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This text covers all of the subjects necessary to evaluate oil and gas properties. Subjects include decline curve evaluation using both Arps' equations and more recent equations, and net cash flow calculations in a royalty/tax system and a production sharing contract. Time value of money and managerial indicators are also discussed. Resource and reserve definitions under PRMS and SEC systems including a compilation of the 1978 and 2008 SEC definitions. Oil and gas pricing is discussed including an example on calculating the revenue from a POP contract. Examples of AFE's for horizontal and vertical wells are provided along with lease operating statements. Methods of handling uncertainty are covered including sensitivity analysis, expected value tables, decision trees, and Monte Carlo simulation. There is a chapter on U.S. Federal Income Tax as applied to both IPRO and integrated oil companies. Land concepts are discussed and a technique for determining working interest and net revenue interest in complex deals is presented. One chapter covers the three styles of report - letter, formal, and oral - with specific suggestions for the report content and example reports.
Volume 1 presents the mathematics and general engineering and science of petroleum engineering. It also examines the auxiliary equipment and provides coverage of all aspects of drilling and well completion.
This new edition of the Standard Handbook of Petroleum and Natural Gas Engineering provides you with the best, state-of-the-art coverage for every aspect of petroleum and natural gas engineering. With thousands of illustrations and 1,600 information-packed pages, this text is a handy and valuable reference. Written by over a dozen leading industry experts and academics, the Standard Handbook of Petroleum and Natural Gas Engineering provides the best, most comprehensive source of petroleum engineering information available. Now in an easy-to-use single volume format, this classic is one of the true "must haves" in any petroleum or natural gas engineer's library. - A classic for the oil and gas industry for over 65 years! - A comprehensive source for the newest developments, advances, and procedures in the petrochemical industry, covering everything from drilling and production to the economics of the oil patch - Everything you need - all the facts, data, equipment, performance, and principles of petroleum engineering, information not found anywhere else - A desktop reference for all kinds of calculations, tables, and equations that engineers need on the rig or in the office - A time and money saver on procedural and equipment alternatives, application techniques, and new approaches to problems
The last three chapters of this book deal with application of methods presented in previous chapters to estimate various thermodynamic, physical, and transport properties of petroleum fractions. In this chapter, various methods for prediction of physical and thermodynamic properties of pure hydrocarbons and their mixtures, petroleum fractions, crude oils, natural gases, and reservoir fluids are presented. As it was discussed in Chapters 5 and 6, properties of gases may be estimated more accurately than properties of liquids. Theoretical methods of Chapters 5 and 6 for estimation of thermophysical properties generally can be applied to both liquids and gases; however, more accurate properties can be predicted through empirical correlations particularly developed for liquids. When these correlations are developed with some theoretical basis, they are more accurate and have wider range of applications. In this chapter some of these semitheoretical correlations are presented. Methods presented in Chapters 5 and 6 can be used to estimate properties such as density, enthalpy, heat capacity, heat of vaporization, and vapor pressure. Characterization methods of Chapters 2-4 are used to determine the input parameters needed for various predictive methods. One important part of this chapter is prediction of vapor pressure that is needed for vapor-liquid equilibrium calculations of Chapter 9.