Proved Geothermal Reserves-Framework and Methodology

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Conference Paper: Proved Geothermal Reserves-Framework and Methodology

Abstract

Globally, oil & gas proved reserves are used for a variety of business purposes. Because their use is governed by standards and regulations, the results are considered to be reasonably credible. In the geothermal business the situation is at a less mature stage of development with less credibility of results. What are the important elements of the framework used in oil & gas that can be brought to bear on the process of determining proved reserves in the geothermal business? This paper presents a framework for a standardized approach to determine proved geothermal reserves, and reviews commonly used assessment methods.

The proposed framework for approaching the determination of proved reserves involves six steps. 1) Define proved reserves and the criteria to be satisfied. 2) Define the commercial and project entities for which an assessment is to be made. 3) Define the date of reporting. 4) Define the project profile to be determined. 5) Review all information about the project and apply the appropriate reservoir engineering calculation to determine the output profile that meets the standards of certainty. 6) Demonstrate that the project has a positive net present value based on expense and price projections which meet the required standards of certainty.

Four methods for computing a generation output profile are reviewed. 1) Use power density from an analogue field. 2) Reservoir simulation. 3) Application of Monte Carlo methods to volumetric calculations. 4) Decline curve projections. Each method is briefly reviewed and the appropriate conditions for application are presented.

Author 
Paul Atkinson






Conference 
New Zealand Geothermal Workshop; Auckland, New Zealand; 2012/11/19


Published 
International Geothermal Association, 2012





DOI 
Not Provided
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Online 
Internet link for Proved Geothermal Reserves-Framework and Methodology

Citation

Paul Atkinson. 2012. Proved Geothermal Reserves-Framework and Methodology. In: New Zealand Geothermal Workshop 2012 Proceedings. New Zealand Geothermal Workshop; 2012/11/19; Auckland, New Zealand. Auckland, New Zealand: International Geothermal Association; p. 6