|Volumetric Oil Reserves|
Calculating volumetric oil reserves
This program calculates oil reserves in English or metric units. Here are two definitions to remember:
RecFactor=recovery efficiency, a function of the type of reservoir drive. The recovery factor might be 15% for a solution gas drive reservoir, or 65% for a water-drive reservoir, etc.
Bo=oil Formation Volume Factor, the volume of oil at reservoir conditions versus the volume at surface conditions, or the number of formation barrels of oil per stock tank barrels of oil
Calculating oil reserves volumetrically is usually conducted by an optimistic geologist early in the life a of project. The exercise does establish the possible size and capacity of a reservoir, and is useful for exploring potential outcomes. A good check on optimism is provided by the other LogCalc routine which calculates recoverable reserves based upon expected production, decline, and abandonment rates. Volumetrics may tell you that there are a hundred thousand barrels of oil beneath your feet, but a rational, rate-based calculation can show that your well will take over 100 years to recover it!