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Oil reserves are primarily a measure of geological risk - of the probability of oil existing and being producible under current economic conditions using current technology. The three categories of reserves generally used are proven, probable, and possible reserves.
Proven reserves - defined as oil and gas "Reasonably Certain" to be producible using current technology at current prices, with current commercial terms and government consent- also known in the industry as 1P. Some Industry specialists refer to this as P90 - i.e. having a 90% certainty of being produced.
Probable reserves - defined as oil and gas "Reasonably Probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent - Some Industry specialists refer to this as P50 - i.e. having a 50% certainty of being produced. - This is also known in the industry as 2P or Proven plus probable.
Possible reserves - i.e. "having a chance of being developed under favourable circumstances" - Some industry specialists refer to this as P10 - i.e. having a 10% certainty of being produced. - This is also known in the industry as 3P or Proven plus probable plus possible.
What else can I help you with?
Where are the largest oil reserves in Nepal?
there are no proven oil reserves in Nepal.
What is the difference between oil reserves and oil deposits?
Oil Reserves are big and oil deposits are small.
Which latin American country has the largest oil reserves?
Venezuela has the largest oil reserves in Latin America.
Where are the largest oil reserves in the US?
The largest oil reserves in the United States of America are in Alaska. These oil reserves are not used as a main source of oil in the US.
Is there more known coal reserves in Illinois than oil reserves?
No, there are more known oil reserves in Illinois than coal reserves. Illinois has significant crude oil reserves, particularly in the southern part of the state, while its coal reserves have decreased due to mining activities.
How do you put oil reserves into a sentence?
The oil reserves on the Earth is very small.
Which west african city has the largest oil reserves?
There has been discovery of many oil reserves in Africa. Nigeria has the most oil reserves in the African continent.
Has the largest oil reserves in the Western Hemisphere?
Venezuela has the most oil reserves in the Western Hemisphere and the world.
How many oil reserves are located in the middle east?
there are 25 oil reserves, i think
This country has crude oil reserves?
Lots of countries have crude oil reserves. Russia, Saudi Arabia, the US, and Iran have the most crude oil reserves.
When will Dubai oil reserves finish?
Dubai (or the Emirate of Dubai) within the UAE does not have oil reserves, it does however have natural gas reserves.
How large are US oil reserves?
The approximate proven US oil reserves are 134 Billion barrels of oil.
