Key Issues in Reserves Analysis
This video presentation discusses the main definitions for oil and gas reserves and resources in use around the world today. The criteria to be met are addressed and the differences between project risk and recovery uncertainty are explained. The challenges and opportunities provided by unconventional resources is also reviewed. Finally, the discussion focusses on the derivation of value.
Principal, Ulysses Petroleum Management
Bob George has over 45 years industry experience. He formed Ulysses Petroleum Management in 2018 after spending 40 years with Gaffney, Cline & Associates where he was Regional Director for GCA’s Americas operations, having also worked in and managed its offices in the UK and Singapore.
Bob divides his advisory roles between assignments covering strategy and commercial / valuation matters, typically for either Acquisitions and Divestment due diligence or Expert opinion and testimony, and on advisory work for Governments and Ministries/Agencies on petroleum policy, petroleum fiscal systems, and licencing.
Bob began his career in 1972 as a wellsite geologist with a small wellsite geology company, Garmac, based in Singapore and Indonesia, as well as working for Getty Oil and Bank of America.
He has a BSc (Honors) in Earth Sciences from Leeds University and an MBA from the Open University, both in England. Bob has been a member of the SPE and AAPG since the mid-1970s, and is also a member of the Association of International Petroleum Negotiators.
Technical Director: Global Quality Assurance - Gaffney, Cline & Associates, LLC
Rawdon Seager is a reservoir engineer with over 40 years of experience in the international oil and gas arena and has carried out numerous field studies, reserve assessments, and asset evaluations. He has also given expert testimony during arbitration hearings. During that time he has lived and worked internationally, and for the past 14 years has been based in Houston where he is Global Director of Quality Assurance for Gaffney, Cline & Associates.
Rawdon developed JCORET-approved training materials on the proper evaluation and reporting of oil and gas reserves and resources and he has presented the course more than 100 times to over 2,000 attendees over the past ten years.
In 2007, Rawdon was invited to join the Society of Petroleum Engineers (SPE) Oil and Gas Reserves Committee (OGRC) and was a member of the team working on the Application Guidelines. He was invited to return to the OGRC as Chairman in 2011, initiating a review of the PRMS in light of recent significant changes in the industry.
Rawdon has been an active member of the Society of Petroleum Evaluation Engineers (SPEE) since 2003 and is currently on their Board of Directors. In 2016 he was invited to join the SPEE’s Reserves Definition Committee.
Rawdon began his career in 1972 as a Petroleum Engineer with Shell International in Malaysia, Brunei, the Netherlands and Australia. In 1980 he joined Roy M. Huffington, Inc. in Indonesia where he became Petroleum Engineering Manager, before joining GCA in 1985 with whom he has held senior positions in the United Kingdom, Singapore, Argentina, Venezuela and the USA.
He has a BSc (Honors) in Physics from Bristol University, England and an MSc (Distinction) in Petroleum Reservoir Engineering from Imperial College, London. Rawdon has been an active member of the SPE and SPEE for many years. He is also a member of the American Association of Petroleum Geologists and the UK Energy Institute, and is a Chartered Petroleum Engineer in the UK. He is also registered as a European Engineer with FEANI.