By Charlotte Wright, Rebecca Gallun
ISBN-10: 1593701373
ISBN-13: 9781593701376
"An first-class education guide reference, basics of Oil & fuel Accounting, fifth version is choked with examples, diagrams, and appendices. The scope of this article is just unequalled. The booklet has been thoroughly up to date to mirror the present matters dealing with oil and fuel manufacturers working in either U.S. and overseas locations."--Jacket.
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Extra resources for Fundamentals of Oil & Gas Accounting, 5th Edition
Sample text
Wells that are drilled for the purpose of discovering new proved reserves are exploratory wells, while wells that are drilled in a proved area for the purpose of producing proved undeveloped reserves are development wells. Occasionally a company may decide that it is appropriate to increase its estimates of proved reserves as a consequence of information that was obtained through the drilling of a development well. Such an occurrence does not change the original classification of the well. , a well drilled in a proved area, the well is classified as development even if the drilling results in an upward revision in estimated proved reserves.
Secondary recovery consists of inducing an artificial drive into the formation to replace the natural drive. The most common method is waterflooding, which involves injecting water under pressure into the formation to drive the oil to the wellbore. Following the second attempt to recover oil, a third attempt, called tertiary recovery, may be instituted. (The distinction between secondary and tertiary recovery methods may actually be obscure. ) Tertiary recovery involves the use of enhanced recovery methods to produce oil.
If insufficient natural drive exists, the oil may be pumped to the surface using a beam pumping unit. indb 27 6/29/08 2:18:51 PM 28 Fundamentals of Oil & Gas Accounting may be instituted. Secondary recovery consists of inducing an artificial drive into the formation to replace the natural drive. The most common method is waterflooding, which involves injecting water under pressure into the formation to drive the oil to the wellbore. Following the second attempt to recover oil, a third attempt, called tertiary recovery, may be instituted.
Fundamentals of Oil & Gas Accounting, 5th Edition by Charlotte Wright, Rebecca Gallun
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