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Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. 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 ...
Reserves are defined in three sub-categories according to the system used in the PRMS: Proven (1P), Probable and Possible. Reserves defined as Probable and Possible are incremental (or additional) discovered volumes based on geological and/or engineering criteria similar to those used in estimating Proven reserves. Though not classified as ...
Mineral Reserves are subdivided in order of increasing confidence into Probable Mineral Reserves or Proved Mineral Reserves. A Probable Mineral Reserve is the economically mineable part of an Indicated Mineral Resource, and in some circumstances, a Measured Mineral Resources. It includes diluting material and allowances for losses which may ...
First SPE added levels of field project status relating to possible levels of risk. [13] Other modifications introduced a further subcategory, dividing reserves into proved (P1), probable (P2) and possible (P3) reserves. [12] [14] A number of recommendations have been made towards standardizing and improving petroleum reporting. [6]
The percentage of reserves in the proved developed category continues to increase. In 2012, proved developed accounted for 60 percent of reserves vs. 59 percent in 2011 and 58 percent in 2010.
Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
Reserve estimates based on these are referred to as 1P, proven (at least 90% probability); 2P, proven and probable (at least 50% probability); and 3P, proven, probable and possible (at least 10% probability), respectively. [43] As stated previously, oil is divided up into different types, therefore those counting up reserves should keep that in ...
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