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Resource estimates are undiscovered volumes, or volumes that have not yet been drilled and flowed to surface. A non-reserve resource, by definition, does not have to be technically or commercially recoverable and can be represented by a single, or an aggregate of multiple potential accumulations, e.g. an estimated geological basin resource. [14]
A Probable Mineral Reserve has a lower level of confidence than a Proved Mineral Reserve but is of sufficient quality to serve as the basis for decision on the development of deposit. A Proved Mineral Reserve is the economically mineable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which occur ...
The terminology used may vary somewhat, [6] [7] but resources in a McKelvey diagram fall into three main areas: [8] Reserves, which are already discovered and commercially-viable mineral deposits, [8] [1] Contingent [8] or conditional [1] resources, whose existence is known but which are not commercially viable at present,
Schematic unconventional reservoir classification expressed as fluid energy vs flow potential based on initials without stimulation. Unconventional (oil and gas) reservoirs, or unconventional resources (resource plays) are accumulations where oil and gas phases are tightly bound to the rock fabric by strong capillary forces, requiring specialized measures for evaluation and extraction.
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 ...
The reserve ratio is a regulation set by central banks that determines the minimum amount of reserves a commercial bank must hold, relative to its deposits. This requirement ensures that banks ...
The reserve portion of the ratio is the amount of a resource known to exist in an area and to be economically recoverable (proven reserves). The production portion (denominator) of the ratio is the amount of resource produced in one year at the current rate. [1] RPR = (amount of known resource) / (amount used per year)
Geologists, geophysicists, and reservoir engineers work together to build a model that allows simulation of the flow of fluids in the reservoir, leading to an improved estimate of the recoverable resources. Reserves are only the part of those recoverable resources that will be developed through identified and approved development projects.