2p 2c reserves

These are reported as Proved the symbol 1P Proved-plus-Probable 2P and Proved-plus-Probable-plus-Possible 3P. 2P UK reserves as at end 2018 is 55 billion boe slightly higher than as at end 2017 despite a years production.

Reserves And Resources Lundin Energy

Dev Undev Total 1C 2C 1P1C 2P2C 3.

. In addition Tethys Oils net working interest resources oil base in Oman amounts to 13904 mbo of 2C Contingent Resources. Probable or possible reserves are lower categories of reserves commonly combined and referred to as unproved reserves with decreasing levels of technical certainty. These are sometimes referred to.

In 2018 680 million boe mmboe were added to 2P reserves and about 600 mmboe were produced which. Proved Probable Reserves 2P 131. Effective from 2021 the Company reports its net production reserves and resources based on the participation interest in all of its licenses.

The increase in Reserves and Resources reflected. Based on data from OPEC at the beginning of 2013 the highest proven oil reserves including non-conventional oil deposits are in Venezuela 20 of global reserves Saudi Arabia 18 of global reserves Canada 13 of global reserves and Iran 9. 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.

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. 2C resources totaled 113 MMboe compared to 120 MMboe at yearend 2020. Like reserves contingent resources are divided into three further categories denoting the likelihood of their recovery on a technical basis 1C 2C and 3C.

It consists of the enterprise value EV divided by the proven and probable 2P. Reserves Category Definitions and Guidelines - 2007. It is technical issues which separate proved from unproved categories.

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. However some users consider only the estimated recoverable portion to constitute a resource. Total 168 wells Unconventional Resources Lets say we get 5 Bcfwell in this township then.

Reserves 2021 was the eighth consecutive year of reserves growth. 22 kboed Liquids reserves. 31 mmboe 2020 Production.

See criteria for Probable reserves and Possible reserves Table 3. Reserves R 1P 2P 3P Contingent Resources CR - IC2C 3C Undiscovered Resources In-place EUR Prospective Resources PR - 1U2U3U. 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.

Contingent Resources 2C 76. Total 2P gas Reserves and 2C contingent gas Resources increased 6 to 67422 billion cubic feet bcf. 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.

The resource classification system is summarized in Figure 1 and the relevant definitions are given below. 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. Proved Reserves 90 Certainty of Commercial Extraction.

43 2 Captain Interest. Hypothetically speaking selling 20 interest in Marigold at US5 to US10 per boe in 2C resources or 2P reserves valuation could net Hibiscus US44 million to US87 million 8 to 16 of its market capitalisation a decent amount to partly fund its capital expenditure programme Liaw says in the report. 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.

76 of the portfolio based on 2P reserves as of 31st December 2020 2. 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. On the basis of current production projections1 this could sustain production from the UKCS for another 20 years or more.

To be clear reserves must have all commercial aspects addressed. Elsewhere resources have been defined as including all quantities of petroleum which are estimated to be initially-in-place. Discovered Resources Associated Gas Field Status GIIP EUR Cum Prod 1P 2P CR Total Discovered Resources.

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. 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. In theory these will become 1P 2P and 3P when contingencies are removed.

89 mmboe 2020 Production. 1 Numbers may not add due to rounding. Once this has been established the degree of this certainty is then decided breaking reserves down into 3 distinct categories.

The estimates of reserves can be categorised based on their probability of recovery. 9 kboed Liquids reserves. 1P and 2P PNG LNG project Reserves are based on Contingent Resources estimates prepared in 2019 by independent auditor NSAI.

100 1 Platform FPSO FSU Terminal Operated fields Non-operated fields Source. Independent reserves evaluations as of 31 December 2018 have been performed by Sproule International Limited for the Companys existing producing field. The 2P reserve replacement ratio amounts to 120 percent.

Prospective resources The final and riskiest category of resources used by oil gas firms is prospective. Across its North Sea portfolio at yearend 2021 DNOs net 2P reserves stood at 54 MMboe compared to 64 MMboe a year earlier. The EV2P ratio is a ratio used to value oil and gas companies.