Definitions Reserve
Definitions Reserve
Definitions Reserve
Definitions of Reserves
Resources:
Resources are the total quantities of oil and gas and related
substances that are estimated, at a particular time, to be contained
in, or that have been produced from, known accumulations, plus
those estimated quantities in accumulations are yet to be
discovered.
DISCOVERED RESERVES:
Discovered Resource: Discovered resources, which may also be
referred to as initial volumes in place, are those quantities of oil and
gas and related substances that are estimated, at a particular time,
to be initially contained in known accumulations and those that will
remain in known accumulations, based on known technology under
specified economic conditions that are generally accepted as being
a reasonable outlook for the future.
Definitions of Reserves
Initial Reserve: Initial reserves are those quantities of oil and gas
and related substances that are estimated, at a particular time, to be
recoverable from known accumulations. They include cumulative
production plus those quantities that are estimated to be recoverable
in the future by known technology under specified economic
conditions that are generally accepted as being a reasonable
outlook for the future.
Unrecoverable Volumes: Unrecoverable Volumes are those
quantities of oil and gas and related substances that are estimated,
at a particular time, to remain in known accumulations because they
are not recoverable by known technology under specified economic
conditions that are generally accepted as being a reasonable
outlook for the future. Unrecoverable volumes may be further
divided into currently uneconomic volumes and residual uneconomic
volumes.
Definitions of Reserves
Definitions of Reserves
Future Unrecoverable Volumes: Future Unrecoverable
Volumes are those quantities of oil and gas and related
substances that are estimated, at a particular time, to
remain in accumulations yet to be discovered because
they are not recoverable by known technology under
specified economic conditions that are generally
accepted as being a reasonable outlook for the future.
Definitions of Reserves
REMAINING RESERVE
Definitions of Reserves
Proven Reserve: Proven reserve are those quantities of
petroleum which, by analysis of geological and
engineering data, can be estimated with reasonable
certainty to be commercially recoverable, from a given
date forward, from known reservoirs and under current,
economic conditions, operating methods, and
government regulations. Proved reserves can be
categorized as developed or undeveloped.
Definitions of Reserves
The parameter that often has the greatest variability in the reserve
estimation is the area chosen to represent the areal extent of the
pool.
In North America in case of an isolated gas well with little or no
geological control, it is frequent practice to assign reserve to one
section (640 acre, 1 sq. mile).
For single oil well, the area assigned would generally be less for
than for gas well because the flow characteristics for oil result in
smaller drainage area. A typical practice is to assign proved reserve
to area ranging from 1/4th section for light crude oil to 1/16th section
or less for heavy crude oils.
Definitions of Reserves
Definitions of Reserves
Probable Reserves: Probable reserves are those
unproved reserves which by analysis of geological and
engineering data suggests are more likely than not to be
recoverable. In this context, when probabilistic methods
are used, there should be at least a 50% probability that
the quantities actually recovered will be equal or exceed
the sum of estimated proven plus probable reserves.
In general, probable reserves may include
(1) reserves anticipated to be proved by normal step-out drilling
when sub-surface control is inadequate to classify these
reserves as proved.
(2) (2) reserves in formations that appear to be productive based
on well log characteristics but lack core data or definitive tests
and which are not analogous to producing or proved reservoirs
in the area,
Definitions of Reserves
(3) incremental reserves attributable to infill drilling that could have
been classified as proved if closer statutory spacing had been
approved at the time of the estimation.
(4) Reserves attributed to improved recovery methods that have
been established by repeated commercially successful applications.
(5) Reserves in an area of the formation that appears to be separated
from the proved area by faulting and the geologic interpretation
indicates the subject area Is structurally higher than the proved area.
(6) Reserves attributable to a future work-over, treatment, re-treatment,
change of equipment, or other mechanical procedure, where such
procedure has not been proved successful in wells which exhibit
similar behavior in analogous reservoirs.
(7) Incremental reserves in proven reservoirs when an alternative
interpretation of performance or volumetric data indicates more
reserves than can be classified as proved.
Definitions of Reserves
Possible Reserve: Possible reserves are those
unproved reserves which analysis of geological and
engineering data suggests are less likely to be
recoverable than probable reserves. In this context,
when probabilistic methods are used, there should be at
least a 10% probability that the quantities actually
recovered will equal or exceed the sum of the estimated
proved plus probable plus possible reserves.
Definitions of Reserves