A NEW MARKET-BASED METHOD FOR ESTIMATING OIL FIELD RESERVES: AN APPLICATION TO THE SANTA MARIA BASIN

A NEW MARKET-BASED METHOD FOR ESTIMATING OIL FIELD RESERVES: AN APPLICATION TO THE SANTA MARIA BASIN

Market evidence from lease bidding records is used to estimate oil reserves in the offshore Santa Maria Basin of California. High bids for leases should, in the aggregate, provide accurate estimates of the present value of the net cash flow from leases. From the latter, reserve estimates can be gene...

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Veröffentlicht in:The Journal of energy and development 1984-04, Vol.9 (2), p.163-176
Hauptverfasser: Mead, Walter J., Moseidjord, Asbjorn
Format: Artikel
Sprache:eng
Schlagworte:
Analytical forecasting
Bidding
Capital costs
Cash flow
Commentary
Development
Fossil fuels
Leases
Market
Measurement
Methodology
Oil
Operating costs
Present value
Production estimates
Rental industry
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Zusammenfassung:Market evidence from lease bidding records is used to estimate oil reserves in the offshore Santa Maria Basin of California. High bids for leases should, in the aggregate, provide accurate estimates of the present value of the net cash flow from leases. From the latter, reserve estimates can be generated. The estimated total oil equivalent reserves for the leases sold in outer continental lease sale no. 53 is 296 million bbl. Anticipated production profiles are also considered. ( 1 graph, 1 map, 5 tables, )
ISSN:0361-4476