2p 2c reserves

Disregarding economics the proper engineering term for the total technologically extractable amount is the Producible fraction which is easily confused with the business term proven reserves. According to Liaw this shallow-water development will deliver a step-up to Hibiscus 2P reserves production volumes and revenue generating capacity by FY2024 if it goes ahead.

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Lundin Energys proved plus probable net reserves 2P reserves are 639 million barrels of oil equivalent MMboe and its proved plus probable plus possible net reserves 3P reserves are 799 MMboe.

. The EV2P ratio is a ratio used to value oil and gas companies. 43 2 Captain Interest. Reserves Developed 2P Reserves 62 5 310 Bcf Undeveloped 2P Reserves 100 5 500 Bcf Total 2P Reserves 810 Bcf Resources Contingent 2C Resources 270 5 1350 Bcf 11 Importance of Contingent Resources.

Prospective resources The final and riskiest category of resources used by oil gas firms is prospective. The 2P and 3P estimates may be based on reasonable alternative technical and commercial interpretations within the reservoir andor subject project that are clearly documented including comparisons to results in successful similar projects. Proved Probable Reserves 2P 131.

However some users consider only the estimated recoverable portion to constitute a resource. Reserves 2P Reserves 57 63 Contingent resources 2C Producing fields 23 - Proposed new developments 19 14 Other discoveries 32 36 Prospective resources Central. For an oil or gas deposit to be classified as reserves you first need to establish technical and commercial certainty of extraction using existing technology.

Reserves R 1P 2P 3P Contingent Resources CR - IC2C 3C Undiscovered Resources In-place EUR Prospective Resources PR - 1U2U3U. Elsewhere resources have been defined as including all quantities of petroleum which are estimated to be initially-in-place. The resource classification system is summarized in Figure 1 and the relevant definitions are given below.

The increase in Reserves and Resources reflected. In addition Tethys Oils net working interest resources oil base in Oman amounts to 13904 mbo of 2C Contingent Resources. This comprised of decreases of 614.

In line with its efforts to aggregate 2C oil resources the company has applied for and been awarded the Kildrummy discovery which is in close proximity to the Marigold and Sunflower fields. 10 Probability of Recovery. 76 of the portfolio based on 2P reserves as of 31st December 2020 2.

UKCS 2P Reserves and production vs time 2012 - 2016 2P Reserves. 9 kboed Liquids reserves. Before taking production into account our proved reserves decreased by 686 million boe in 2020.

Reserve economics are usually determined based on the 2P estimate. Total 168 wells Unconventional Resources Lets say we get 5 Bcfwell in this township then. Discovered Resources Associated Gas Field Status GIIP EUR Cum Prod 1P 2P CR Total Discovered Resources.

Contingent Resources 2C 76. O The booking of 1275 mmbbl 2C oil Resources at the Pikka Unit for the first time following the completion of the Companys acquisition of assets i n the Alaska North Slope in February 2018. The difference between 2P and 1P reserves are known as probable reserves symbol P2 and the difference between 3P and 2P reserves known as possible reserves P3.

1P and 2P PNG LNG project Reserves are based on Contingent Resources estimates prepared in 2019 by independent auditor NSAI. However the purely engineering term is also misleading in that squeezing the last bits of fossil fuel out follows the diminishing returns and at some point is so costly that it becomes highly impractical as seen on a bell curve which is why measures like P90 and P95 were created. The proved oil and gas reserves of Shell subsidiaries and the Shell share of the proved oil and gas reserves of joint ventures and associates are set out in more detail in Supplementary information oil and gas unaudited.

Independent reserves evaluations as of 31 December 2018 have been performed by Sproule International Limited for the Companys existing producing field. Dev Undev Total 1C 2C 1P1C 2P2C 3. 100 1 Platform FPSO FSU Terminal Operated fields Non-operated fields Source.

Reserves Category Definitions and Guidelines - 2007. 1 Numbers may not add due to rounding. Proved Reserves 90 Certainty of Commercial Extraction.

Once this has been established the degree of this certainty is then decided breaking reserves down into 3 distinct categories. 31 mmboe 2020 Production. Like reserves contingent resources are divided into three further categories denoting the likelihood of their recovery on a technical basis 1C 2C and 3C.

See criteria for Probable reserves and Possible reserves Table 3. 89 mmboe 2020 Production. Total 2P gas Reserves and 2C contingent gas Resources increased 6 to 67422 billion cubic feet bcf.

In theory these will become 1P 2P and 3P when contingencies are removed. Oil reserves refers to the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil. Tethys Oils net working interest Reserves in Blocks 34 Oman as per 31 December 2020 amount to 26922 thousand barrels of oil mbo of proven and probable Reserves 2P.

Basin 2P Reserves 3P2C Reserves and Resources Prospective Resources Total Reserves and Resources Conventional Adavale 22 22 - 22 Bass 268 559 - 559 Cooper and Eromanga 1943 3949 - 3949 Denison 74 106- Gippsland 3937 6467 7910 14377 Otway 756 1085- Surat and Bowen 93 190- Sydney - 13992 Subtotal Conventional 7093 12377 21902 34279 CSG. It consists of the enterprise value EV divided by the proven and probable 2P. Reserves 2021 was the eighth consecutive year of reserves growth.

Hence reserves will change with the price unlike oil resources which include all oil that can be technically recovered at any priceReserves may be for a well a reservoir a field a nation or the world. 2 Kutubu and Moran oil fields proved Reserves 1P and proved and probable 2P Reserves are as certified by independent auditor Netherland Sewell Associates Inc. 22 kboed Liquids reserves.

The 2P reserve replacement ratio amounts to 120 percent.

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