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Reserve assessment and certification of Brazil's oil and mineral sectors and energy storage: New trends, analysis, and regulatory proposals

Author

Listed:
  • Câmara, Roberto
  • Câmara, George
  • Neto, Moacyr Andrade
  • Milosevic, Tatiana
  • Andrade, José Célio
  • Rocha, Paulo

Abstract

The use of the subsoil as a source of energy and non-energy resources dates back to antiquity; however, technologies that enable using the subsurface for storage have emerged only recently. In view of these new technologies, this study aims to analyze Brazil's current regulatory framework for the evaluation and certification of oil and mineral reserves and possible energy (natural gas, hydrogen, and compressed air) and non-energy (carbon dioxide) storage in depleted oil reservoirs. We identify gaps in the existing regulatory framework and propose measures for improvement based on international experience. To do so, we review the literature on reserves, focusing on the evaluation and certification of reserves, and analyze institutional documents such as laws, decrees, orders, reports, studies, and projects. We find that the regulatory framework for oil and gas reserves is more advanced than that for mineral reserves and energy storage; however, it needs some amendments to conform to international benchmarks. We find that the current regulatory framework does not have a specific method for calculating mineral reserves, and we propose using the Brazilian Commission on Resources and Reserves Guide. In the case of storage, we find that natural gas has a regulatory framework, albeit a superficial one, whereas other energy and non-energy resources lack specific regulations. As storage technologies are still in the testing phase, we propose developing similar regulations for natural gas storage to store other resources, and we suggest using the Storage Resources Management System from the Society of Petroleum Engineers as a guide.

Suggested Citation

  • Câmara, Roberto & Câmara, George & Neto, Moacyr Andrade & Milosevic, Tatiana & Andrade, José Célio & Rocha, Paulo, 2019. "Reserve assessment and certification of Brazil's oil and mineral sectors and energy storage: New trends, analysis, and regulatory proposals," Resources Policy, Elsevier, vol. 62(C), pages 347-356.
    • Handle: RePEc:eee:jrpoli:v:62:y:2019:i:c:p:347-356
    DOI: 10.1016/j.resourpol.2019.04.003
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    Cited by:

    1. Klepikov, Vladimir Pavlovich & Klepikov, Vladimir Vladimirovich, 2020. "Quantitative approach to estimating crude oil supply in Southern Europe," Resources Policy, Elsevier, vol. 69(C).
    2. Fox, Kenneth A. & Lefsrud, Lianne M., 2021. "The ecology of regulatory change: The security and exchange commission’s modernization of oil and gas reserves reporting," Resources Policy, Elsevier, vol. 72(C).

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