curve forecasts
Learn the strengths and weaknesses of both common and emerging approaches to forecasting production and estimating reserves in unconventional reservoirs
Estimated Ultimate Recovery
How geostatistical correlations and variograms can help estimate EUR and build type curves.
What are the Geological considerations: to type curves, EURs and GIIP/OOIP?
How can big data analysis and trendology help/mislead your evaluation?
This course will contain new material and the very latest thinking on forecasting production and estimating reserves. Place numbers are limited to ensure the ratio between class size and contact time with GLJ is as valuable as possible.
Fundamentals Master Class
Trisha MacDonald
Senior Reservoir Engineer
GLJ Petroleum Consultants
Jodi Anhorn
Executive Vice President and COO
GLJ Petroleum Consultants
Success in unconventional reserve estimation is based on team work with multiple disciplines working in harmony towards a common goal. Since 2011, the REU Community has continued to grow to over 2000 members and brings together NOCs, major and independent E&Ps, academics and innovative solution providers.
The twice annual summits are the physical manifestation of the communities year round work. For each its our mission to carefully design each summit through extensive research and tailor them to the individual needs of the REU Oil & Gas reserves community at the specific time.
Not only does this give you access to hot topic case studies from the key operators in the field. But it also facilitates group problem solving around the key challenges operators are battling with today.
REU Community
Our vision for the REU series in 2015 is to go back to basics. As operators in particular turn inwards, we will provide the latest insights into tangible methods of reducing costs and driving efficiency through embracing integration and technological innovation.
2015 is about doing more with less and laying solid foundations for future growth.
Events
Reservoir engineers & managers
Geophysicists and Petrophysicists
Geologists
Solution Providers
Community Breakdown
60%
15%
15%
10%
Members in 2014
Excellent speaker list, worthwhile number of attendees, good networking opportunity.
Talisman
Useful to meet experts and those approaching a difficult, vital problem in a multitude of ways.
Jones Energy
REU Houston 2015
Community Attendance by
Profession
@UnconvReserves REU Reserve Estimation Unconventionals www.reu-us.com [email protected] +1 212 537 5898 REU Houston 2015
Find out moreLiam WedderburnCommercial ManagerTel: +44 (0)203 141 8783Email: [email protected]
GLJ Petroleum ConsultantsOur clients rely upon our Independent Geological and Engineering Services and we have worked hard over the last 4 decades to earn our sterling reputation. Everything we do incorporates rigorous technical workflow along with expert application of the definitions.
www.gljpc.com
REU Houston 2015 Partners
Energy NavigatorWe provide industry leading asset management workflow solutions that help the oil and gas industry make better decisions. Consistent, accurate forecasts can be quickly achieved with Value Navigator.
www.energynavigator.com
IHSIHS is a leading provider of reservoir and production engineering software tools. IHS has evaluated hundreds of unconventional wells to develop best practices and software tools for unconventional well performance evaluation. IHS provides the energy industry with information, insight, and analytics to accelerate decision-making across the asset team workflow.
Customers rely on IHS to develop strategies with speed and confidence.
Why Partner?
Strengthen your position in the market
Generate new business
Host existing and potential clients during key networking times
Network with key decision makers
Showcase your products and achievements
Be seen as a thought leader in the Oil & Gas space