20:
61:
on the classification of proven reserves. Regulatory and contractual conditions may change, and also affect the amount of proven reserves. If a reserve's resources can be recovered using current technology but is not economically profitable it is considered "technically recoverable" but cannot be considered a proven reserve. Reserves less than 90% recoverable but more than 50% are considered "probable reserves" and below 50% are "possible reserves".
57:. It is defined as the "quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known reservoirs with the existing equipment and under the existing operating conditions." A reserve is considered proven if it is probable that at least 90% of the resource is recoverable by economically profitable means.
77:, it does not take into account anything except technical concerns. Therefore, it is different from the business term which does take into account current break-even profitability, and regulatory and contractual approval, but is considered a very rough equivalent. The definition is certainly not universal.
351:
The new
Russian Federation classification system for petroleum reserves (RF-2013) has introduced the concept of economic limits. The system, which was approved in November 2013 by the Ministry of Natural Resources, will go into effect Jan. 1, 2016. In the new system, discovered fields are classified
225:
for other
Stockmarket listings. On December 30, 2009, recognising advances in exploration and valuation technology, the SEC allowed 2P probable and 3P possible reserves to be reported, along with 1P proved reserves, though oil companies also have to verify the independence of third party consultants.
60:
Operating conditions are taken into account when determining if a reserve is classified as proven. Operating conditions include operational break-even price, regulatory and contractual approvals, without which the reserve cannot be classified as proven. Price changes therefore can have a large impact
311:
Vivek
Chandra Fundamentals of natural gas: an international perspective 2006 p20 "Probable reserves are unproved reserves that analysis of geological and engineering data suggests are likely to be ... exceed the sum of proved plus probable plus possible reserves, also known as "P + Probable +
158:
also commonly occurs in previously existing fields, as the characteristics of the reservoir become better understood, as fields are extended laterally, or new oil and gas reservoirs are found in existing fields. Reserve growth may also take place due to technological and economic changes.
171:, reserves categories A, B, and C correspond roughly to developed producing reserves, undeveloped reserves with approved development, and discovered resources without a firm plan to develop yet. The designation ABC corresponds to estimated recoverable reserves.
367:
2011 p55 "Similarly, producers will try to convert their 2P reserves into 1P reserves by virtue of the certification process, which we will ... Bankers, investors, and analysts view 1P reserves with much greater importance than 2P or 3P reserves.
291:
Petroleum review: 62 p732-743 Institute of
Petroleum (Great Britain) - 2008 "The field is estimated to hold some 66mn barrels of proved and probable (2P) oil reserves and 143mn barrels of proved, probable and possible (3P) reserves.
301:
Offshore Oil
Industry Lexicon 2-1 3P RESERVES Proven, Probable plus Possible reserves (3P) are those reserves that, to a low degree of certainty (10% confidence), are recoverable. There is relatively high risk associated with these
196:
321:
Energy, Environment and
Development p55 José Goldemberg, Oswaldo Lucon - 2009 "3P): reserves that have about 10 per cent probability of exploitation, under favourable circumstances."
214:), Evolution Resources, Cawley, Gillespie & Associates Inc. (CG&A) and others - to provide third party reports as part of Securities and Exchange Commission (SEC)
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Since investors view 1P reserves with much greater importance than 2P or 3P reserves, oil companies seek to convert 2P and 3P reserves into 1P reserves.
538:
518:
396:
270:
150:"3P reserves" = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps "proven AND probable AND possible."
240:
466:
105:. However, the purely engineering term is also misleading in that squeezing the last bits of fossil fuel out follows the
207:
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250:
140:
These reserve categories are totaled up by the measures 1P, 2P, and 3P, which are inclusive of all reserves types:
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74:
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332:
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into two major groups—Fields under
Exploration and Fields under Development according to maturity level.
106:
569:
73:
term P90 refers to 90 percent engineering probability, is a commonly accepted specific definition by
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188:
184:
144:"1P reserves" = proven reserves (both proved developed reserves + proved undeveloped reserves).
245:
50:
8:
528:
200:
94:
78:
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Oil companies employ specialist, independent, reserve valuation consultants - such as
147:"2P reserves" = 1P (proven reserves) + probable reserves, hence "proved AND probable."
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and at some point is so costly that it becomes highly impractical, as seen on a
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54:
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333:"New Russian reserves classification system introduces economic limits"
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365:
Investing in Energy: A Primer on the
Economics of the Energy Industry
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New proven reserves are commonly added by new field discoveries.
113:, which is why measures like P90 and P95 were created. The term
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93:
term for the total technologically extractable amount is the
23:
Proven reserves are a subset of producible reserves
175:Reserve evaluations, valuations and certifications
556:
197:Netherland, Sewell & Associates Inc. (NSAI)
390:
162:
223:Petroleum Resources Management System (PRMS)
397:
383:
404:
330:
241:List of countries by proven oil reserves
18:
557:
467:World energy resources and consumption
16:Measure of fossil fuel energy reserves
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97:, which is easily confused with the
89:Disregarding economics, the proper
13:
251:List of countries by coal reserves
81:uses a different definition, P95.
14:
586:
125:. Note that it does not include
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331:Zabrodin, Dmitry (2015-07-16).
181:Gaffney, Cline & Associates
524:Society of Petroleum Engineers
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75:Society of Petroleum Engineers
1:
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129:, which is broken down into
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236:Estimated ultimate recovery
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123:proved undeveloped reserves
117:is further subdivided into
10:
591:
312:Possible = 3P" reserves. "
163:Russian reserve categories
511:
475:
410:
119:proved developed reserves
342:. Ryder Scott. p. 9
189:DeGolyer and MacNaughton
275:businessdictionary.com
185:Miller and Lents, Ltd.
24:
534:Unproducible fraction
22:
405:Fossil fuel reserves
246:Oil and gas reserves
51:oil and gas reserves
529:Producible fraction
340:Reservoir Solutions
107:diminishing returns
95:Producible fraction
565:Energy development
210:2019-04-15 at the
79:Energy Watch Group
42:) is a measure of
25:
552:
551:
455:Possible reserves
445:Probable reserves
440:Unproven reserves
271:"proved reserves"
135:possible reserves
131:probable reserves
127:unproven reserves
32:measured reserves
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570:Energy economics
512:Recovery science
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277:. Archived from
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418:Proven reserves
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212:Wayback Machine
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156:Reserves growth
115:proven reserves
103:proven reserves
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47:energy reserves
28:Proven reserves
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12:
11:
5:
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539:Total reserves
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519:Reserve growth
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281:on 2020-08-07.
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65:Numbered terms
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55:coal reserves
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30:(also called
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21:
542:
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483:Oil in place
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363:Gianna Bern
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344:. Retrieved
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279:the original
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216:SEC filings
193:Ryder Scott
183:, Sproule,
91:engineering
71:engineering
44:fossil fuel
559:Categories
346:2022-08-24
257:References
111:bell curve
85:More terms
49:, such as
503:Peak coal
302:reserves.
575:Peak oil
543:In Place
498:Peak gas
493:Peak oil
476:Specific
423:measured
230:See also
208:Archived
99:business
40:reserves
487:STOOIP
428:proved
169:Russia
38:, and
336:(PDF)
101:term
368:..."
218:and
133:and
121:and
69:The
53:and
220:SPE
167:In
561::
459:3P
449:2P
433:1P
349:.
338:.
273:.
205:LR
199:,
195:,
191:,
187:,
137:.
36:1P
34:,
545:)
541:(
489:)
485:(
461:)
457:(
451:)
447:(
398:e
391:t
384:v
292:"
203:(
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