Digital Technology in Managing Reserves and Resources Report

Abstract

Reserves and resources report plays a very significant role in oil and gas industry. Investors rely on this report to make decisions whether to put their money on oil and gas projects. Therefore, creating and managing this report should be handled effectively and efficiently. Proliferation of digital technology over the past decade opens so many opportunities to achieve this goal.

Several problems that are usually encountered during the making of reserves and resources report can be categorized into three types: (1) human error, (2) no single data source, and (3) time consuming. Deadline for reserves and resources report puts engineers into pressure and often results in human error. Some examples of this kind of error include inputting wrong numbers into required unit, forgetting to update cumulative production, and putting wrong numbers in production. This kind of error affects the credibility of company's reserves and resources report, which in turns may put company's credibility into questions. A large oil and gas company commonly divides its assets into several regions and every region has its own reserves and resources report. Reports from all of the regions are then compiled into one big report. Without single data source, data integrity can be in jeopardy. Compiling these sub- reports into one big report can also be time consuming without the help of digital technology.

Our solution implementing digital technology by developing a web-based database and application not only solves the three aforementioned problems, but also provides an easy-to- access report and user-friendly display for managements to analyze the report's content.