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Explanation of Prospective Resources, Contingent Resources and Reserves - Stavros - 09-26-2015
Attached is a good presentation covering the Petroleum Resources Management System (PRMS) 2007. It was written by Gaffney Cline & Associates.
1. Reserves - 1P (Proved); 2P (Proved + Probable); 3P (Proved + Probable + Possible)
2. Contingent Resources - 1C; 2C; 3C ===> TOTAL pays IOC based on the 2C figures reported by the Experts
3. Prospective Resources - Low Estimate; Best Estimate; High Estimate
See Slide 31 where it graphically depicts how P90, P50 and P10 are related to 1P, 2P and 3P.
Also attached is the PRMS 2007 as issued by the Society of Petroleum Engineers (SPE).
This is a link to the SPE website: http://www.spe.org/industry/reserves.php#redirected_from=/industry/reserves/
RE: Explanation of Prospective Resources, Contingent Resources and Reserves - sfiaes - 09-28-2015
Thanks for this.