Proven Reserves

Proven reserves, also called proved reserves, measured reserves, 1P, and Reserves, are business or political terms regarding fossil fuel energy sources. (see prove: usage). They are defined as a "Quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known reservoirs with the existing equipment and under the existing operating conditions." These terms relate to common fossil fuel reserves such as oil reserves (see main article), natural gas reserves, or coal reserves.

Operating conditions includes operational break-even price, regulatory and contractual approvals, of which without these items cannot be classified as proven and are usually classified into probable. Price changes therefore can have a large impact on classification of proven reserves. Regulatory and contractual conditions may change, and also affect proven reserves amount.

Read more about Proven Reserves:  Numbered Terms, More Terms, Reserve Evaluations, Valuations and Certifications, See Also

Famous quotes containing the words proven and/or reserves:

    If my theory of relativity is proven correct, Germany will claim me as a German and France will declare that I am a citizen of the world. Should my theory prove untrue, France will say that I am a German and Germany will declare that I am a Jew.
    Albert Einstein (1879–1955)

    ...I want to see a film, they send the Israeli army reserves to escort me! What kind of life is this?
    Golda Meir (1898–1978)