The Challenge of Booking Oil and Gas Reserves Across Faults: SPE vs SEGe

Summary Estimating and classifying oil and gas reserves are critical for investment decisions and regulatory compliance. The Society of Petroleum Engineers (SPE) provides widely recognised guidelines for reserves evaluation. At the same time, the Securities and Exchange Commission (SEC) sets the rules for public companies reporting reserves in the United States. Both guidelines address the challenges of geological faults, which can significantly impact reservoir compartmentalisation and hydrocarbon recovery. In essence, fault seal analysis provides critical information for accurate reserve estimation, particularly in faulted reservoirs. It helps reduce uncertainties, optimise field development strategies, and ensure reliable reserve reporting, essential for investors and regulatory compliance. The lessons we learn from comparing oil and gas reserves bookings will help us book CCS projects.