Large Oil Reserves Found in Bohai Bay

Exploration teams have found the Bohai Bay Basin of North China may contain 20.5 billion tons of offshore oil reserves, with 9 billion tons already proven, experts said. The remaining 11.5 billion tons need to be further explored. The find indicates that total oil resources in place

Sinopec Adds Brazil Offshore Oil Reserves with Purchase of Galp Unit Stake

According to Bloomberg on November 12, China Petrochemical Corp., Asia’s biggest ref iner, agreed to buy a 30 percent stake in Galp Energia SGPS SA (GALP)’s Brazilian unit, its second invest- ment in offshore oil fields in Latin America’s largest economy in as many years.

Significant Increase of Oil and Natural Gas Reserves throughout 2013

China＇s Ministry of Land and Resources announced on 27th February 2014 that proven reserves of oil, natural gas and coal continued to increase significantly, and that their production shows a steady increase. This greatly improves China＇s support capacity of fossil fuel resources.

Review of surfactant-assisted chemical enhanced oil recovery for carbonate reservoirs: challenges and future perspectives

A significant fraction of the conventional oil reserves globally is in carbonate formations which contain a substantial amount of residual oil. Since primary and secondary recovery methods fail to yield above 20%-40%of original oil in place from these reserves, the need for enhanced oil recovery（EOR） techniques for incremental oil recovery has become imperative. With the challenges presented by the highly heterogeneous carbonate rocks,evaluation of tertiary-stage recovery techniques including chemical EOR（c EOR） has been a high priority for researchers and oil producers. In this review, the latest developments in the surfactant-based c EOR techniques applied in carbonate formations are discussed, contemplating the future direction of existing methodologies. In connection with this, the characteristics of heterogeneous carbonate reservoirs are outlined. Detailed discussion on surfactant-led oil recovery mechanisms and related processes, such as wettability alteration, interfacial tension reduction, microemulsion phase behavior, surfactant adsorption and mitigation, and foams and their applications is presented. Laboratory experiments, as well as field study data obtained using several surfactants, are also included.This extensive discussion on the subject aims to help researchers and professionals in the field to understand the current situation and plan future enterprises accordingly.

Innovation and practice of petroleum engineering synergetic management for the development of difficult-to-produce reserves

Due to engineering technology and development costs,a considerable amount of proven oil and gas resources in China are difficult to develop,becoming reserves difficult to produce.Based on the successful development of some domestic oil and gas reserves difficult to recover,this article summarizes the"four in one"petroleum engineering synergetic management model to promote the effective development of these reserves.This model draws on the essence of management theories,such as system theory,cybernetics and synergetic theory,and proposes the development idea of value creating and sharing for this type of reserves.By adopting the new management method of mechanism synergy,speciality synergy,process synergy and industrial chain synergy,this model effectively overcomes the decentralization of management responsibility,different management objectives,great risks of engineering and technological innovation,and the large number of uncertain factors in project construction,and can stimulate the vitality and power of active coordination of project participants,to effectively realize the synergetic innovation of engineering technology and synergetic cost reduction of the whole chain,reduction of the balanced oil price of the project,and dispersion of the project investment risk.By adopting this model,a large proportion of difficult-to-produce reserves have been liberated,realizing the effective utilization of the difficult-to-produce oil and gas resources,and making the reserves an important supplement to ensure national energy security.

China’s Energy Security Strategy for Sustainable Development

In recent years, soaring energy consumption is posing a huge potential threat to China＇s energy security. China has rich coal resources, but most of the coal is mainly burned directly with low efficiency. Thus oil and gas plays a comparatively important role in national economic development. However domestic oil and gas cannot meet the need of economic development. To solve this problem, China would continue to import oil and gas from petroleum producing countries, especially from the Middle East. The dependence on oil import increases year after year and the sources of supply are concentrated in a few countries, which results in the insecurity of energy supply. Therefore, China should optimize its energy structure, improve energy efficiency, increase the geographic diversity of oil supply, build oil reserve bases, and develop new energies actively.

Real Option and Valuation of CNOOC Ltd

This paper introduces a real option approach to valuation of oil companies and uses the real option pricing model to value CNOOC Ltd. at the time of its IPO. The empirical result shows that the option pricing value of CNOOC Ltd. exceeds its IPO price at about 21%.

Petrophysical interpretations of subsurface stratigraphic correlations,Baram Delta,Sarawak,Malaysia

Petrophysical well log data help to predict hydrocarbon reserves before field development which involves huge financial commitment.In this study,reservoir characterization was performed with a view to obtain information on the geological formation type and petrophysical parameters.Wireline log data obtained from five wells were used to develop a 3D model of X-field in the Baram Delta which was in turn evaluated using the PETREL software.Suites of gamma ray,sonic,density,resistivity and neutron logs aided the delineation and correlation of the sandstone formation.Fourteen hydrocarbon-bearing sands were defined from well log data and divided into two-reservoir zones,shallow and deep.Well correlation assisted in the delineation of the reservoir sands across the wells.The quality of the reservoir formation was evaluated from average petrophysical properties:with an average thickness of 62 m,an average porosity of 0.19,an average net-to-gross ratio of 0.068,an average V-shale of 0.45,and an average water saturation of 0.95.A rollover anticline structure was identified across the field using the fault as a description tool.Variation of petrophysical parameters and uncertainty in the reservoir properties were included to predict the effect on the volume of oil in place.This study revealed that the discovered hydrocarbon reserve resource accumulations in the Field X for the fourteen-mapped reservoir sands have a total proven reserve resource estimate of 740MMSTB at P90,655MMSTB at P50 and 593MMSTB at P10.Reservoirs A and B are the only intervals with the highest recoverable oil,a volume of 256MMSTB at P90,215MMSTB at P50 and 181MMSTB at P10,respectively.These analyses facilitated an improved reservoir description of shaly sandstone,which contributes to better planning of hydrocarbon re-development and future recovery,and thereby improving the energy supply security of the regions.

Sustainable development of unconventional resources: Analysis of the transient linear flow oriented straight-line analysis technique

On the backdrop of dwindling conventional reserves,unconventional reservoirs have emerged as a pivotal chapter in resource extraction.Despite their challenges,such as low permeability,complex fluid storage,and flow mechanisms,hydraulic fracturing technology has underpinned the development of unconventional reservoirs.Consequently,this has brought about a shift in the sequence of flow regimes,e.g.,the transient radial flow regime has been largely shortened by the lengthy transient linear flow regime due to the low permeability of unconventional reservoirs.Moreover,straight-line analysis(SLA),the simplest technique in rate transient analysis(RTA),is a fundamental and potent tool for swiftly extracting reservoir and hydraulic fracture information,estimating oil and gas reserves,and furnishing crucial initial data for subsequent historical matching processes.However,there is currently a dearth of review papers pertaining to a necessary guide of applying SLA in various transient linear flow(TLF)regimes and different unconventional reservoirs.Hence,this paper commences by elucidating the classification of TLF regimes,commonly used methods for recognizing flow regimes,and the diverse SLA methods used for different TLF regimes.Subsequently,it delves into a discussion of different modification techniques for variable rate/flowing pressure,gas phase,complex reservoir characteristics in unconventional reservoirs,and dynamic drainage area concepts etc.Furthermore,the application of SLA in specific domains,namely core analysis and the flowback period,is described.It culminates by surveying the advancements through an integration of novel technologies to enhance estimation accuracy.The paper also highlights certain drawbacks of current SLA technology and proposes new research directions.Ultimately,this paper would serve as an indispensable resource,offering foundational knowledge for the application of SLA in TLF to promote the production of global unconventional resources in a cost-effective and environmentally sustainable fashion in the face of a climate-resilient world.

Oil Reserve Center Established

Like other countries,China has started to grow its strategic oil reserve in case oil supplies are cut On December 18,2007,the National Development and Reform Commission(NDRC),China’s top economic planner,announced that the national oil reserve center has been officially launched.The supervisory system over the oil reserves has three levels: the energy department of the NDRC,the oil reserve center,and the reserve bases.