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Gas Reserve Estimation of Offshore Producible Shut-in Leases in the Gulf of Mexico A Report (1976) / Chapter Skim
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SUMMARY
Pages 1-5

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From page 1...
... The Panel selected a representative sample of 33 leases for detailed study and engaged two consulting firms with extensive experience in the offshore region to make independent "best," "high," and "low" estimates of physically recoverable gas utilizing only those data available to the FPC staff at the time of its analysis. Following presentations on the development of the gas estimates by representatives of the FPC and USGS staffs who participated in the FPC report and presentations by the consultants, the Panel conducted a detailed comparative analysis of the three independent gas estimates derived by the two consulting firms and the FPC for each of 19 leases included in the sample.
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From page 2...
... The Panel also gave attention to the use of misleading terminology in the FPC report, noting that the terms reserves, paying quantities, and producible were used in a special sense which is not in accord with the generally accepted meaning of the terms. Thus, according to usage of terms in the FPC report, a statement on gas reserves in paying quantities on producible shut-in leases refers to gas which is physically recoverable in theory, without regard for economic considerations, from wells which may or may not be possible to relocate or re-enter.
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From page 3...
... 2. Excluding errors, the major differences in estimates of recoverable gas for the representative sample of leases were due to interpretation of geological data in developing estimates of reservoir volume and the fraction of gas that could be physically recovered from a reservoir.
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From page 4...
... 2. Although the term paying quantities connotes economic considerations, qualification requirements for gas well classification as "capable of producing in paying quantities," according to VSGS-OCS Order No.
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From page 5...
... in future investigations, the terms reserve, paying quantities, and produoible should be used in their generally accepted sense and not be redefined for restricted purposes. If these terms are to be used in a redefined sense for restricted purposes, however, they should be placed in quotation marks, underlined, set in italics, or otherwise distinguished to indicate any special meaning and help prevent misunderstanding.
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Key Terms

  • recoverable gas
  • paying quantities
  • fpc report
  • developing estimates
  • consulting firms

  • physically producible
  • physically recovered
  • producible gas
  • fpc reports
  • gas estimates

  • geological data
  • economic considerations
  • accepted sense
  • reservoir volume
  • excluding errors

  • major differences
  • producible leases
  • economically recoverable
  • gas reserves
  • gas reserve

  • independent gas
  • fpc staff
  • term paying
  • gas utilizing
  • economic implications

  • misleading economic
  • geological survey
  • accepted meaning
  • leases refers
  • leases included


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