What are the three categories of Reserves?

The 3Ps stand for proven, probable, and possible reserves.

How are oil reserves classified?

There are 3 main reserve categories under the Society of Petroleum Engineers (SPE) definition: proved; probable and possible reserves. For an oil or gas deposit to be classified as “reserves,” you first need to establish technical and commercial certainty of extraction using existing technology.

What is 2P and 3P Reserves?

“2P reserves” = 1P (proven reserves) + probable reserves, hence “proved AND probable.” “3P reserves” = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps “proven AND probable AND possible.”

What is 2P and 2C Reserves?

3P reserves Defined by the internationally-recognised Petroleum Resources Management System as 2P (proven reserves plus probable reserves) plus 3P (possible reserves). 2C reserves Defined by the internationally-recognised Petroleum Resources Management System as the best estimate of contingent resources.

What is P1 P2 P3 reserves?

These reserves are further classified into three sub-categories – Proven (P1), Probable (P2) & Possible (P3) reserves depending on the degree of probability and the level of technical certainty of production.

What is a 2C resource?

2C resources means the unrisked best estimate scenario of Contingent Resources.

What is a 2P reserve?

Probable reserves have been variously designated as ‘indicated’ or 2P reserves, the latter referring to reserves which are estimated to have a better than 50% chance of being technically and economically producible.

What PDP reserves?

PDP Reserves means “proved developed producing oil and gas reserves” as such term is defined by the SPE in its standards and guidelines.

What is a contingent resource?

Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable.

What does mmboe mean?

Million barrels of oil equivalent per day
Million barrels per day. mmboe/d. Million barrels of oil equivalent per day.

What is the difference between contingent and prospective resources?

Discovered (or known) accumulations are classified as Contingent Resources or Reserves, while yet-to-be-discovered accumulations are classified as Prospective Resources. – Commerciality differentiates between Contingent Resources and Reserves.

What is 2P in mining?

2P reserves are the total of proven and probable reserves. Proved reserves are likely to be recovered, whereas probable reserves are less likely to be recovered than proved reserves. The sum of proved and probable reserves is represented by 2P.

What are share reserves?

Reserved shares are authorized shares that are set aside for issuance in the future. Shares are often reserved for issuance under a stock option plan. These reserved shares are part of the total number of authorized shares, but the corporation may not issue them, except underthe stock option plan.

What does mmboe mean?

Million barrels of oil equivalent per day
Million barrels per day. mmboe/d. Million barrels of oil equivalent per day.

What is the difference between proven and probable reserves?

Proven reserves sit at the top of the scale, at a 90-percent or above likelihood of commercial extraction. Probable reserves are those with the likelihood of recovery for between possible and proved reserves, or over 50-percent but under 90-percent.

How many types of reserves are there?

two types
Reserves are divided into two types: Revenue Reserves. Capital Reserves.

What are examples of reserves?

Examples of such reserves include Dividend Equalization Reserve, Debenture Redemption Reserves, Contingency Reserves, Capital Redemption Reserves and more.