Reserves definitions: Difference between revisions

== C ==

;'''Carried interest''' 

:A carried interest is an agreement under which one party (the carrying party) agrees to pay for a portion or all of the pre-production costs of another party (the carried party) on a license in which both own a portion of the working interest [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]] & [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 9.6.7]].

:Chance is 1- Risk

:See [[#Risk|Risk]] [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 1.1]].

;'''Coalbed methane (CBM)''' 

:Natural gas contained in coal deposits, whether or not stored in gaseous phase. Coalbed methane, though usually mostly methane, may be produced with variable amounts of inert or even non-inert gases [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]] & [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.4]].

:Also terms Caol Seam Gas, CSG, or Natural Gas from Coal, NGC [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.4]].

;'''Commercial''' 

:A project is commercial if the degree of commitment is such that the accumulation is expected to be developed and placed on production within a reasonable time frame. A reasonable time frame for the initiation of development depends on the specific circumstances but, in general, should be limited to around 5 years [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:When a project is commercial, this implies that the essential social, environmental and economic conditions are met, including political, legal, regulatory and contractual conditions. In addition, a project is commercial if the degree of commitment is such that the accumulation is expected to be developed and placed on production within a reasonable time frame. While 5 years is recommended as a benchmark, a longer time frame could be applied where, for example, development of economic projects are deferred at the option of the producer for, among other things, market-related reasons, or to meet contractual or strategic objectives. In all cases, the justification for classification as Reserves should be clearly documented [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.1.2 & Table 1]].

;'''Committed project''' 

:Petroleum development projects are committed when firm commitments have been made for the expenditures and activities needed to bring a discovered accumulation to the production stage. Undeveloped projects are committed only when it can be clearly demonstrated that there is intent to develop them and bring them to production. Intent may be demonstrated with firm funding/financial plans, declarations of commerciality, regulatory approvals and satisfaction of other conditions that would otherwise prevent the project from being developed and brought to production. These commitments should be unconditional, except for timing that may be dependent on the development of prior committed projects. An example of this would be where production is dedicated to a long-term sales contract and will only be developed as and when the capacity is required to satisfy the contract [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Projects are committed only when it can be demonstrated that there is a firm intention to develop them and bring them to production. Intention may be demonstrated with funding/financial plans and declaration of commerciality based on realistic expectations of regulatory approvals and reasonable satisfaction of other conditions that would otherwise prevent the project from being developed and brought to production [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.1.2 and Table 1]].

;'''Completion''' 

:Completion of a well. The process by which a well is brought to its final classification - basically dry hole, producer, or injector. A dry hole is completed by plugging and abandonment. A well deemed to be producible of petroleum, or used as an injector, is completed by establishing a connection between the reservoir(s) and the surface so that fluids can be produced from, or injected into the reservoir. Various methods are utilized to establish this connection, but they commonly involve the installation of some combination of borehole equipment, casing and tubing, and surface injection or production facilities [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Completion of a well. The process by which a well is brought to its final classification—basically dry hole, producer, injector, or monitor well. A dry hole is normally plugged and abandoned. A well deemed to be producible of petroleum, or used as an injector, is completed by establishing a connection between the reservoir(s) and the surface so that fluids can be produced from, or injected into, the reservoir. Various methods are utilized to establish this connection, but they commonly involve the installation of some combination of borehole equipment, casing and tubing, and surface injection or production facilities [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007]].

;'''Completion interval''' 

:The specific reservoir interval(s) that is (are) open to the borehole and connected to the surface facilities for production or injection [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:The specific reservoir interval(s) that is (are) open to the borehole and connected to the surface facilities for production or injection, or reservoir intervals open to the wellbore and each other for injection purposes [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007]].

;'''Concession''' 

:A grant of access for a defined area and time period that transfers certain rights to hydrocarbons that may be discovered from the host country to an enterprise. The enterprise is generally responsible for exploration, development, production and sale of hydrocarbons that may be discovered. Typically granted under a legislated fiscal system where the host country collects taxes, fees and sometimes royalty on profits earned [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:A grant of access for a defined area and time period that transfers certain entitlements to produced hydrocarbons from the host country to an enterprise. The enterprise is generally responsible for exploration, development, production, and sale of hydrocarbons that may be discovered. Typically granted under a legislated fiscal system where the host country collects taxes, fees, and sometimes royalty on profits earned [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 9.6.1]].

;'''Condensate''' 

:Condensates are a portion of natural gas of such composition that are in the gaseous phase at temperature and pressure of the reservoirs, but that, when produced, are in the liquid phase at surface pressure and temperature [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Condensates are a mixture of hydrocarbons (mainly pentanes and heavier) that exist in the gaseous phase at original temperature and pressure of the reservoir, but when produced, are in the liquid phase at surface pressure and temperature conditions. Condensate differs from natural gas liquids (NGL) on two respects: (1) NGL is extracted and recovered in gas plants rather than lease separators or other lease facilities; and (2) NGL includes very light hydrocarbons (ethane, propane, butanes) as well as the pentanes-plus that are the main constituents of condensate. [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 3.2]].

;<div id="Conditions">'''Conditions'''</div>

:The economic, marketing, legal, environmental, social, and governmental factors forecast to exist and impact the project during the time period being evaluated (also termed Contingencies) [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 3.1]].

;'''Constant case'''&nbsp;

:Modifier applied to project resources estimates and associated cash flows when such estimates are based on those conditions (including costs and product prices) that are fixed at a defined point in time (or period average) and are applied unchanged throughout the project life, other than those permitted contractually. In other words, no inflation or deflation adjustments are made to costs or revenues over the evaluation period [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 3.1.1]].

;<div id="Contingency">'''Contingency'''</div>

:See [[#Conditions|Conditions]] [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 3.1 & Table 1]].

;'''Contingent project'''&nbsp;

:Development and production of recoverable quantities has not been justified, due to conditions that may or may not be fulfilled [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Development and production of recoverable quantities has not been committed due to conditions that may or may not be fulfilled [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.1.2]].

:'''Sub-classes''' [[#PRMS_2007|Table 1: Recoverable Resources Classes and Sub-Classes - 2007]].

:*[[#Development_pending|Development pending]]