What is 1P 2P 3P reserves?
“1P reserves” = proven reserves (both proved developed reserves + proved undeveloped reserves). “2P reserves” = 1P (proven reserves) + probable reserves, hence “proved AND probable.” “3P reserves” = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps “proven AND probable AND possible.”
What is UNFC system?
United Nations Framework Classification (UNFC) for energy and mineral resources is a universally applicable scheme for classifying/evaluating energy and mineral reserves/resources. It was adopted in 2004 by the United Nations Economic Commission of Europe (UNECE).
What is 2P and 3P reserves?
4. The term 1P is frequently used to denote proved reserves, 2P is the sum of proved and probable reserves and 3P the sum of proved, probable and possible reserves. The best estimate of recovery from committed projects is generally considered to be the 2P sum of proved and probable reserves.
What is 2C oil resources?
contingent resources. The Company’s technically recoverable resources for its discovered but uncommercialised gas fields are classified as contingent resources. 2C denotes the best estimate of contingent resources.
Which are category of reserves?
Probable, Proven, and Possible Reserves The Society of Petroleum Engineers recognizes three main categories of oil reserves based upon how likely an exploration and drilling company believes they are to be extracted.
What are 1P and 2P reserves?
What are the ways to classify resources?
1- Renewable resources. Renewable resources are constantly being renewed despite human exploitation.
What are the classification of Natural Resources?
Classification of Natural Resources, Characteristics and Examples. The Natural resources can be classified Such as renewable or non-renewable, biotic, abiotic, potential, current, reserves and stock.
What is resource classifying?
Mineral resource classification is the classification of mineral resources based on an increasing level of geological knowledge and confidence. In an effort to achieve a standard set the classifications, representative bodies from Australia, Canada, South Africa, the USA and the UK reached a provisional agreement in 1997 on the definitions of each of the various mineral classifications. This was followed in 1998 to have these definitions incorporated into the International Framework Classificati
What are the different types of Environmental Resources?
Clean land, air, and water are environmental resources, as are the abilities of land, air, and water to absorb society’s waste products. Heat from the sun, transportation and recreation in lakes, rivers, and oceans, a beautiful view, or the discovery of a new species are all environmental resources.
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