Chapter 1 - Introduction To Reserves & Resources

01-01 - Course Overview (11 min.) Sample Lesson
01-02 - Reserve Reporting Principles & Guidelines (27 min.)
01-03 - SPE-PRMS (Petroleum Resources Management System) - Part 1 (30 min.)
01-04 - SPE-PRMS (Petroleum Resources Management System) - Part 2 (30 min.)
01-05 - Contingent & Prospective Resources (23 min.)

Chapter 2 - Categories & Classifications in PRMS

02-01 - Category and Classification (27 min.)
02-02 - Recap of PRMS – Class Example (17 min.)

Chapter 3 - Defining Unconventionals

03-01 - What are Unconventional Reservoirs? - Part 1 (19 min.)
03-02 - What are Unconventional Reservoirs? - Part 2 (10 min.)
03-03 - Unconventional Geoscience Fundamentals - Part 1 (14 min.)
03-04 - Unconventional Geoscience Fundamentals - Part 2 (12 min.)
03-05 - Core Measurements (18 min.)

Chapter 4 - Geoscience Reserves & Resources Workflows

04-01 - Workflow Design (18 min.)
04-02 - Picking Tops & Source Rocks (13 min.)
04-03 - Core Revisited - Petrophysical Measurements (12 min.)
04-04 - TOC Estimation and Evaluation (11 min.)
04-05 - Porosity Estimates (21 min.)
04-06 - Mapping Thermal Maturity & Final Volumetric Outputs (8 min.) Quiz: 04-06 - Mapping Thermal Maturity & Final Volumetric Outputs

Chapter 5 - Petroleum Economics

05-01 - Time & Money: NPV & IRR (21 min.)
05-02 - Cashflows (20 min.)
05-03 - Oil & Gas Price Forecasting (10 min.)
05-04 - Costs, Royalties , Taxes & Burdens (22 min.)
05-05 - Capital Costs (13 min.)
05-06 - Sensitivities (6 min.) Quiz: 05-06 - Sensitivities

Chapter 6 - Key Data Considerations - Part 1

06-01 - Data Sources (9 min.)
06-02 - Major Sources of Data (8 min.)

Chapter 7 - Key Data Considerations - Part 2

07-01 - Models & Analysis (9 min.)
07-02 - Volumetric Models (10 min.)

Unconventional Reservoirs: Reserves and Resources Estimation Fundamentals / Chapter 1 - Introduction To Reserves & Resources

Lesson 01-01 - Course Overview

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Transcript

01. Lesson 1.01: Course Overview 02. Course Summary - Agenda 03. Course Summary - Agenda (2)04. About GLJ 05. GLJ Professional Technical Services - What We Do 06. Who Do We Work For?07. Global Experience 08. GLJ Integrated Reservoir Studies 09. Reservoir Models 10. Integrated Modeling Workflow 11. GLJ Sustainability Advisory 12. GLJ Certification and Verification 13. GLJ - Your CCS/CCUS Professional Advisor 14. GLJ Emerging Energy Evaluations 15. GLJ Geothermal Projects 16. GLJ Strategy and Business Decision Advisory 17. Course Presenters

01. Lesson 1.01: Course Overview

Welcome, and thank you for carving out some time to take interest in our course. This course is on the topic ofs, primarily focused on and resource estimation and the fundamentals that go along with this. There's a number of us from GLJ who've worked on this project, and I'll introduce them here in just a minute. We've worked pretty hard over the last little while to pull all this content together. It's quite a broad topic that obviously involves guidelines around reserves and resources through PRMS and COGI. It involves strict geological interpretation and experience, and then obviously some engineering work on well testing and production, and then tied all together with economics and forecasting. So there's lots of different backgrounds that have come together to put this all together. A broad set of principles. And so I'll start a little bit now with just the course agenda to lay out what we want to cover here, and then I'll speak a little bit about the speakers and their backgrounds.

02. Course Summary - Agenda

So here's a brief summary of the course agenda. It's a two-page agenda. This is the first one, so we're obviously at the very top here. And then the first section we'll get into is a pretty quick section just in terms of introduction to concepts. It kind of helps set the stage for resource evaluations in general, how we do them and why we do them. And then we really get into the meat of the section that we called 'What ares?', and this is very geologically focused. So there's a lot of information here on the geoscience of unconventionals. First we look at the fundamentals, we look atand resource workflow, and then the components of reservoir characterization. So that's a very good section broken up into a few parts. Then we'll get into reserves and resources, the principles and guidelines. Spend a lot of time talking about what is written out in terms of the handbooks and the guidelines that are available to us. Really all of this primarily through the lens of the SPE PRMS, speaking a little bit then about how that's used around the world and then some specifics as they're slightly different to use with Kogi here in Canada. We talk about risks and uncertainty in that section as well too.

03. Course Summary - Agenda (2)

Then the second half of the course, really we cover now the introduction on unconventional production. So now this is looking at the characterization and forecasting of production from unconventional formations. Obviously we're talking primarily in this course about horizontal multi-stage fractured wells. So we spend a lot of time talking about the characteristics behind that, the mechanics of the well itself and how that plays out into decline analysis, proper forecasting using multi-stage terms, and then looking at field-level summary and statistics. And from that we develop appropriate type curves for the regions that we're dealing with. Then we move on to development inventory. We build out some examples specifically around a gas field. Then we tie it together a little bit with the appropriate economic analysis. And then we'll end off with some closing comments.
So throughout this whole course, we try to build in some interesting quizzes and questions. We do have lots of examples that we work through both on screen and that you can do as well as you walk through this content. So we try to make it as informative and hands-on as possible.

04. About GLJ

But before we do that, we thought we'd take just a brief minute and give you a little bit of background about the speakers and GLJ. It's always nice to know the background of everyone, where they're coming from. We all have our biases so it's nice to know what those are up front. So GLJ, we just recently celebrated our 50th year anniversary back in 2022. A fairly large team, strong in the technical and economic world, comprised of engineers, geoscientists, sustainability and business professionals. So I'll speak to each of these a little bit in the upcoming slides, some of our technical advisory work, our sustainability work, and what have you. But just know that over the last 10 years we've worked on more than about 13,000 projects in 60 countries.

05. GLJ Professional Technical Services - What We Do

So here's just a cover page of the primary bits. What we're really talking about a lot in this course are the roots of the company being in and resources, very strong subsurface expertise. So I'll speak about that. And that builds itself out into integrated reservoir studies and areas that are a little newer for GLJ we've been working on for the last five years or more, really sustainability services and looking at emerging energy, so we'll talk about what that looks like in a minute.

06. Who Do We Work For?

Who do we do our work for? Primarily private equity companies, E&P operators, international oil companies, sometimes national oil companies. We work for midstream, we work for. So really anyone that really kind of gets into the upstream space have been established clients for us. More and more we're working for mid-stream companies now who are interested in many of the other services that we're talking about there. We work with a few examples of these companies that are listed below. And also we work with many companies that are listed on the public exchanges, so the Toronto, London, New York, Hong Kong. GLJ has much experience working with the appropriate background of creating and resource reports, and then in these particular jurisdictions the specifics around disclosure that are very important to each of them and unique.

07. Global Experience

So around the world, these are areas we've worked in. A typical shaded map there. Really we've worked in most of these jurisdictions for upstream and resource work, and in many of them now, emerging energy and sustainability side as well too.

08. GLJ Integrated Reservoir Studies

So I'll just talk to a couple of these more specifically. Here's some of our background on the integrated reservoir study work. This builds pretty heavily on geological models that can include reservoir modeling and simulation, but it certainly does include things like field development plans, production optimization, well test review,modeling, all that good stuff to help operators optimize the fields that they have in play. It typically involves economic and financial forecasting as well too, to optimize on that.

09. Reservoir Models

The key parts of our integrated workflow are actual reservoir models. These can take various forms. They could be just simple structural models that might be used in terms of resource estimation to help you visualize and do the work on the gross rock volume work. They can be built up to what's a true geological or geocellular model. Obviously here now we'll have thousands or millions of cells. Each one of them can have their own distribution of properties such ass and perms and fluid saturation, so a much more detailed look at what the earth model might look like. And then of course you can move that forward into a dynamic model which allows for full field planning and situational simulation work to look in terms of what future benchmarking projects might look like. So again, it runs the gamut and it's sort of built for depending upon what the client requires.

10. Integrated Modeling Workflow

The workflow for that typically starts with the geological model as shown. We could build it out then into the simulations. We might spend a lot of time down here looking at field production data. And then sometimes that will involve optimization and validation on complexmodels. These will sometimesback or forth with each other, sometimes in that direction, until we've really got a very good rock model and geomodel built that we're comfortable with, at which point you can move ahead into different modeling and economics.

11. GLJ Sustainability Advisory

GLJ does a lot of work under sustainability advisory. This is a very large umbrella, if you will. Helping companies with decarbonization, whether that just looks at how they use more in current technology to. It could involve applications of things such as CCUS. An example of a large project recently would be where we had our client initially requested an evaluation of a target emissions reduction. They wanted us to look at the technologies. But really through a lot of collaborative work with them, we realized that the true value driver here would be a bit more of an integrated 25-year plan to pursue decarbonization, portfolio diversification, and appropriate corporate growth. So our team evaluated the company's portfolio to find the decarbonization and diversification areas, and really with them developed a climate scenario screening and criteria ranking matrix and helped deliver three portfolio scenarios for them that they could act upon.

12. GLJ Certification and Verification

And that can build itself out into certification and verification. Obviously what we're going to talk about is the independent reporting, primarily around and resources, so that's PRMS. But there's lots of different areas that GLJ gets involved with on that; eSG reporting, sustainability reporting. And that can build itself out in to ESG verification and perhaps sustainability-linked loans on SLL or even MMV (Monitoring, Measurement and Verification) in the CO2 sequestration world.

13. GLJ - Your CCS/CCUS Professional Advisor

On thespace, we've been doing a lot of work with clients helping them understand the subsurface, giving them an independent view, a peer review of the work they might be doing, or just a grassroots build-up of the options they might have with carbon sequestration. That could just be simple sequestration or it could be as part of an plan that they might have.

14. GLJ Emerging Energy Evaluations

In the emerging energy space, GLJ does a lot of work in geothermal (I'll talk about that one next) and lithium, and sometimes those have been concurrent where we've had geothermal projects working with direct lithium extraction projects as well. We do work in helium exploration and hydrogen, typically in support ofprojects.

15. GLJ Geothermal Projects

So some examples of geothermal projects we've worked on. This one shown here in the bottom right is the Everloop project. We've completed a number of projects over the last few years, really accomplished with a fully dedicated geothermal team which has taken the form of resource reports, strategies, helping them evaluate different opportunities, the technical work, the heat flow models, all the way through economic modeling and development planning.

16. GLJ Strategy and Business Decision Advisory

And finally, we do work on strategic and business decision advisories with our clients as well too that could be related to ESG, could be portfolio analysis, economic analysis, or simple support in transactions of A&D and benchmarking.

17. Course Presenters

So now you have a better feel for who GLJ is. I'll just kind of quickly now throw this splash screen up on course presenters. I'm Jodi Anhorn, I'm the president of GLJ. And just listed alphabetically here, we'll have Laura speaking towards the end of the course on economics. Warren will be doing the full geoscience walk-through, and Trisha McDonald will kind of bounce us in and out at a couple of points, but really does the heavy lifting for us on the engineering analysis, production analysis, type curving and development scenario plans.
So there you have it. Please enjoy the course.