A Lab Exercise ANDREW M. GOODLIFFE Oil and Gas Exploration Project.
-
Upload
jemima-clark -
Category
Documents
-
view
222 -
download
2
Transcript of A Lab Exercise ANDREW M. GOODLIFFE Oil and Gas Exploration Project.
A Lab ExerciseANDREW M. GOODLIFFE
Oil and Gas Exploration Project
Oil and Gas Exploration Project
Gives the students the opportunity to sample a small amount of what goes into exploring for oil and gas
Modified from a lab in Freidman and Johnson [1982], (via Reames and Carrigan at Olivet).
Serves as a “partial capstone” experience Students combine material covered during a topographic maps lab,
and material covered during a fossil fuels section in classEmphasizes student collaboration – both within and between
teamsIntroduces an economic factor – this appeals to many business
majorsCompetitive
Not everyone likes this!
Student Learning Objectives
At the end of this lab, students are able to: Contour a geological horizon using point
measurements and profile data Identify simple structural petroleum traps Determine coordinates using the
Township and Range system (useful when buying a house in many states)
Synthesize basic geological data to target a potentially productive oil and gas well
Make more informed choices about team members!
The Lab
Students are “given” $2 million in start up capital
They are allowed to form corporations comprising of up to 3 students (a greater number presenting the issue of a monopoly)
Corporations must keep all of their data confidential
On approval of the instructor, corporations can enter into deals (for example, sell data, knowledge)
The Lab
Students are provided with a map that has point measurements of the depth to a known reservoir rock
They contour this map (hopefully before the start of lab)
There are many area where there are no data Students are encouraged
not to over-extrapolate
The Lab
With their new map, students must now bid on leases in order to drill At any time, corporations can
improve their chances of hitting oil and gas by buying additional data (structural interpretations, $10,000/mile) along section edges)
Maps can be improved as data is added
Competitive lease sales take place every 30 minutes – corporations might end up with no leases
Corporations can make bids in ¼ section units (160 acres), no more than 20 bids every 30 minutes
Profile location
$60,000 worth of data….
The Lab
Once a corporations wins a bid, it can now drill One well per 40 acre tract $50,000 per well Corporations submit well
locations to the instructor Based on a master map held
by the instructor, wells are dry, produce gas, or produce oil
Oil producing wells generate $100,000 per 30 minutes
Gas producing wells produce $50,000 per 30 minutes
A list of leaseholders and producing wells is maintained at the front of the classroom
Grading
Class grade is assigned on a corporation basis The corporation with
the most money at the end of the lab exercise gets 220 point (100%)
The corporation that places 8th gets 150 points (69%)