Abstract:

Abstract: This paper introduces the criteria for classification of SEC reserves, discusses evaluation methods of SEC reserves in terms of static evaluation, dynamic evaluation and value evaluation, and analyzes the sensitivity of evaluation results to various parameters, including static, dynamic and economic parameters. Moreover, the main factors influencing evaluation results are identified through various case studies. For dynamic evaluation of reserves, previous development patterns, current development status and future development trend should be used to rationally divide reserve evaluation units and select optimal types of decline curves, decline rate, stable production time and initial production rate, so as to ensure the evaluation results being objective and accurate. Oil price is believed to the most sensitive economic parameter that influences the remaining economically recoverable reserves and its values, followed by cost, cost partitioning coefficient and investment. This study provides a basis for determining SEC reserves evaluation procedure and appraising the accuracy of evaluation results.