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Title: SPE/WPC reserve definitions to provide more accurate, consistent estimates

Abstract

Oil and gas reserves make up a producing company`s asset base, which generates future profits and investment capital. Hydrocarbon reserves are also a major source of energy for international governments, in addition to being an important aspect of a country`s stability both economically and politically. Therefore, both industry and governments must know the amount of oil and gas currently available for production, as well as the available quantities that are expected in the future through field development, technological advances and exploration activities. For this purpose, an industry-wide nomenclature is required to classify the current and future quantities predicted to be recovered from hydrocarbon bearing reservoirs based on the likelihood of their commercial recoverability. A single set of reserve definitions jointly drafted by SPE and WPC was approved in March 1997. The result of several years of collaboration between the two groups, the single definition set, which provides a standard nomenclature, should increase accuracy in reserves evaluation and ensure consistency in reserves classification throughout the industry.

Publication Date:
OSTI Identifier:
536520
Resource Type:
Journal Article
Journal Name:
Petroleum Engineer International
Additional Journal Information:
Journal Volume: 70; Journal Issue: 9; Other Information: PBD: Sep 1997
Country of Publication:
United States
Language:
English
Subject:
03 NATURAL GAS; 02 PETROLEUM; RESERVES; STANDARDIZED TERMINOLOGY; PETROLEUM; NATURAL GAS; CLASSIFICATION; HISTORICAL ASPECTS

Citation Formats

. SPE/WPC reserve definitions to provide more accurate, consistent estimates. United States: N. p., 1997. Web.
. SPE/WPC reserve definitions to provide more accurate, consistent estimates. United States.
. 1997. "SPE/WPC reserve definitions to provide more accurate, consistent estimates". United States.
@article{osti_536520,
title = {SPE/WPC reserve definitions to provide more accurate, consistent estimates},
author = {},
abstractNote = {Oil and gas reserves make up a producing company`s asset base, which generates future profits and investment capital. Hydrocarbon reserves are also a major source of energy for international governments, in addition to being an important aspect of a country`s stability both economically and politically. Therefore, both industry and governments must know the amount of oil and gas currently available for production, as well as the available quantities that are expected in the future through field development, technological advances and exploration activities. For this purpose, an industry-wide nomenclature is required to classify the current and future quantities predicted to be recovered from hydrocarbon bearing reservoirs based on the likelihood of their commercial recoverability. A single set of reserve definitions jointly drafted by SPE and WPC was approved in March 1997. The result of several years of collaboration between the two groups, the single definition set, which provides a standard nomenclature, should increase accuracy in reserves evaluation and ensure consistency in reserves classification throughout the industry.},
doi = {},
url = {https://www.osti.gov/biblio/536520}, journal = {Petroleum Engineer International},
number = 9,
volume = 70,
place = {United States},
year = {Mon Sep 01 00:00:00 EDT 1997},
month = {Mon Sep 01 00:00:00 EDT 1997}
}