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

Journal Article · Mon Sep 01 04:00:00 EDT 1997 · Petroleum Engineer International

OSTI ID:536520

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.

• OSTI ID: 536520
• Journal Information: Petroleum Engineer International, Journal Name: Petroleum Engineer International Journal Issue: 9 Vol. 70; ISSN 0164-8322; ISSN PEEID4
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
03 NATURAL GAS
CLASSIFICATION
HISTORICAL ASPECTS
NATURAL GAS
PETROLEUM
RESERVES
STANDARDIZED TERMINOLOGY