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Reserve Classifications 01

This document defines petroleum reserve classifications according to the SPE/WPC/AAPG Petroleum Resources Management System from 2007. It discusses proved, probable and possible reserves which are quantities of petroleum that analysis indicates are commercially recoverable. Contingent resources are potentially recoverable quantities that are not currently considered commercially recoverable. Unrecoverable quantities will not be recovered by future projects. Prospective resources refer to potentially recoverable quantities from undiscovered accumulations. The objective is to aid management of business and reporting to regulatory authorities. Estimates are done internally and by external consulting companies.

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135 views14 pages

Reserve Classifications 01

This document defines petroleum reserve classifications according to the SPE/WPC/AAPG Petroleum Resources Management System from 2007. It discusses proved, probable and possible reserves which are quantities of petroleum that analysis indicates are commercially recoverable. Contingent resources are potentially recoverable quantities that are not currently considered commercially recoverable. Unrecoverable quantities will not be recovered by future projects. Prospective resources refer to potentially recoverable quantities from undiscovered accumulations. The objective is to aid management of business and reporting to regulatory authorities. Estimates are done internally and by external consulting companies.

Uploaded by

Breave Heart
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Reserve

Classification
By:
Dr M Khazam
And students: Ali Elaryel, Qassem Saad & Nader Ltaif

Spring 2016

Reserve/Resource Definitions
Main Reporting Agencies
SPE/WPC/AAPG/SPEE Petroleum Resources
Management System - 2007

SEC revised regulations 2009 (Effective Date


1/1/2010)

Reserve classification
Reserves

SPE :
Reserves are those quantities of
petroleum anticipated to be commercially
recoverable by application of development
projects to known accumulations from
analysis of geological and engineering
data .

Reserve classification
Proved

SPE 2007 :
Proved reserves are
those quantities of
petroleum which, by
analysis of geological
and engineering data, to
be commercially
recoverable, under
defined economic
conditions , operating
methods , and
government regulations .

NOTE :
If deterministic methods
are used, the term
reasonable certainty is
intended a high degree
of confidence .
If probabilistic methods
are used, there should be
at least 90% probability
that the quantities will
equal to the estimate.

Reserve classification
Probable

SPE 2007:
Probable reserves are
those additional
reserves which, by
analysis of geological
and engineering
data, indicate are less
likely to be recovered
than proved reserves
but more certain to
be recovered than
possible reserves.

Note; at least a
50% probability
that the quantities
will equal to the
sum of estimated
proved + probable
reserves (2P
estimate).

Reserve classification
Possible

SPE 2007:
Possible reserves are
those additional
reserves which, by
analysis of geological
and engineering
data, indicate are
less likely to be
recovered than
probable

Note; at least a
10% probability
that the quantities
will equal the 3P
estimate (Proved +
Probable +
Possible).

Reserve classification

SPE /WPC 2000:


Contingent resources are
those quantities of
petroleum which, are
estimated on a given data
to be potentially
recoverable from known
accumulations but which
are not currently
considered to be
commercially
recoverable.

Contingent

SPE 2007:
Contingent resources are
those quantities of
petroleum which, are
estimated on a given data
to be potentially
recoverable from known
accumulations but the
applied project are not
considered mature
enough for commercial
development due to one
or more contingencies.

Reserve classification

Unrecoverable

Unrecoverable is that portion of discovered or


undiscovered petroleum initially in place quantities
which is estimated as of a given data not to be
recoverable by future development projects .

Reserve classification

SPE /WPC 2000:


Prospective resources
are those quantities of
petroleum which, are
estimated on a given
data to be potentially
recoverable from
undiscovered
accumulations .

prospective

SPE 2007:
Prospective resources
are those quantities of
petroleum which, are
estimated on a given
data to be potentially
recoverable from
undiscovered
accumulations by
application of future
development projects.

The objective of estimating reserves


and resources:
Aid to managing the business by

Generating better understanding of assets for


improved development planning.

Characterizing assets for portfolio management


purposes, to enhance the value of enterprise.

Report to regulatory authorities or other official bodies

Tax collection agencies

Government planning bodies

Reserves and resources estimation


done by:
Internal
Company technical staff and
retained contractors
External
Consulting companies (estimation,
audit and process review )

Why estimate reserve and resources?

Securing project finance

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