Circular 24: Methods of evaluation of petroleum reserves and resources in Vietnam

14:29, 25/09/2020

On September 18, 2020, the Ministry of Industry and Trade of Vietnam issued Circular 24/2020/TT-BCT on classification and reporting of petroleum reserves and resources.

Article 7 of Circular 24/2020/TT-BCT stipulates the methods of evaluation of petroleum reserves and resources in Vietnam as follows:

- Evaluation subjects are petroleum reservoirs and seams.

- Petroleum reserves and resources shall be calculated using volumetric method (usually, according to 3D geological model, reserve density, similarity), hydrodynamics of the fields (materials balance analysis and extraction simulation) and other methods depending on the availability of documents. Where:

Applied methods include: normal volume for all cases; 3D geological model for developed and developing fields; material balance analysis for producing fields;

Other methods may be applied under specific conditions but reasoning must be explained when they are applied.

Note: Results produced by different methods must be analyzed and compared.

At the same time, petroleum resources and reserves and their components shall be calculated for separate reservoir, seam and reservoir rock; evaluate the probability of bringing these into production.

More details can be found in Circular 24/2020/TT-BCT, which comes into force from November 6, 2020.

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