Assessing Gas and Oil Resources in the Intermountain West by Tom Latourette

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By Tom Latourette

This document lays the root for making a choice on the fuel and oil assets which are realistically on hand while exploration and construction expenditures, infrastructure and transporation bills, and enviromental affects are thought of.

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Extra resources for Assessing Gas and Oil Resources in the Intermountain West Review of Methods and Framework for a New Approach

Example text

Following historical precedent, the price for resource production is labeled as “wellhead,” even though the cost is now generally measured at the lease boundary. In the context of domestic price data, the term “wellhead” is the generic term used to reference the production site or lease property. 34 with finding, developing, and producing the resource discovered in an increment of drilling are then subtracted from the expected revenues from production to estimate the net present value of the resource.

As discussed in Section 2, hydrocarbon resources are classified into many different categories, including proved reserves, undiscovered conventional reserves, nonconventional reserves, and reserve appreciation. The Rocky Mountain Region contains substantial amounts of gas in all of these categories. The access restriction results presented in the studies, however, do not include proved reserves or, in the case of the Greater Green River Basin study, reserve appreciation. The effect of excluding proved reserves from the basis is to overestimate the impact of access restrictions because proved reserves are not subject to lease stipulations and hence fall into the Standard Lease Terms category.

For example, the deep waters of the Gulf of Mexico were often called a “dead sea” during the early to mid-1980s, because it was felt that the resource was inaccessible. As a result, the deep-water resource was often totally excluded or underassessed in resource assessments. With advances in technology, the Gulf is now one of the fastest growing areas of exploration and production. Not only is the resource in the Gulf now assessed, but the estimates of the size of the resource have grown rapidly over the last decade.

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