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
Other articles related to "proven reserves, reserves, proven":
... As of January 2009, the company had proven reserves of 14.5 billion barrels (2.31×109 m3) of oil and 29.3 trillion cubic feet (830 km3) of gas, per PRMS (previou ...
... from Kuwait should not exceed one percent of proven reserves ... to parliament the emirate's actual proven reserves ... Government reports declare Kuwait's reserves to be about 100 billion barrels (1.6×1010 m3) ...
... Estimated ultimate recovery List of countries by proven oil reserves Oil reserves Natural gas ...
... “ reserves are confused and in fact inflated ... Many of the so-called reserves are in fact resources ... (48×10^9 m3) of the world's 1,200 billion barrels (190×10^9 m3) of proven reserves should be recategorized as speculative resources ...
Famous quotes containing the words reserves and/or proven:
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