2p 2c reserves

3P reserves Defined by the internationally-recognised Petroleum Resources Management System as 2P proven reserves plus probable reserves plus 3P possible reserves. 1P and 2P PNG LNG project Reserves are based on Contingent Resources estimates prepared in 2019 by.

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Other non-operated assets comprises.

. Like reserves contingent resources are divided into three further categories denoting the likelihood of their recovery on a technical basis 1C 2C and 3C. Discovered Resources Associated Gas Field Status GIIP EUR Cum Prod 1P 2P CR Total Discovered Resources. 2C reserves Defined by the internationally-recognised.

Less than a 10 certainty of being able to commercially extract the oil or gas with currently available technology will fall into contingent resources or recoverable resources categories. Proved plus probable 2P reserves were 933 million barrels of oil equivalent mmboe at the end of 2020 an increase of 34 mmboe before production. Most reserves and resources estimators consider contingent resources to be a holding area and the quantities either moved into reserves at some later date or written off if the contingencies.

Proved Probable Reserves 2P 131. Contingent resources estimates are also categorised by their probability of recovery of 90 50 and 10 which for contingent resources are 1C 2C and 3C respectively. Across its North Sea portfolio at yearend 2021 DNOs net 2P reserves stood at 54 MMboe compared to 64 MMboe a year earlier.

Effective from 2021 the Company reports its net production reserves and resources based on the participation interest in all of its licenses. PNG LNG Project gas oil and condensate 21. Total Resources 2P 2C.

For other resource categories the terms Low Estimate Best Estimate and High Estimate are recommended. Reserves replacement ratio 23. Unproven reserves can further be divided into two subcategoriesprobable a.

Anything below possible ie. 2P Reserves Total proven and probable reserves Enterprise Value MC Total Debt TC MC Market capitalization TC Total cash and cash. Elgin Franklin Jade and Pierce.

Reserves Category Definitions and Guidelines - 2007. Reserves R 1P 2P 3P Contingent Resources CR - IC2C 3C Undiscovered Resources In-place EUR Prospective Resources PR - 1U2U3U. EV2P Enterprise Value 2P Reserves where.

All reserve estimates involve uncertainty depending on the amount of reliable geologic and engineering data available and the interpretation of that data. Other PNG gas oil and condensate 9. The Cooper Basin achieved 102 per cent three-year 2P reserves replacement and a 2C to 2P conversion rate of approximately 70.

See criteria for Probable reserves and Possible reserves Table 3. Reserves 2P Reserves 57 63 Contingent resources 2C Producing fields 23 - Proposed new developments 19 14 Other discoveries 32 36 Prospective resources Central. 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.

Probable reserves 2P Probable reserves are those unproved reserves which are more likely than not to be commercial recoverable under current or future economic conditions. 3 hours agoThis is expected to substantially increase project value given that recent UK North Sea transactions have exceeded US8 1158 per boe of combined 2P Reserves and 2C best estimate Contingent. In theory these will become 1P 2P and 3P when contingencies are removed.

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. 2P reserves Defined by the internationally-recognised Petroleum Resources Management System as 1P proven reserves plus 2P probable reserves. 76 of the portfolio based on 2P reserves as of 31st December 2020 2.

710 Sales Acquisitions 1369 Revisions Discoveries 393 444 69. Key Takeaways 3P oil reserves are the total amount of estimated reserves inclusive of all proven and unproven. 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.

When probabilistic methods are used there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. This can be contrasted with 2P oil which includes only proven and probable reserves. 2C resources totaled 113 MMboe compared to 120 MMboe at yearend 2020.

Proved plus Probable plus Possible. 3P reserves refers to the combination of all three of these totals ie. 2020 production of 66 kboepd 61 liquids with estimated 2P reserves of 196 mmboe 67 liquids and 2C reserves of 102 mmboe 75.

Reserves upgrades were also delivered in GLNGs Fairview Roma. Total MMBOE Proved Reserves 1 84. The relative degree of uncertainty can be expressed by dividing reserves into two principal classificationsproven or proved and unproven or unproved.

Other-operated assets comprises Erskine Cook and Alba fields 3. 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. 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.

Alaska - Pikka project oil and. Dev Undev Total 1C 2C 1P1C 2P2C 3. The final and riskiest category of resources used by oil gas firms is prospective.

UKCS 2P Reserves and production vs time 2012 - 2016 2P Reserves. 2P Reserves are as certified by independent auditor Netherland Sewell Associates Inc. 9464 Produced 1.

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