What is Overlift and Underlift?
Keeping this in consideration, what are p1 p2 and p3 reserves?
There are various different levels of "proven" oil reserves (P1, P2, P3) for crude oil reserves. They can be summarized as follows (from Jean Laherrere): Proved 1P - at least 90% probability. Proved + Probable 2P - at least 50% probability. Proved + Probable +Possible 3P - at least 10 % probability.
One may also ask, what is oil and gas accounting all about? Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues.
Hereof, what is the difference between proven and unproven reserves?
In the oil and gas sector, proven reserves have a reasonable certainty of being recovered, while unproven reserves have a decreased level of certainty in being recovered. Recoverable oil reserves are the amount of oil that can reasonably be recovered given current technical and economic conditions.
What is the oil reservoir called?
A petroleum reservoir or oil and gas reservoir is a subsurface pool of hydrocarbons contained in porous or fractured rock formations.