Reserves definitions: Difference between revisions

== # ==

'''1C'''

:Denotes low estimate of contingent resources. [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)]

'''2C'''

::Denotes best estimate of contingent resources. [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)]

'''3C'''

::Denotes high estimate of contingent resources. [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)]

'''1P'''

::Denotes low estimate of Reserves (i.e., Proved Reserves). Equal to P1. [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)]

'''2P'''

::Denotes the best estimate of Reserves. The sum of Proved plus Probable Reserves. [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)]

'''3P'''

::Denotes high estimate of reserves. The sum of Proved plus Probable plus Possible Reserves. [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)]  

;Abandoning, Decommissioning, and Restoration (ADR)

:The process (and associated costs) of returning part or all of a project to a safe and environmentally compliant condition when operations cease. Examples include, but are not limited to, the removal of surface facilities, wellbore plugging procedures, and environmental remediation. In some instances, there may be salvage value associated with the equipment removed from the project. ADR costs are presumed to be without consideration of any salvage value, unless presented as “ADR net of salvage.” [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)]

;Accumulation

:An individual body of naturally occurring petroleum in a reservoir. [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)]

;Aggregation

;Analog

:Method used in resources estimation in the exploration and early development stages (including improved recovery projects) when direct measurement is limited. Based on evaluator’s assessment of similarities of the analogous reservoir(s) together with the development plan. [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)]

;Analogous Reservoir

:The phase that may follow successful exploratory drilling. Activities to further evaluate the discovery, such as seismic acquisition, geological studies, and drilling additional wells may be conducted to reduce technical uncertainties and commercial contingencies. [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)]

;Approved for Development

:All necessary approvals have been obtained, capital funds have been committed, and implementation of the development project is underway. A project maturity sub-class of Reserves. [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)]

;Assessment

:See Evaluation. [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)]

'''Associated Gas'''

::A natural gas found in contact with or dissolved in crude oil in the reservoir. It can be further categorized as gas cap gas or solution gas. [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)]

== B ==

;'''Barrel of Oil Equivalent (BOE)'''

:The term allows for a single value to represent the sum of all the hydrocarbon products that are forecast as resources. Typically, condensate, oil, bitumen, and synthetic crude barrels are taken to be equal (1 bbl = 1 BOE). Gas and NGL quantities are converted to an oil equivalent based on a conversion factor that is recommended to be based on a nominal heating content or calorific value equivalent to a barrel of oil.  [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)]

;'''Basin-centered gas'''

;

;'''Behind-Pipe Reserves'''

:Reserves that are expected to be recovered from zones in existing wells, which will require additional completion work or future re-completion before the start of production. In all cases, production can be initiated or restored with relatively low expenditure compared to the cost of drilling and completing a new well including hook-up to allow production.  [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)]

;'''Best Estimate'''

:This arises when the carried party is either unwilling to bear the risk of exploration or is unable to fund the cost of exploration or development directly. Owners may enter into carried interest arrangements with existing or incoming joint venture partners at the exploration stage, the development stage, or both [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Chance'''

:The estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum.  [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)]

;'''Coalbed Methane (CBM)'''

:Natural gas contained in coal deposits. Coalbed gas, although usually mostly methane, may be produced with variable amounts of inert or even non-inert gases. [Also called coal-seam gas (CSG) or natural gas from coal (NGC).]    [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)]

;'''Commercial'''

:A project is commercial when there is evidence of a firm intention to proceed with development within a reasonable time-frame. Typically, this requires that the best estimate case meet or exceed the minimum evaluation decision criteria (e.g., rate of return, investment payout time). There must be a reasonable expectation that all required internal and external approvals will be forthcoming. Also, there must be evidence of a technically mature, feasible development plan and the essential social, environmental, economic, political, legal, regulatory, decision criteria, and contractual conditions are met. [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)]

;'''Committed Project'''

:Project that the entity has a firm intention to develop in a reasonable time-frame. Intent is demonstrated with funding/financial plans, but FID has not yet been declared (See also Final Investment Decision.) [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)]

;'''Completion'''

:Completion of a well. The process by which a well is brought to its operating status (e.g., producer, injector, or monitor well). A well deemed to be capable of producing 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. [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)]

;'''Completion Interval'''

: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. [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)]

;'''Concession'''

:A grant of access for a defined area and time period that transfers certain entitlements to produced hydrocarbons from the host country to an entity. The entity 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. (Also called a license.) [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)]

;'''Condensate'''

:A measure of the estimated reliability of a result. As used in the deterministic incremental method, the evaluator assigns a relative level of confidence (high/ moderate/low) to areas/segments of an accumulation based on the information available (e.g., well control and seismic coverage). Probabilistic and statistical methods use the 90% (P90) for the high confidence (low value case), 50% (P50) for the best estimate (moderate value case), and 10% (P10) for the low (high value case) estimate to represent the chances that the actual value will equal or exceed the estimate. [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)]

;'''Constant Case'''

:That portion of produced petroleum consumed as fuel in production or lease plant operations before delivery to the market at the reference point. (Also called lease fuel.)  [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)]

;'''Contingency'''

:A condition that must be satisfied for a project in Contingent Resources to be reclassified as Reserves. Resolution of contingencies for projects in Development Pending is expected to be achieved within a reasonable time period.  [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)]

;'''Contingent Project'''

:A project that is not yet commercial owing to one or more contingencies that have not been resolved.  [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)]

;'''Contingent Resources'''

: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 owing to one or more contingencies.  [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)]

;'''Continuous-Type Deposit'''

:A petroleum accumulation that is pervasive throughout a large area and that generally lacks well-defined OWC or GWC. Such accumulations are included in unconventional resources. Examples of such deposits include “basin-centered” gas, tight gas, tight oil, gas hydrates, natural bitumen, and oil shale (kerogen) accumulations.  [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)]

:Conventional Gas is a natural gas occurring in a normal porous and permeable reservoir rock, either in the gaseous phase or dissolved in crude oil, and which technically can be produced by normal production practices [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 2.4]].

;'''Conventional Resources'''

:Certain transactions that are in substance borrowings repayable in cash or its equivalent and shall be accounted for as borrowings and may not qualify for the recognition and reporting of oil and gas reserves [[#PRMS_2007|Appendix A: Glossary of Terms Used in Resources Evaluations - 2007 - 9.6.9]].

;'''Cost Recovery'''

: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 production stream. The contractor normally receives an entitlement interest share in the petroleum production and is exposed to both technical and market risks.  [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)]

;'''Crude Oil'''

: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]].

;'''Cumulative Production'''

;'''Current Economic Conditions'''

; '''Defined Conditions'''

Forecast of conditions to exist and impact the project during the time period being evaluated. Forecasts should account for issues that impact the commerciality, such as economics (e.g., hurdle rates and commodity price); operating and capital costs; and technical, marketing, sales route, legal, environmental, social, and governmental factors. [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)]

; '''Deposit'''

; '''Deterministic Scenario Method'''

Method where the evaluator provides three deterministic estimates of the quantities to be recovered from the project being applied to the accumulation. Estimates consider the full range of values for each input parameter based on available engineering and geoscience data, but one set is selected that is most appropriate for the corresponding resources confidence category. A single outcome of recoverable quantities is derived for each scenario. [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)]

;'''Developed Non-Producing Reserves'''

Developed Reserves that are either shut-in or behind-pipe. (See also Shut-In Resources and Behind-Pipe Reserves.)  [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)]

;'''Developed Producing Reserves'''

Developed Reserves that are expected to be recovered from completion intervals that are open and producing at the effective date. Improved recovery reserves are considered producing only after the improved recovery project is in operation. [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)]

;'''Developed Reserves'''

Reserves that are expected to be recovered from existing wells and facilities. Developed Reserves may be further sub-classified as Producing or Non-Producing. [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)]

;

;'''Development Not Viable'''

A discovered accumulation for which there are contingencies resulting in there being no current plans to develop or to acquire additional data at the time due to limited commercial potential. A project maturity sub-class of Contingent Resources.   [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)]

;'''Development On Hold'''

A discovered accumulation where project activities are on hold and/or where justification as a commercial development may be subject to significant delay. A project maturity sub-class of Contingent Resources.   [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)]

;'''Development Pending'''

;'''Development Unclarified'''

A discovered accumulation where project activities are under evaluation and where justification as a commercial development is unknown based on available information. This sub-class requires appraisal or study and should not be maintained without a plan for future evaluation. The sub-class should reflect the actions required to move a project toward commercial maturity. A project maturity sub-class of Contingent Resources.  [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)]

;'''Discovered'''

A petroleum accumulation where one or several exploratory wells through testing, sampling, and/or logging have demonstrated the existence of a significant quantity of potentially recoverable hydrocarbons and thus have established a known accumulation. In this context, “significant” implies that there is evidence of a sufficient quantity of petroleum to justify estimating the in-place volume demonstrated by the well(s) and for evaluating the potential for commercial recovery. (See also Known Accumulation.)  [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)]

;'''Discovered Petroleum Initially In-Place (PIIP)'''

;'''Discovered Unrecoverable'''

Discovered petroleum in-place resources that are evaluated, as of a given date, as not able to be recovered by the commercial and sub-commercial projects envisioned.  [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)]

;'''Dry Gas'''

== E ==

;'''Economic'''

A project is economic when it has a positive undiscounted cumulative cash flow from the effective date of the evaluation, the net revenue exceeds the net cost of operation (i.e., positive cumulative net cash flow at discount rate greater than or equal to zero percent).  [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)]

;'''Economic Interest'''

Resource estimates of remaining quantities are “as of the given date” (effective date) of the evaluation. The evaluation must take into account all data related to the period before the “as of date.”   [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)]

;'''Entitlement'''

;'''Established Technology'''

Methods of recovery or processing that have proved to be successful in commercial applications.   [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)]

;'''Estimated Ultimate Recovery (EUR)'''

;'''Exploration'''

Prospecting for undiscovered petroleum using various techniques, such as seismic surveys, geological studies, and exploratory drilling. [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)]

[[#Top|Back to top]]

== F ==

;'''Field'''

;'''Flare Gas'''

The total quantity of gas vented and/or burned as part of production and processing operations (but not as fuel).  [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)]

;'''Flow Test'''

An operation on a well designed to demonstrate the existence of recoverable petroleum in a reservoir by establishing flow to the surface and/or to provide an indication of the potential productivity of that reservoir (such as a wireline formation test). May also demonstrate the potential of certain completion techniques, particularly in unconventional reservoirs.   [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)]

;'''Fluid Contacts'''

== G ==

;'''Gas Balance'''

In gas production operations involving multiple working interest owners, maintaining a statement of volumes attributed to each, depending on each owner’s portion received. Imbalances may occur that must be monitored over time and eventually balanced in accordance with accepted accounting procedures.   [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)]

;'''Gas Cap Gas'''

;'''Geostatistical Methods'''

A variety of mathematical techniques and processes dealing with the collection, methods, analysis, interpretation, and presentation of large quantities of geoscience and engineering data to (mathematically) describe the variability and uncertainties within any reservoir unit or pool, specifically related here to resources estimates.   [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)]

[[#Top|Back to top]]

;'''Hydrates'''

See Gas Hydrates.   [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)]

;'''Hydrocarbons'''

== I ==

;'''Improved Recovery'''

;'''Injection'''

The forcing, pumping, or natural flow of substances into a porous and permeable subsurface rock formation. Injected substances can include either gases or liquids.   [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)]

[[#Top|Back to top]]

;'''Justified for Development'''

A development project that has reasonable forecast commercial conditions at the time of reporting and there are reasonable expectation that all necessary approvals/ contracts will be obtained. A project maturity sub-class of Reserves.   [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)]

== K ==

;'''Known Accumulation'''

An accumulation that has been discovered.     [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)]

[[#Top|Back to top]]

== L ==

;'''Lead'''

;'''Low Estimate'''

With respect to resources categorization, this is a conservative estimate of the quantity that will actually be recovered from the accumulation by a project. If probabilistic methods are used, there should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate.     [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)]

;'''Low/Best/High Estimates'''

Reflects the range of uncertainty as a reasonable range of estimated potentially recoverable quantities.     [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)]

;'''Lowest Known Hydrocarbons (LKH)'''

;'''Mineral Interest'''

An agreement in which a mineral owner (lessor) grants an entity (lessee) rights. Such rights can include (1) 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 the lease; (2) royalty interests, production payments payable in oil or gas, and other non-operating interests in properties operated by others; and/or (3) 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).  [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)]

;'''Monte Carlo Simulation'''

A type of stochastic mathematical simulation that randomly and repeatedly samples input distributions (e.g., reservoir properties) to generate a resulting distribution (e.g., recoverable petroleum quantities).  [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)]

;'''Multi-Scenario Method'''

== N ==

;'''Natural Bitumen'''

:The portion of petroleum that exists in the semi-solid or solid phase in natural deposits. In its natural state, it usually contains sulfur, metals, and other nonhydrocarbons. Natural bitumen has a viscosity greater than 10,000 mPa·s (or 10,000 cp) measured at original temperature in the deposit and atmospheric pressure, on a gas free basis. In its natural viscous state, it is not normally recoverable at commercial rates through a well and requires the implementation of improved recovery methods such as steam injection. Natural bitumen generally requires upgrading before normal refining. [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)]

;'''Natural Gas'''

:Portion of petroleum that exists either in the gaseous phase or is in solution in crude oil in a reservoir, and which is gaseous at atmospheric conditions of pressure and temperature. Natural gas may include some amount of non-hydrocarbons. [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)]

;'''Natural Gas Liquids (NGL's)'''

;'''Non-Hydrocarbon Gas'''

:Associated gases such as nitrogen, carbon dioxide, hydrogen sulfide, and helium that are present in naturally occurring petroleum accumulations. [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)]

:Shale, siltstone, and marl deposits highly saturated with kerogen. Whether extracted by mining or in-situ processes, the material must be extensively processed to yield a marketable product (synthetic crude oil). (Often called kerogen shale.) [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)]

;'''On Production'''

:The company or individual responsible for managing an exploration, development, or production operation [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Overlift/Underlift'''

:Denotes Possible Reserves.  [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)]

;'''Petroleum'''

:Defined as a naturally occurring mixture consisting of hydrocarbons in the gaseous, liquid, or solid phase. Petroleum may also contain non-hydrocarbon compounds, common examples of which are carbon dioxide, nitrogen, hydrogen sulfide, and sulfur. In rare cases, non-hydrocarbon content of petroleum can be greater than 50%.  [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)]

;'''Petroleum Initially In Place (PIIP)'''

:The total quantity of petroleum that is estimated to exist originally in naturally occurring reservoirs, as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen in-place are defined in the same manner.  [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)]

;'''Pilot Project'''

:Satisfies all the criteria for reserves, and there is a firm intent to develop, but detailed development planning and/or necessary approvals/contracts have yet to be finalized [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Play'''

:A project associated with a prospective trend of potential prospects, but which requires more data acquisition and/or evaluation to define specific Leads or Prospects. A project maturity sub-class of Prospective Resources.  [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)]

;'''Pool'''

:An individual and separate accumulation of petroleum in a reservoir within a field.  [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)]

;

;'''Possible Reserves''' 

:An incremental category of estimated recoverable quantities associated with a defined degree of uncertainty. Possible Reserves are those additional reserves that analysis of geoscience and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P), which is equivalent to the high estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. [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)]

;'''Primary Recovery'''

:In conventional accumulations, where drilling has defined a highest known oil (HKO) elevation and there exists the potential for an associated gas cap, Proved oil Reserves should only be assigned in the structurally higher portions of the reservoir if there is reasonable certainty that such portions are initially above bubble point pressure based on documented engineering analyses. Reservoir portions that do not meet this certainty may be assigned as Probable and Possible oil and/or gas based on reservoir fluid properties and pressure gradient interpretations [[#PRMS_2007|Table 3: Reserves Category Definitions and Guidelines - 2007]].

;'''Probable Reserves'''

:An incremental category of estimated recoverable quantities associated with a defined degree of uncertainty. Probable Reserves are those additional Reserves that are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate. [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)]

;'''Producing reserves''' 

:A forecasted schedule of production over time. For Reserves, the production forecast reflects a specific development scenario under a specific recovery process, a certain number and type of wells and particular facilities and infrastructure. When forecasting Contingent or Prospective Resources, more than one project scope (e.g., wells and facilities) is frequently carried to determine the range of the potential project and its uncertainty together with the associated resources defining the low, best, and high production forecasts. The uncertainty in resources estimates associated with a production forecast is usually quantified by using at least three scenarios or cases of low, best, and high, which lead to the resources classifications of, respectively, 1P, 2P, 3P and 1C, 2C, 3C or 1U,2U and 3U. [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)]

;'''Production''' Sharing Contract (PSC)

:Under a typical production-sharing agreement, the contractor is responsible for the field development and all exploration and development expenses. In return, the contractor is entitled to a share of the remaining profit oil or gas. The contractor receives payment in oil or gas production and is exposed to both technical and market risks [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Project'''

[[#Top|Back to top]]

;'''Prospect'''

:A project associated with an undrilled potential accumulation that is sufficiently well defined to represent a viable drilling target. A project maturity sub-class of Prospective Resources. [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)]

;'''Prospective Resources'''

:Proved Developed Reserves are those Proved Reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods. Improved recovery reserves can be considered as Proved Developed Reserves only after an improved recovery project has been installed and favorable response has occurred or is expected with a reasonable degree of certainty. (See Developed Reserves)

:Behind-pipe reserves are expected to be recovered from zones in existing wells, which will require additional completion work or future re-completion prior to the start of production [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;

:A contract to purchase oil and gas provides the right to purchase a specified volume at an agreed price for a defined term. Under purchase contracts, exposure to technical and market risks are borne by the seller. While a purchase or supply contract can provide long-term access to reserves through production, it does not convey the right to extract, nor does it convey a financial interest in the reserves. Consequently, reserves would not be recognized by the buyer under this type of agreement [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Pure Service Contract'''

:All components, whether hydrocarbon or other, produced from the well or extracted from the mine (hydrocarbons, water, impurities such as non-hydrocarbon gases, etc.). [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)]

;'''Reasonable Certainty'''

:Indicates a high degree of confidence (low risk of failure) that the project will proceed with commercial development or the referenced event will occur. (Differs from reasonable certainty, which applies to resources quantity technical confidence, while reasonable expectation relates to commercial confidence.). [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)]

;'''Recoverable resources''' 

:Those quantities of hydrocarbons that are estimated to be producible by the project from either discovered or undiscovered accumulations. [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)]

;'''Recovery Efficiency'''

;'''Report'''

:The presentation of evaluation results within the entity conducting the assessment. Should not be construed as replacing requirements for public disclosures under guidelines established by regulatory and/or other government agencies. [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)]

;'''Reserves'''

:Those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of a given date) based on the development project(s) applied. [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)]

[[#Top|Back to top]]

:Any estimation of resource quantities for an accumulation or group of accumulations is subject to uncertainty and should, in general, be expressed as a range. The function of the three primary categories of reserves (proved, probable, possible) is to illustrate the range of uncertainty in the estimate of the potentially recoverable volume of petroleum from a known accumulation. Such estimates, which are done initially for each well or reservoir, may be made deterministically or probabilistically and are then aggregated for the accumulation/project as a whole. Provided a similar logic is applied for all volumetric estimates (including contingent and prospective resources), the estimate of uncertainty for each accumulation can be tracked over time from exploration through discovery, development, and production. This approach provides an extremely effective basis for evaluating the validity of the methodology used for the estimate of potentially recoverable volumes. 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 (IP), 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]].

;'''Resources'''

:Describes the accumulation and is determined by the combination of the type of hydrocarbon and the rock in which it occurs. [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)]

[[#Top|Back to top]]

:The right of future possession of an interest in a property when a specified condition has been met [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Risk'''

:The probability of loss or failure. Risk is not synonymous with uncertainty. Risk is generally associated with the negative outcome, the term “chance” is preferred for general usage to describe the probability of a discrete event occurring. [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)]

;'''Risk and Reward'''

:Risk and reward associated with oil and gas production activities are attributed primarily from the variation in revenues cause by technical and economic risks. The exposure to risk in conjunction with entitlement rights is required to support an entity’s resources recognition. Technical risk affects an entity’s ability to physically extract and recover hydrocarbons and is usually dependent on a number of technical parameters. Economic risk is a function of the success of a project and is critically dependent on cost, price, and political or other economic factors. [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)]

;'''Risk Service Contract'''

:Agreements that are very similar to the production-sharing agreements in that the risk is borne by the contractor but the mechanism of contractor payment is different. With a RSC, the contractor usually receives a defined share of revenue rather than a share of the production. [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)]

;'''Royalty'''

:Adjective defining a process involving or containing a random variable or variables or involving likelihood or probability, such as a stochastic simulation. [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)]

;'''Sub-Commercial'''

== T ==

; '''Taxes'''

:All estimated quantities of petroleum that are estimated to exist originally in naturally occurring accumulations, discovered and undiscovered, before production. [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)]

[[#Top|Back to top]]

== U ==

;'''Uncertainty'''

:All necessary approvals have been obtained, and development of the project is underway [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Undeveloped Reserves'''

:Unproved reserves are based on geologic and/or engineering data similar to that used in estimates of proved reserves; but technical, contractual, economic, or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further classified as probable reserves and possible reserves. Unproved reserves may be estimated assuming future economic conditions different from those prevailing at the time of the estimate. The effect of possible future improvements in economic conditions and technological developments can be expressed by allocating appropriate quantities of reserves to the probable and possible classifications [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Unrecoverable Resources'''

:The permanent plugging of a dry hole or of a well that no longer produces petroleum or is no longer capable of producing petroleum profitably. Several steps are involved in the abandonment of a well: permission for abandonment and procedural requirements are secured from official agencies; the casing is removed and salvaged if possible; and one or more cement plugs and/or mud are placed in the borehole to prevent migration of fluids between the different formations penetrated by the borehole [[#PRMS_2005|Glossary of Reserves/Resources Terminology - 2005]].

;'''Wet Gas'''

:An entity’s equity interest in a project before reduction for royalties or production share owed to others under the applicable fiscal terms. [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)]

== X ==