Reserves definitions: Difference between revisions

== H ==

;'''Hydrocarbons''' 

:Hydrocarbons are chemical compounds consisting wholly of hydrogen and carbon [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

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:Improved Recovery is the extraction of additional petroleum, beyond Primary Recovery, from naturally occurring reservoirs by supplementing the natural forces in the reservoir. It includes water-flooding, secondary processes, tertiary processes and any other means of supplementing natural reservoir recovery processes. (also called Enhanced Recovery) [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Injection''' 

:The forcing or pumping of substances into a porous and permeable subsurface rock formation. Examples of injected substances can include either gases or liquids [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

== J ==

:Implementation of the development project is justified on the basis of reasonable forecast commercial conditions at the time of reporting, and there are reasonable expectations that all necessary approvals/contracts will be obtained [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Implementation of the development project is justified on the basis of reasonable forecast commercial conditions at the time of reporting, and there are reasonable expectations that all necessary approvals/contracts will be obtained. [[#PRMS_2007|Table 1: Definition: Recoverable Resources Classes and Sub-Classes - 2007]].

== K ==

;'''Known accumulation''' 

:The term accumulation is used to identify an individual body of moveable petroleum. The key requirement to consider an accumulation as known, and hence contain reserves or contingent resources, is that each accumulation/reservoir must have been penetrated by a well. In general, the well must have clearly demonstrated the existence of moveable petroleum in that reservoir by flow to surface or at least some recovery of a sample of petroleum from the well. However, where log and/or core data exist, this may suffice, provided there is a good analogy to a nearby and geologically comparable known accumulation [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:Sub-class of [[#Prospective_resources|Prospective resources]] [[#PRMS_2007|Table 1: Recoverable Resources Classes and Sub-Classes - 2007]].

;'''Lease condensates''' 

:Lease Condensate is natural gas liquids recovered from produced gas (associated and non-associated), in gas-liquid separators or field facilities [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Loan agreement''' 

:A loan agreement is typically used by a bank, other financial investor, or partner to finance all or part of an oil and gas project. Compensation for funds advanced is limited to a specified interest rate. The lender does not participate in profits earned by the project above this interest rate. There is normally a fixed repayment schedule for the amount advanced, and repayment of the obligation is made before any return to equity investors. Risk is limited to default of the borrower or failure of the project. Variations in production, market prices, and sales do not normally affect compensation. Reserves are not recognized under this type of agreement [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Low or best or high estimates''' 

:The range of uncertainty reflects a reasonable range of estimated potentially recoverable volumes for an individual accumulation or a project. In the case of reserves, and where appropriate, this range of uncertainty can be reflected in estimates for proved reserves (1P), proved plus probable reserves (2P), and proved plus probable plus possible reserves (3P) scenarios. For other resource categories, the equivalent terms Low Estimate, Best Estimate, and High Estimate are recommended [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Lowest known''' 

:The deepest observed occurrence of a producible hydrocarbon accumulation as demonstrated by well log, flow test or core data [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

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== M ==

;'''Mineral interest''' 

:Mineral Interests in Properties Including (I) a fee ownership or lease, concession or other interest representing the right to extract oil, or gas subject to such terms as may be imposed by the conveyance of that interest,(ii) royalty interests, production payments payable in oil or gas, and other nonoperating interests in properties operated by others; and (iii) those agreements with foreign governments or authorities under which a reporting entity participates in the operation of the related properties or otherwise serves as producer of the underlying reserves (as opposed to being an independent purchaser, broker, dealer or importer). Properties do not include other supply agreements or contracts that represent the right to purchase, rather than extract, oil and gas [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

:A type of stochastic mathematical simulation which randomly and repeatedly samples input distributions (e.g. reservoir properties) to generate a results distribution (e.g. recoverable petroleum volumes) [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Multi-Scenario Method'''

:An extension of the deterministic scenario method. In this case, a significant number of discrete deterministic scenarios are developed by the evaluator, with each scenario leading to a single deterministic outcome. Probabilities may be assigned to each discrete input assumption from which the probability of the scenario can be obtained; alternatively, each outcome may be assumed to be equally likely. [http://info.specommunications.org/rs/833-LLT-087/images/PRMgmtSystem_V1.01%20Nov%2027.pdf?mkt_tok=eyJpIjoiTWpZNU1XWmtZMlZtWm1ReSIsInQiOiJ3WnJLWFF2RmNXamhJbGtLdXZRYlcwVTV1WmdSMFNnNUd3UzE2QUF0bUV0bGQrOFNJMHpIM1ppMHNJSFRZOStMU09DV1pBZ0N6Y2taanlQZU0zSkR1WEpaZjdsSGV2MG5iSGlCQmloSzNGbUpHbnhueTQ3bjFpWkJMcklDTGppSSJ9 Glossary of Petroleum Resources Management System - June 2018 (revised version)]

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