Petroleum Exploration and Economics

Name: Petroleum Exploration and Economics
Author: KnowledgeCity

Learn about the types of exploration and how to estimate petroleum production using accepted industry methods

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Course: On-Demand

It consists of the realization of the pertinent studies to search and locate the possible oil fields, the accumulations of hydrocarbons in commercial volumes existing in the subsoil through necessary investigations and operations based on geological, geophysical, geochemical, seismographic and drilling which allows specialists to select the place they consider most suitable for drilling an exploratory well. All this framed in environmental and territorial laws that guarantee total respect for the environment and the planet. Exploration is vital within the oil industry since the discovery of liquid and gaseous hydrocarbons in the sub soil depends on it. There are several studies to identify areas with oil accumulation, which are divided into geological and geophysical studies. The geological studies have the objective of reconstructing the conditions of formation and accumulation of hydrocarbons in a given region through maps of surface geology and the geology characteristics of the subsoil rocks obtained in exploration wells. Geophysical studies are aimed at obtaining information about the presence, location, and nature of the geological structures of the sub soil using measures of their physical properties by gravity, magnetic and seismic. Gravimetry maps illustrate the intensity of the gravitational field that are created which is directly proportional to the density of the formations, allowing the identification of rocks with the anomalous densities, igneous or saline structures while areas with lower density are more conducive to the existence of hydrocarbons. Magnetometry allows identifying a potential accumulation of hydrocarbons when sedimentary rocks have a very low magnetic susceptibility. The seismic studies are based on the measurement of the time in which the seismic waves have to cross the sedimentary layers. Despite being fundamentally an exploration work tool, seismic studies have been a very cost-effective method to optimize the production of a field. These studies involve the generation of artificial sound waves that propagate along the rocks and deposits that are reflected back to the receivers that record the information received. Seismic prospecting methods are divided into two types, refraction analysis and reflection analysis, the last one being the most used. The refraction is based on the refraction imposed by a wave that travels through two different means. Depending on the sectors involved, the refraction will be greater or lesser. The reflection is based on the fact that the propagation time of each type of geological formation is different. So the echo measured and microphones has characteristic arrival times for each type of formation. Earth seismic is done through vibration trucks that function as transmitters and the signal is subsequently received by geophones buried in the ground. This process is very expensive and time consuming.

Essential Provider : KnowledgeCity 7 Lessons · 21m in Arabic, English

Course Description

In this course on Petroleum Exploration and Economics, we will examine the types of exploration, such as onshore and offshore, as well as the various aspects of each type of exploration. Beyond exploration, we will learn the different ways of estimating production using the OOIP and the OGIP formulas and the Methods of Monte Carlo. We will discuss the various petroleum products and their derivatives. We will also look to the future and discuss the outlook for oil exploration and production.

As we delve into the topic of exploration, we will look at the geological and geophysical aspects of onshore exploration, and we will examine the different types of seismic studies, both those which are used for offshore exploration as well as those used for onshore exploration. In our coverage of economics, we will look at how to classify the different oil reserves and discuss the uncertainty involved in the classification of each of those reserves. We will apply approved formulas for calculating production and the best case uses for each method. Finally, we will consider future exploration and production potential in our ever-changing world.

What You'll Learn

Differentiate the types of petroleum exploration, including onshore and offshore exploration
Examine the geological and geophysical aspects of onshore exploration and the seismic studies used for both onshore and offshore exploration
Estimate production volume and future production using the OOIP and OGIP formulas and the Methods of Monte Carlo
Classify oil and gas reserves and discuss the uncertainty involved in classifying each reserve type
Identify petroleum products and their derivatives
Analyze the outlook for future petroleum exploration and production

Key Takeaways

Petroleum exploration includes both onshore and offshore types, each with its own geological, geophysical, and seismic considerations.
Production can be estimated using the OOIP and OGIP formulas as well as the Methods of Monte Carlo, with each method having best-case uses.
Oil reserves can be classified into different categories, and each classification involves a degree of uncertainty.
The course covers petroleum products and their derivatives alongside the future outlook for oil exploration and production.

Frequently Asked Questions

What topics does this course cover?

The course covers the types of exploration (onshore and offshore), the geological and geophysical aspects of onshore exploration, seismic studies used for onshore and offshore exploration, estimating production using the OOIP and OGIP formulas and the Methods of Monte Carlo, classifying oil and gas reserves and their uncertainty, petroleum products and their derivatives, and the future outlook for oil exploration and production.

What will I be able to do after completing this course?

You will be able to understand the different types of exploration, identify petroleum products and their derivatives, analyze the outlook for petroleum production, and apply the OOIP and OGIP formulas and the Methods of Monte Carlo.

What methods does the course teach for estimating production?

The course teaches estimating production using the OOIP and OGIP formulas and the Methods of Monte Carlo, including the best-case uses for each method.

Does the course address the future of petroleum exploration?

Yes. The course looks to the future and discusses the outlook for oil exploration and production, considering future exploration and production potential in an ever-changing world.

What skills are associated with this course?

The course relates to skills in Hydrocarbon Exploration, Petroleum Engineering, Petroleums, Petroleum Geology, the Petroleum Industry, and Petroleum Engineering Certification.