Ryder Scott Professional Staff Reaches 72 in 2006
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A quarterly publication of Ryder Scott Petroleum Consultants December 2006–February 2007/Vol. 9, No. 4 Ryder Scott professional staff reaches 72 in 2006 Ryder Scott has grown to meet an increasing for the Rocky Mountain Region Reservoir Engineering demand for consulting services, recently hiring 11 group at Questar Exploration & Production Co. during professionals for a total of 72 staff petroleum engi- 1999 to 2006. He was chief engineer at Celsius neers and geoscientists. They and additional techni- Energy Co. from 1986 to 1999 where he prepared cal-support personnel will enable the firm to put quarterly and annual reserves reports. He also together project-specific, multidisciplinary evaluation worked at Wexpro Co., Mountain Fuel Supply Co., teams for more assignments and clients worldwide. Northern Natural Gas Co. and Gulf Oil Corp. where “Our new employees have diverse work back- he began his career in 1970 as a production engineer. grounds and cultures. They come from majors, Baird has a BS degree in petroleum engineering from independents, national oil companies and consulting the University of Missouri at Rolla. firms and from different countries,” said Don Roesle, Elizabeth A. DeStephens joined CEO. “Diversity is a strength in our work environ- Ryder Scott as a petroleum engi- ment. Our integrated studies are a product of collabo- neer. Before that, she was a se- rative, multidisciplinary team efforts. Diversified nior business analyst and corro- teams generally outperform homogenous teams in sion engineer for three years at problem-solving tasks.” Exxon Mobil Corp. Jim Baird, petroleum engi- She determined market value neer, joined the Ryder Scott for divestments of fields and fa- Denver office recently. He has cility assets. DeStephens assisted more than 36 years of diverse oil in evaluating entry into the and gas experience. His experi- Barnett shale play, provided eco- ence includes reservoir manage- nomic case studies for LNG ment, reservoir simulation, projects and developed economic reserves evaluation, petroleum models to assist in contract nego- DeStephens accounting, business planning tiations. and evaluations, property She also evaluated U.S. market fundamentals and acquisition and divestiture developed annual business plans for the gas process- analysis and regulatory compli- ing group. As a corrosion engineer, she conducted fit- ance. Geographic areas of for-service analysis, analyzed inspection results and Baird expertise include northern Rocky planned yearly budgets. DeStephens has a BS degree Mountains; Uinta, Paradox and San Juan basins and in materials science and engineering with honors from Mid-Continent and U.S. gulf coast areas. the University of Florida. Before joining Ryder Scott, Baird was a manager Please see Staff on Page 3 Inside Reservoir Solutions newsletter EU reserves reporting rules: A mixed bag With high commodity prices and low costs of Roesle presents at accounting event...... Pg. 2 capital from equity markets, initial public Comments on reserves due by Feb. 1.... Pg. 2 offerings by E&P companies, some with Upcoming Events....................................... Pg. 4 more E than P in their portfolios, have prolifer- Non-U.S. professionals to fill void........... Pg. 5 ated on the AIM stock exchange and other regulated markets in the Euro- Career path paved by desire to help.... Pg. 5 pean Union. Benchmarking listed companies based on oil and gas reserves reported in prospectuses and Definitions yield varying estimates...... Pg. 7 Please see EU on Page 7 Vol. 9, No. 4 Reservoir 2 / December 2006—February 2007 Solutions Roesle presentation on reserves at accounting event posted on RS Web site Don Roesle, CEO, presented • Use of field-level decline-curve analysis “Reserves Estimation in Ac- • Declining opex with declining well count counting and Reporting” Nov. 16 • Allocation of development costs to probable category at the Oil & Gas Accounting Con- to justify proved-reserves economics ference at Oklahoma State Uni- • Justification of proved reserves by analogy with non- versity. He cited the following analogous properties most common errors in report- • Misuse of statistical analysis ing proved petroleum reserves to • Reserves declared proved when no sales market exists the U.S. Securities and Ex- • Scheduling of reserves that extend beyond the term of change Commission: foreign concessions • Spacing violations for PUDs Roesle also focused on SEC-compliant reserves re- • PUDs too optimistic based on ports and SEC comment letters and hot-button issues. Roesle supporting data In addition, he outlined how to validate a reserves re- • Seismic amplitudes without port through a series of questions to help assess risk. compelling corroborating data to identify downdip limits The presentation is posted under What’s New at • Use of non-hydrocarbon revenue streams www.ryderscott.com. • Misuse of reservoir simulation results Industry has until Feb. 1 to comment on new reserves guidelines at www.spe.org Industry has until Feb. 1 to Geologists and Society of Petroleum mended practices for petroleum comment on the proposed Petro- Evaluation Engineers. They will reserves evaluators after SPE and leum Reserves and Resources review comments and present the its co-sponsors adopt the revised Classification, Definitions and final draft definitions to their standards in March. With a Guidelines, which are posted on the boards for approval in 2007. mission to fulfill that need, the Society of Petroleum Engineers The new guidelines will replace Joint Committee on Reserves Web site at www.spe.org/reserves. the 1997 SPE/WPC Petroleum Evaluator Training, formed last Sponsoring organizations include Reserves Definitions and the 2000 July, will approve instructors and the World Petroleum Council, SPE/WPC/AAPG Petroleum course material for the program. American Association of Petroleum Resources Classification and Last June, Reservoir Solutions Definitions. published articles on the work of Publisher’s Statement The industry will formally the organizations in drafting new Reservoir Solutions newsletter is launch an approved training guidelines and in kicking off a co- published quarterly by Ryder Scott program with industry-recom- sponsored training initiative. Company LP. Established in 1937, the reservoir evaluation consulting firm performs hundreds of studies a year. Ryder Scott multidisciplinary studies incorporate Price history of benchmark oil and Henry Hub gas geophysics, petrophysics, geology, petroleum engineering, reservoir simulation and economics. With 115 employees, including 72 engineers and geoscientists, Ryder Scott has the capability to complete the largest, most complex reservoir- evaluation projects in a timely manner. Board of Directors Don P. Roesle Larry T. Nelms Chairman and CEO Managing Senior V.P. John E. Hodgin Dean C. Rietz President Managing Senior V.P. Fred P. Richoux Guale Ramirez Executive V.P. Managing Senior V.P. Joseph E. Magoto Managing Senior V.P. Reservoir Solutions Editor: Mike Wysatta Business Development Manager Ryder Scott Company LP 1100 Louisiana, Suite 3800 Houston, Texas 77002-5218 Phone: 713-651-9191; Fax: 713-651-0849 Denver, Colorado; Phone: 303-623-9147 Calgary, AB, Canada; Phone: 403-262-2799 The historical price chart shows published, monthly-average, cash market prices for WTI crude at E-mail: [email protected] Cushing (NYMEX), Brent crude and Henry Hub gas. Reservoir Vol. 9, No. 4 Solutions December 2006—February 2007 / 3 Staff—Cont. from Page 1 Guzman also was a reservoir engineer at Schlumberger and Petroleos de Venezuela, where he Tosin Famurewa, petroleum engineer, recently joined the analyzed performance of gas condensate fields. He has a BS degree in petroleum engineering from firm from Chevron Corp. where he worked for four years as a National University of Engineering in Peru. Mohamed Hadjali joined the reservoir engineer, project Calgary office as an evaluation controls engineer and petroleum specialist—geology. He most engineer. He evaluated water- recently worked as a geologist at flood and steamflood enhanced- GeoLogic Systems Ltd., oil-recovery projects working Calvalley Petroleum Inc. and with heavy and light oil and Petroleum Services Group, all in associated gas. Famurewa Calgary. He evaluated hydro- prepared E&P business plans, carbon potential and technical cost estimates and budgets. He Famurewa risk in Algeria and mapped conducted decline-curve analysis reservoirs in northern Alberta and analyzed field economics. and western Saskatchewan. After internships at Texaco Inc., he began his This involved defining geological career there in 2001 as a production engineer. Hadjali tops and calculating gross and Famurewa has a BS degree in chemical engineering net pay. He also assessed exploration risk and and material science/engineering from the University estimated resources in the rift basins in Yemen. of California and an MS degree in petroleum engineer- Before that, Hadjali worked for almost 10 years at ing from the University of Southern California. Sonatrach starting in 1992 as an exploration geologist , petroleum Stephen E. Gardner and later as a senior geologist. He conducted detailed engineer, joined Ryder Scott from geological studies in the Berkin and Illizi basins in Exxon Corp. He began his career Algeria, analyzing Triassic channel and Carboniferous there as a subsurface engineer delta sands and Ordovician quartzite reservoirs. He evaluating carbonate and sand- also supervised staff geoscientists. Hadjali also was a stone