Abstract

Accurate estimation of oil and gas reserves is paramount for effective resource management and strategic decision-making in the energy industry. This abstract provides an overview of the techniques employed by professionals to achieve precise and reliable reserves estimates. Geological and geophysical analysis, reservoir engineering techniques, production history analysis, and probabilistic approaches are explored as key methodologies utilized in reserves estimation. Challenges such as geological uncertainties, data limitations, and economic factors are discussed, along with the implications for resource management and industry dynamics. Despite these challenges, advancements in technology and data analytics continue to enhance the accuracy and efficiency of reserves estimation practices, empowering stakeholders to make informed decisions in the ever-evolving energy landscape.