A Worldwide Leader in Independent Engineering and Geological Services

GLJ Petroleum Consultants Ltd. is a premier international oil and gas resource consulting firm. We have a team of over 70 dedicated professionals with the experience, expertise, and reputation to handle any petroleum resource assessment worldwide.

Along with extensive industry experience in conventional international and Canadian oil and gas project evaluations, we also specialize in detailed assessments of unconventional resources. Follow this link to a map of our global experience.

GLJ’s in-depth industry knowledge and distinguished reputation benefits a diverse group of clients from small business to large integrated multi-national companies and national oil companies, as well as financial institutions. Our dedicated team of engineering and geoscience professionals is committed to providing unparalleled customer service, and our flexible proprietary software allow us to customize results to suit unique needs.

Modelling Risk and Value in Unconventional Plays

Tyler Schlosser gave a presentation titled Modelling Risk and Value in Unconventional Playsat the 2015 TD Securities Calgary Energy Conference. In the current lower commodity price environment, characterizing and quantifying risk and understanding value expectations are of great importance to producers, investors and creditors. It is common practice in industry to exclusively use deterministic methods in well and field performance prediction and ultimate recoverable volume estimation, as well as in commodity price and cash flow forecasting. This can lead to an incomplete understanding of value expectations and an underestimation of the breadth of possible outcomes. We discuss a general probabilistic workflow for characterizing risk and value in unconventional resource plays, including stochastic decline analysis and price forecasting methods, geostatistical considerations, and suitable performance metrics to inform decisions. To illustrate some of the benefits this method offers over conventional deterministic methods, we pose several relevant example questions relating to risk and value assessment and proceed to answer them upon completion of this process.

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