Application of reliable technology in SEC reserve evaluation of South China Sea Gas Field

Reserve assessment of major oil and gas companies around the world is based on the SEC Guidelines issued by the US Securities and Exchange Commission in 2010. This edition expanded the types of "reliable technology" that can be used to determine proved reserves. Since the publication of the guidelines, CNOOC has continuously tried to explore the application of "reliable technology" in the assessment of natural gas reserves, and has formed a number of "reliable technologies" that have gradually been recognized by third-party evaluation agencies and auditing companies. The article discusses the meaning of "reliable technology". It combines domestic and foreign studies to enumerate the disclosure principles and conditions of "reliable technology", and demonstrates some "reliable technology" which has been widely used in the evaluation of SEC reserves in the western South China Sea gas field in recent years, such as the use of geophysical information, the use of pressure data to calculate reserves, the installation of a platform compressor to reduce the pressure and improve the recovery technology in the late stage of gas field development. In recent years, through the application of "reliable technology", CNOOC has made the evaluation results closer to the actual development of the gas field, which guaranteed the objectivity and accuracy of the evaluation results and the stability of the company's reserve replacement rate. It provides a reference case for the domestic natural gas field reserve assessment.