Calculation of reserves

The U.S. Department of the Interior announced Thursday the Permian Basin’s Wolfcamp shale and Bone Spring formation spanning parts of West Texas and eastern New Mexico hold the largest potential oil and gas resources ever discovered.

By using this site, you agree to the Terms of Use and Privacy Policy. Automatic backup of all projects. The Permian Basin region encompasses a series of basins and other geologic formations in West Texas and southeastern New Mexico. About Contingent and Prospective Resources Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Currently, energy companies are producing oil in the region using traditional vertical well technology and horizontal drilling, as well as fracking.

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The U.S. Department of the Interior announced Thursday the Permian Basin’s Wolfcamp shale and Bone Spring formation spanning parts of West Texas and eastern New Mexico hold the largest potential oil and gas resources ever discovered.

For a quantity of hydrocarbons to be classified as reserves the decision must be made that the accumulation will be developed and put into production within a reasonable timeframe. The reserves are divided into two groups, proven and unproven reserves. In turn, the unproven reserves are divided into probable and possible reserves. Proved reserves 1P Proved reserves are those quantities of petroleum which can be estimated with reasonable certainty more than 90 percent to be commercially recoverable from known reservoirs and under current economic conditions and operating methods.

If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used there should be at least 90 percent probaility that the quantities actually recovered will equal or exceed the estimates. 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.

Possible reserves 3P Possible reserves are reserves that are less likely to be available for extraction. Other quantities are designated as resources. All estimates of resources and reserves involve a certain degree of uncertainty, which is primarily due to the geological data available at the time of appraisal and the interpretation of this data.

Resources are therefore divided into various categories depending on the relative uncertainty that exists. If either of these occur, the goal is to contain the effects and maintain complete control over all productive and administrative processes at all sites.

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