Reserves -
Supply
Oil reserves fall into three categories:
Proved Reserves. Proved oil reserves are estimated quantities of crude oil, condensates and natural gas liquids which geological and engineering data demonstrate with ‘reasonable certainty’ (80% to 90% confidence) to be recoverable in future years by specified techniques (the development scenario has been defined and uses known technology) and which are commercial under current economic conditions (prices and costs prevailing at the time of the evaluation).
Proved plus Probable reserves are reserves based on median estimates of the accumulation that are more likely to be recovered than not (50% confidence). This can result from either better reservoir behaviour than expected under the proved category or additional investments to be decided over the medium to long term (three to ten years) using conventional techniques with possible economic uncertainties.
Proved plus Probable plus Possible reserves are reserves based on a maximum estimate of the accumulation with maximum recovery factors without economic considerations (10% to 20% confidence).
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