To solve the problems facing the economic development of unconventional oil and gas, a new concept and corresponding technology system of reservoir stimulation based on "fracture-controlled reserves" are put...To solve the problems facing the economic development of unconventional oil and gas, a new concept and corresponding technology system of reservoir stimulation based on "fracture-controlled reserves" are put forward. The "fracture-controlled reserves" stimulation technology is to realize the three-dimensional producing and economic and efficient development of unconventional hydrocarbon resources by forming a fracture system that well matches "sweet spots" and "non-sweet spots". The technical route of the stimulation technology is "three optimizations and controls", that is, control the scope of sand body through optimizing well spacing, control the recoverable reserves through optimizing fracture system, and control the single well production reduction through optimizing energy complement method. The "fracture-controlled reserves" stimulation emphasizes the maximization of the initial stimulation coefficient, the integration of energy replenishment, stimulation and production, and prolonging the re-fracturing cycle or avoiding re-fracturing. It aims at realizing the three-dimensional full producing and efficient development of reservoir in vertical and horizontal directions and achieving the large-scale, sustainable and high profitable development of unconventional oil and gas resources. The stimulation technology was used to perform 20 pilot projects in five typical tight-oil, shale gas blocks in China. The fracturing and producing effects of tight oil improved and the commercial development for shale gas was realized.展开更多
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 gr...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.展开更多
Using conventional and unconventional oil and gas resource evaluation methods with play as a unit, this study evaluates the oil and gas geology and resource potential of conventional oil and gas resources and seven ty...Using conventional and unconventional oil and gas resource evaluation methods with play as a unit, this study evaluates the oil and gas geology and resource potential of conventional oil and gas resources and seven types of unconventional resources in the global major oil and gas basins(excluding China). For the first time, resource evaluation data with independent intellectual property rights has been obtained. According to evaluation and calculation, the global recoverable conventional oil resources are 5 350.0×108 t, the recoverable condensate oil resources are 496.2×108 t, and the recoverable natural gas resources are 588.4×1012 m3. The remaining oil and gas 2 P recoverable reserves are 4 212.6×108 t, the reserve growth of oil and gas fields are 1 531.7×108 t. The undiscovered oil and gas recoverable resources are 3 065.5×108 t. The global unconventional oil recoverable resources are 4 209.4×108 t and the unconventional natural gas recoverable resources are 195.4×1012 m3. The evaluation results show that the global conventional and unconventional oil and gas resources are still abundant.展开更多
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...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.展开更多
This study analyzes the status-quo of the proved oil/gas initially-in-place and its variation trend,the proved undeveloped oil/gas initially-in-place,and the remaining proved technically recoverable reserves(TRR)of oi...This study analyzes the status-quo of the proved oil/gas initially-in-place and its variation trend,the proved undeveloped oil/gas initially-in-place,and the remaining proved technically recoverable reserves(TRR)of oil/gas in China as of 2020 based on statistics.As shown by the results,the proved oil initially-in-place(OIIP),the proved undeveloped OIIP,and the remaining proved TRR of oil in China are mainly distributed in the Bohai Bay,Ordos and Songliao Basins,and those of free gas are mainly in the Ordos,Sichuan,and Tarim Basins.From 2011 to 2020,the largest increment in the proved OIIP,the proved undeveloped OIIP and the remaining proved TRR of oil occurred in the Ordos Basin,followed by the Bohai Bay Basin,while that in the proved gas initially-in-place(GIIP),the proved undeveloped GIIP,and the remaining proved TRR of gas occurred in the Ordos Basin,followed by the Sichuan Basin.In addition,a comprehensive analysis reveals that the petroliferous basins in China with the potential of reserve addition and production growth include the Ordos Basin,the Bohai Bay Basin,the Sichuan Basin,and the Tarim Basin.展开更多
In the asset valuation of oil and gas reserves, it is discovered that the production decline trend of wells is not very obvious and that it is hard to make a production forecast matching the production history, thus r...In the asset valuation of oil and gas reserves, it is discovered that the production decline trend of wells is not very obvious and that it is hard to make a production forecast matching the production history, thus resulting in a significant deviation of oil and gas asset value. For production with a significant fluctuation, the value deviation is also considerable if the matching production, which is predicted with classical decline methods, cannot appropriately reflect the time value distribution of actual production. To mitigate such a deviation, a concept is proposed concerning the value constrained production forecast and the value constrained production decline model is developed. A field case is demonstrated as an application of such a model. The model can significantly decrease the risk in the value deviation of a production decline analysis and be applied to the production forecasts for a single well, well clusters, blocks or field scale, and even for other mining industries.展开更多
The analysis based on the statistics conducted in the past decades shows that China's oil demand will rise by about 0.7 percent for every 1 percent increase in its gross national product(GNP).The oil demand will h...The analysis based on the statistics conducted in the past decades shows that China's oil demand will rise by about 0.7 percent for every 1 percent increase in its gross national product(GNP).The oil demand will have to climb by 6 percent on average each year if the country registers an average annual increase of 9 percent in its GNP.The oil demand is expected to rise by 5 percent annually in the upcoming years even if the efforts are made to upgrade the equipment and tech-nology and boost the efficiency.展开更多
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...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%.展开更多
基金Supported by the National Science and Technology Major Project(2016ZX05046-004,2016ZX05023-005)
文摘To solve the problems facing the economic development of unconventional oil and gas, a new concept and corresponding technology system of reservoir stimulation based on "fracture-controlled reserves" are put forward. The "fracture-controlled reserves" stimulation technology is to realize the three-dimensional producing and economic and efficient development of unconventional hydrocarbon resources by forming a fracture system that well matches "sweet spots" and "non-sweet spots". The technical route of the stimulation technology is "three optimizations and controls", that is, control the scope of sand body through optimizing well spacing, control the recoverable reserves through optimizing fracture system, and control the single well production reduction through optimizing energy complement method. The "fracture-controlled reserves" stimulation emphasizes the maximization of the initial stimulation coefficient, the integration of energy replenishment, stimulation and production, and prolonging the re-fracturing cycle or avoiding re-fracturing. It aims at realizing the three-dimensional full producing and efficient development of reservoir in vertical and horizontal directions and achieving the large-scale, sustainable and high profitable development of unconventional oil and gas resources. The stimulation technology was used to perform 20 pilot projects in five typical tight-oil, shale gas blocks in China. The fracturing and producing effects of tight oil improved and the commercial development for shale gas was realized.
文摘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.
基金Supported by the China National Science and Technology Major Project(2016ZX05029-001,2016ZX05029-002,2011ZX05028)
文摘Using conventional and unconventional oil and gas resource evaluation methods with play as a unit, this study evaluates the oil and gas geology and resource potential of conventional oil and gas resources and seven types of unconventional resources in the global major oil and gas basins(excluding China). For the first time, resource evaluation data with independent intellectual property rights has been obtained. According to evaluation and calculation, the global recoverable conventional oil resources are 5 350.0×108 t, the recoverable condensate oil resources are 496.2×108 t, and the recoverable natural gas resources are 588.4×1012 m3. The remaining oil and gas 2 P recoverable reserves are 4 212.6×108 t, the reserve growth of oil and gas fields are 1 531.7×108 t. The undiscovered oil and gas recoverable resources are 3 065.5×108 t. The global unconventional oil recoverable resources are 4 209.4×108 t and the unconventional natural gas recoverable resources are 195.4×1012 m3. The evaluation results show that the global conventional and unconventional oil and gas resources are still abundant.
文摘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.
文摘This study analyzes the status-quo of the proved oil/gas initially-in-place and its variation trend,the proved undeveloped oil/gas initially-in-place,and the remaining proved technically recoverable reserves(TRR)of oil/gas in China as of 2020 based on statistics.As shown by the results,the proved oil initially-in-place(OIIP),the proved undeveloped OIIP,and the remaining proved TRR of oil in China are mainly distributed in the Bohai Bay,Ordos and Songliao Basins,and those of free gas are mainly in the Ordos,Sichuan,and Tarim Basins.From 2011 to 2020,the largest increment in the proved OIIP,the proved undeveloped OIIP and the remaining proved TRR of oil occurred in the Ordos Basin,followed by the Bohai Bay Basin,while that in the proved gas initially-in-place(GIIP),the proved undeveloped GIIP,and the remaining proved TRR of gas occurred in the Ordos Basin,followed by the Sichuan Basin.In addition,a comprehensive analysis reveals that the petroliferous basins in China with the potential of reserve addition and production growth include the Ordos Basin,the Bohai Bay Basin,the Sichuan Basin,and the Tarim Basin.
文摘In the asset valuation of oil and gas reserves, it is discovered that the production decline trend of wells is not very obvious and that it is hard to make a production forecast matching the production history, thus resulting in a significant deviation of oil and gas asset value. For production with a significant fluctuation, the value deviation is also considerable if the matching production, which is predicted with classical decline methods, cannot appropriately reflect the time value distribution of actual production. To mitigate such a deviation, a concept is proposed concerning the value constrained production forecast and the value constrained production decline model is developed. A field case is demonstrated as an application of such a model. The model can significantly decrease the risk in the value deviation of a production decline analysis and be applied to the production forecasts for a single well, well clusters, blocks or field scale, and even for other mining industries.
文摘The analysis based on the statistics conducted in the past decades shows that China's oil demand will rise by about 0.7 percent for every 1 percent increase in its gross national product(GNP).The oil demand will have to climb by 6 percent on average each year if the country registers an average annual increase of 9 percent in its GNP.The oil demand is expected to rise by 5 percent annually in the upcoming years even if the efforts are made to upgrade the equipment and tech-nology and boost the efficiency.
文摘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%.
