Reserves definitions: Difference between revisions

;'''Contingent Project'''

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

:*[[#Development_pending|Development pending]]

:Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status [[#PRMS_2007|Table 1: Guidelines: Recoverable Resources Classes and Sub-Classes - 2007]].

:Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent Resources are a class of discovered recoverable resources [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 1.1 & Table 1]].

;'''Continuous-type deposit''' 

  [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.4 & 2001 - 2.3]].

;'''Conventional crude oil''' 

:Petroleum found in liquid form, flowing naturally or capable of being pumped without further processing or dilution. See [[#Crude_oil|Crude Oil]]. [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;Conventional resources 

;'''Conveyance''' 

:Under a typical production-sharing agreement, the contractor is responsible for the field development and all exploration and development expenses. In return, the contractor recovers costs (investments and operating expenses) out of the gross production stream. The contractor normally receives payment in oil production and is exposed to both technical and market risks [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Under a typical production-sharing agreement, the contractor is responsible for the field development and all exploration and development expenses. In return, the contractor recovers costs (investments and operating expenses) out of the gross production stream. The contractor normally receives payment in oil production and is exposed to both technical and market risks [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 9.6.2 & 9.7.2]].

;<div id="Crude_oil">'''Crude oil'''</div>

and temperature. Crude oil may include small amounts of non-hydrocarbons produced with the liquids but does not include liquids obtained from the processing of natural gas [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 3.1]].

:Converting gas volumes to the oil equivalent is customarily done on the basis of the heating content or calorific value of the fuel. There are a number of methodologies in common use. Before aggregating, the gas volumes first must be converted to the same temperature and pressure. Common industry gas conversion factors usually range between 1.0 barrel of oil equivalent (boe) = 5.6 thousand standard cubic feet of gas (mscf) to 1.0 boe = 6.0 mscf [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Converting gas volumes to the oil equivalent is customarily done on the basis of the nominal heating content or calorific value of the fuel. There are a number of methodologies in common use. Before aggregating, the gas volumes first must be converted to the same temperature and pressure. Common industry gas conversion factors usually range between 1 barrel of oil equivalent (BOE) = 5,600 standard cubic feet (scf) of gas to 1 BOE = 6,000 scf. (Many operators use 1 BOE = 5,620 scf derived from the metric unit equivalent 1 m³ crude oil = 1,000 m³ natural gas ). (Also termed Barrels of Oil Equivalent.) [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2001 - 3.7]].

:The sum of production of oil and gas to date. See [[#Production|Production]] [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 1.1]].

:Establishment of current economic conditions should include relevant historical petroleum prices and associated costs and may involve an averaging period that is consistent with the purpose of the reserve estimate, appropriate contract obligations, corporate procedures, and government regulations involved in reporting these reserves [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Establishment of current economic conditions should include relevant historical petroleum prices and associated costs and may involve a defined averaging period. The SPE guidelines recommend that a 1-year historical average of costs and prices should be used as the default basis of “constant case” resources estimates and associated project cash flows [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 3.1.1]].

;'''Cushion gas volume'''&nbsp;