Review of the Methods for Estimating Hydrocarbon in Place

Reserve Estimation is an important and essential aspect of petroleum engineering. This is because as we all know the aim of all oil operators is to make profit and accurate reserve estimation so as to help the operator to determine its profit. Without his information, the operator cannot successfully embark on any project. This research works seeks to help find a lasting solution to errors and discrepancy that always arise in the obtained values of reserve in place. This will help the operators to always make decisions under situation of certainty thereby reducing risk. The Oziengbe reservoir, D4 Sand Guico reservoir, wedge shaped reservoir, A2 reservoir and a case study reservoir characteristic were reviewed. Also, all the methods of estimation used to estimate each reservoir were reviewed and objective assessment of each reservoir result was made. Each reservoir showed peculiar property and drive mechanism. Errors and discrepancy in estimation results are best minimized if the data used in obtaining the result are accurate.