Reservoir engineers in the context of United States Securities and Exchange Commission


Reservoir engineers in the context of United States Securities and Exchange Commission

⭐ Core Definition: Reservoir engineers

Reservoir engineering is a branch of petroleum engineering that applies scientific principles to the fluid flow through a porous medium during the development and production of oil and gas reservoirs so as to obtain a high economic recovery. The working tools of the reservoir engineer are subsurface geology, applied mathematics, and the basic laws of physics and chemistry governing the behavior of liquid and vapor phases of crude oil, natural gas, and water in reservoir rock. Of particular interest to reservoir engineers is generating accurate reserves estimates for use in financial reporting to the SEC and other regulatory bodies. Other job responsibilities include numerical reservoir modeling, production forecasting, well testing, well drilling and workover planning, economic modeling, and PVT analysis of reservoir fluids. Reservoir engineers also play a critical role in field development planning, recommending appropriate and cost-effective reservoir depletion schemes such as waterflooding or gas injection to maximize hydrocarbon recovery. Due to legislative changes in many hydrocarbon-producing countries, they are also involved in the design and implementation of carbon sequestration projects in order to minimise the emission of greenhouse gases.

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Reservoir engineers in the context of Geologic modelling

Geological modelling, geologic modelling or geomodelling is the applied science of creating computerized representations of portions of the Earth's crust based on geophysical and geological observations made on and below the Earth surface. A geomodel is the numerical equivalent of a three-dimensional geological map complemented by a description of physical quantities in the domain of interest.Geomodelling is related to the concept of Shared Earth Model; which is a multidisciplinary, interoperable and updatable knowledge base about the subsurface.

Geomodelling is commonly used for managing natural resources, identifying natural hazards, and quantifying geological processes, with main applications to oil and gas fields, groundwater aquifers and ore deposits. For example, in the oil and gas industry, realistic geological models are required as input to reservoir simulator programs, which predict the behavior of the rocks under various hydrocarbon recovery scenarios. A reservoir can only be developed and produced once; therefore, making a mistake by selecting a site with poor conditions for development is tragic and wasteful. Using geological models and reservoir simulation allows reservoir engineers to identify which recovery options offer the safest and most economic, efficient, and effective development plan for a particular reservoir.

View the full Wikipedia page for Geologic modelling
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