China
Africa
Explore chapters and articles related to this topic
Energy extraction and conversion
Published in Kornelis Blok, Evert Nieuwlaar, Introduction to Energy Analysis, 2020
Kornelis Blok, Evert Nieuwlaar
To characterise the size of the resources, several definitions are in use. The most important are (see Figure 5.3): Proven reserves (or reserves): these are the occurrences of fuels that have been identified and measured and that are known to be technically and economically recoverable. In general, only those reserves are counted as proven reserves if the probability is more than 90 per cent that they can be recovered (so-called P1 reserves).Resources: these are all occurrences of fuels, including those with less-certain geological assurance and/or with doubtful economic feasibility. The sum of reserves and resources is called the ‘resource base’.
Energy Demand and Supply
Published in Efstathios E. Michaelides, Energy, the Environment, and Sustainability, 2018
Of the total amount of the existing fossil fuel resources, a small fraction is located in known regions and may be economically extracted with existing technology. This fraction, which may be economically extracted under the present conditions, is referred to as proved or proven reserves. Another part of the fossil fuel resources is known to exist, but may not be economically recovered at present. These are the potential reserves. If the prices of fossil fuels rise or if a technological breakthrough that lowers the cost of extraction is achieved, the potential reserves become proved reserves and are available to be extracted and consumed. The potential reserves are often classified as probable reserves and possible reserves. The probable reserves are more likely to be recovered than the possible reserves. The Society of Petroleum Engineers suggests a probabilistic analysis for the reserves: after the analysis of all the geotechnical and engineering data, the proved reserves have 90% probability to be recovered; the probable reserves 50% probability to be recovered; and the possible reserves have 10% probability to be recovered.
Oil
Published in Roy L. Nersesian, Energy Economics, 2016
Proven reserves are reserves that can be calculated with reasonable accuracy based on field production and the results of appraisal or development wells that measure the potential size of an oil field. Calculation of proven reserves is based on volume of a pay zone, porosity and permeability of a reservoir, degree of oil saturation, and recovery factor. Porosity is obtained from well logs or cores and oil saturation from a resistivity well log. Recovery factor is estimated by reservoir drive, nature of oil, and permeability of reservoir rock. Another method of estimating proven reserves is based on the decline curve, falloff in production over time. The materials balance method is another mathematical approach that correlates volume of oil, water, and gas produced with a change in reservoir pressure.
A multi-period linear programming model for the natural gas distribution network of Thailand
Published in International Journal of Sustainable Energy, 2022
N. Tuchinda, S. Moryadee, C. U-tapao, L. Laokhongthavorn
Possible, Probable and Possible reserves are main categories of oil reserves that are recognised by The Society of Petroleum Engineers based upon how likely an exploration and drilling company believes they are to be extracted. P2 and P3 can be promoted to be higher by further geological and engineering data gathered. The detailed of the categories as follow: – Proven reserves (P1) refer to the quantity of natural resources that a company reasonably expects to extract from a given formation. Proven reserves are established using geological and engineering data gathered through seismic testing and exploratory drilling.– Probable reserves (P2) are crude oil reserves calculated to be at least 50% likely to be recovered through drilling. Recovery probabilities help estimate the present and future value of assets owned or operated by firms in the oil and gas sector.– Possible reserves (P3) refer to unproved reserves for which the likelihood of successful extraction is at least 10% – assuming existing equipment is used and the extraction is carried out under typical conditions.