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Thm paper was selected fw presentatum by an SPE Program CommMOe folhwmg rewew of tnformat(on contained In an abstrad $ubmltied by the author[s) Contents of the pspr, as presented, have not b+en rewewed by the Socaety of Petroleum Er@neers and are subject tocorwoon by the author(s) The 0W6Ttal es presented does mt necassanly reffeu any pcmon of the Society of Petroleum En-#neers, !t9 offiis, or members Paws presented al SPE meatmgs are subject to pubhcabon revmw by Edttortal Commttees of the SKIefy of PetroLeum Engineers Permmwon to CCPY IS restr!cled to an abslracl cd not more than 3S0 words Illustrabons may not~copiti The abstrad should cantam Crmsplcuo.s ackncwledgmeci of where and by MM ttw papar was presented Write Llbrarmn, SPE P O Box B33836. Richardson TX 75083-3-936, U S A, fax 01-214-952-9435 Abstract Many western oil and gas companies are evaluating opportunities for projects in the Former Soviet Union (FSU). The type and quality of available data, as well as existing interpretations made by the Soviets, are often very unfamiliar to engineers without experience in the FSU. This paper presents a case study of an audit of reserve estimates for a series of eight undeveloped gas-condensate and volatile oil reservoirs, the Kamen/Tokarev-Teplov (KTT) Trend, located in northwestern Kazakhstan. The study described in this paper was commissioned by the International Finance Corporation (IFC) to evaluate the provision of financing and taking an equity in the project. Thus, the concerns of the [FC involved several questions: I ) What are the reserves upon which financing can be based with relatively low risk? 2) What are the most likely reserves which should be considered for longer term planning and budgeting purposes? and 3) What are the upside potential and downside risk? These questions can be effectively answered concurrently by the use of a probabilistic reserve analysis. The data review for these fields yielded the results that the majority of the available data was of good quality and reasonable and sufficient to use in estimating reserves. Some of the well test and PVT data, however, showed inconsistencies due to measurement or sampling techniques which had to be resolved. Adjustments were made to account for these data problems. This paper presents a discussion of our review of the data and previous interpretations and reserve estimates, and a description of our deterministic reserve estimates and probabilistic analysis. Introduction Eight partially to wholly delineated gas, condensate, and oil fields located in the northwestern Peri-Caspian Basin of Kazakhstan have been designated the KameniTokarev-Teplov (KTT) Trend (Fig. 1). The fields were mostly discovered in the early 1970s. They are capable of production from Lower Permian reefal carbonate reservoirs in subsalt (and intrasalt) structural closures, in subsalt Permian reefal carbonates that are porous and tlactured. The Stepnoi Leopard Ltd., Joint Venture signed an agreement with the government of Kazakhstan in 1995 to develop the discovered, but no...

Biotechnology is one of a number of technologies that may improve productivity and competitiveness in the rural and non-rural industries. As in other areas of research in Australia, the biotechnology research program will be undertaken by both the private and public sectors. Determination of an economically efficient balance between private and public research activities has often been made by reference to the market failure model. The principal characteristics of that model (namely indivisibility, inappropriability and uncertainty) suggest several reasons why governments may wish to consider supplementing the research effort undertaken by the private sector. To establish socially optimal levels of public expenditure on biotechnology research and development, and the priorities for such expenditure, it is necessary to go beyond the market failure model and use an explicit cost-benefit framework. Such a framework is developed and the main economic variables likely to affect net social returns to investment in biotechnology research and development are identified. These variables are compared with the funding criteria employed by the National Biotechnology Program Research Grants Advisory Committee and it is concluded that considerable scope exists for injecting additional economic analysis into the assessment procedures currently used by that Committee.

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