Reserve Calculation
Reserve Calculation is a crucial process in the oil and gas industry where experts estimate how much oil or gas can be extracted from a discovered location. Think of it like counting how many gallons of water are in an underground lake, but for oil and gas. This helps companies understand the value of their discoveries and plan their business operations. Different methods can be used, from simple mathematics to complex computer modeling. This skill is essential for resource estimation, financial planning, and investment decisions in exploration companies.
Examples in Resumes
Led team responsible for Reserve Calculation of newly discovered offshore fields
Developed improved Reserve Calculation methods using modern software tools
Performed Reserve Calculations and Resource Estimation for 5 major exploration projects
Updated Reserves and Resource Estimates for annual reporting
Typical job title: "Reservoir Engineers"
Also try searching for:
Where to Find Reservoir Engineers
Professional Organizations
Job Boards
Professional Networks
Example Interview Questions
Senior Level Questions
Q: How would you handle uncertainty in reserve calculations for a new field?
Expected Answer: A senior professional should discuss different estimation methods, risk assessment, using multiple data sources, and how to communicate uncertainty to management. They should mention experience with both traditional and modern approaches.
Q: How do you ensure compliance with industry standards in reserve reporting?
Expected Answer: Should demonstrate knowledge of reporting requirements, industry guidelines, and experience working with external auditors. Should discuss importance of documentation and verification processes.
Mid Level Questions
Q: What factors do you consider when calculating reserves?
Expected Answer: Should mention geological data, production history, technical constraints, and economic factors. Should be able to explain how these factors affect calculations in simple terms.
Q: What software tools have you used for reserve calculations?
Expected Answer: Should be familiar with common industry software and able to explain how different tools are used in the estimation process. Should demonstrate understanding of both basic and advanced calculation methods.
Junior Level Questions
Q: Can you explain the difference between reserves and resources?
Expected Answer: Should be able to explain that reserves are proven and economically viable to extract, while resources include potential discoveries that might not be economically viable yet.
Q: What basic data do you need to start a reserve calculation?
Expected Answer: Should list fundamental inputs like rock properties, fluid properties, and basic geological information. Should understand the importance of data quality.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of geological and engineering principles
- Familiarity with industry software
- Ability to collect and organize relevant data
- Understanding of basic calculation methods
Mid (2-5 years)
- Independent reserve calculations
- Understanding of uncertainty analysis
- Experience with multiple estimation methods
- Ability to present findings to stakeholders
Senior (5+ years)
- Complex field evaluation
- Team leadership and project management
- Advanced modeling and risk assessment
- Strategic decision making and recommendations
Red Flags to Watch For
- No understanding of basic geology or engineering principles
- Lack of experience with industry software tools
- Unable to explain calculation methods clearly
- No knowledge of industry reporting standards
- Limited understanding of uncertainty in calculations
Related Terms
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