GlossaryPetroleumReserves-ResourcesDefinitions_2005

GlossaryPetroleumReserves-ResourcesDefinitions_2005 -...

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1 Glossary of Terms Used in Petroleum Reserves/Resources Definitions Introduction For several decades, the terminology used in the classification of petroleum reserves and resources has been the subject of study and ongoing revision. Since the mid-1930s, numerous technical organizations, regulatory bodies, and financial institutions have introduced ever more complex terminologies for the classification of petroleum reserves. In addition, the evolution of technology has yielded more precise engineering methods for reserve evaluation and has intensified the need for an improved nomenclature to achieve consistency among professionals working with petroleum reserves terminology. In recognition, the Society of Petroleum Engineers (SPE) and the World Petroleum Council (WPC, formerly World Petroleum Congresses) developed a set of petroleum reserves definitions which were presented to the industry in March 1997. These represented a major step forward in their mutual desire to improve the level of consistency in reserves estimation and reporting on a worldwide basis. As a further development, the SPE and WPC recognized the potential benefits to be obtained by supplementing those definitions to cover the entire resource base, including those quantities of petroleum contained in accumulations that are currently sub-commercial or that have yet to be discovered. These other resources represent potential future additions to reserves and are therefore important to both countries and companies for planning and portfolio management purposes. In February 2000, the two organizations in conjunction with the American Association of Petroleum Geologists (AAPG), developed resources definitions that encompassed the entire range of petroleum reserves and resources. By their very nature, these two documents include references to terminology which had yet to be defined by the three organizations. The objective of this glossary is to clarify the meaning of those terms. Term Definition 1P Equivalent to Proved Reserves 2P The Sum of Proved Reserves plus Probable Reserves 3P The Sum of Proved Reserves plus Probable Reserves plus Possible Reserves Accumulation An individual body of moveable petroleum. Analogous Reservoir An analogous reservoir is one in the same geographic area that is formed by the same, or very similar geological processes as, a reservoir in question (or under study for reserves evaluation) as regards sedimentation, diagenesis, pressure, temperature, chemical and mechanical history, and structure. It also has the same or similar geologic age, geologic features, and reservoir rock and fluid properties. Analogous features and characteristics can include approximate depth, pressure, temperature, reservoir drive mechanism, original fluid content, oil gravity, reservoir size, gross thickness, pay thickness, net-to-gross ratio, lithology, heterogeneity, porosity and permeability. The development scheme for a reservoir (e.g. as reflected by well spacing) can also be important in
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This note was uploaded on 06/22/2008 for the course PETE 665 taught by Professor Drlee during the Spring '07 term at Texas A&M.

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GlossaryPetroleumReserves-ResourcesDefinitions_2005 -...

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