Oil and gas reserves and resource quantification

Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established. Natural gas is frequently associated with oil directly and gas reserves are commonly quoted in barrels of oil equivalent (BOE). Consequently, both oil and gas reserves, as well as resource estimates, follow the same reporting guidelines, and are referred to collectively hereinafter as oil & gas.^[1]

^ SPE (2018). Petroleum Resource Management System (revised June 2018) (1.01 ed.). Society of Petroleum Engineers. p. 52. ISBN 978-1-61399-660-7.

[PRMS2018-1] SPE (2018). Petroleum Resource Management System (revised June 2018) (1.01 ed.). Society of Petroleum Engineers. p. 52. ISBN 978-1-61399-660-7.

[1]