SPE/WPC reserve definitions to provide more accurate, consistent estimates
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, Vol. 70, Issue 9; Other Information: PBD: Sep 1997
- Country of Publication:
- United States
- Language:
- English
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