'Palm' pid='63013' datel Wrote:Interesting tidbit. The UBS report of 9.5 Ts of GIP and 7Ts net was using the P90 estimate, not the P50 which we get paid on. P50 will be a bit higher; closer to the GLJ estimates. Nice.
Great observation.
I have seen several comments by other posters to the effect that we get paid on "producible" gas/oil in place. Based on the definitions below, what are we getting paid on: (a) OOIP + OGIP, (b) recoverable reserves, or © estimated resources ?!? (I'm including "c" just to cover all the bases... I'm pretty sure that is not the deal!)
Original oil in place (OOIP) and original gas in place (OGIP) refer to the total volume of hydrocarbon stored in a reservoir prior to production. Reserves or recoverable reserves are the volume of hydrocarbons that can be profitably extracted from a reservoir using existing technology. Resources are reserves plus all other hydrocarbons that may eventually become producible; this includes known oil and gas deposits present that cannot be technologically or economically recovered (OOIP and OGIP) as well as other undiscovered potential reserves.