CRUDE OIL CLASSIFICATION AND BENCHMARKS
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are claimed to be recoverable under existing economic and operating conditions.
Geological and geochemical analyses of hydrocarbons and
organic matter in source rocks are critical in hydrocarbon exploration and in examining the extent and continuity of hydrocarbon
reservoirs. Hydrocarbons may be correlated with source rock to
verify the results of basin modeling.
The estimation of crude oil reserves (Chapter 1) is usually subdivided into two components: (1) the total reserves contained in
the reservoir — usually termed the resource or original-oil-inplace (OOIP) and (2) recoverable reserves — that portion of the
resource, as of the date the reserves are calculated, is economically efficient given market conditions and rational use of modern
extraction equipment and technologies. The reserve estimate will
change with the price of oil and with the evolution of new and
more efficient recovery technologies. Thus, early estimates of the
reserves of an oil field may appear to be conservative insofar as
the number increases with time; this phenomenon is referred to as
reserves growth.
The term oil-in-place (OIP) may also be used for the resource, but
it is more appropriate to indicate the oil remaining after recovery
has commenced and been operating for a time.
The ratio of producible oil reserves to total oil in place for a given
field is often referred to as the recovery factor, which varies from oil
field to oil field. In fact, the recovery factor of any particular field
may change over time, based on operating history and in response
to changes in technology and economics.
Many oil-producing nations do not reveal their reservoir engineering field data, but instead provide unaudited claims for their
oil reserves.
The United States had two main ways of announcing reserves:
(1) the standards developed by the Society of Petroleum Engineers
(SPE) and (2) the standards employed by the Securities and
Exchange Commission (SEC). Another system of standards, developed by Russia, has also become available recently, and, because of
Russia being an oil-exporting country, is also noteworthy.
However, the use of the term reserves as being descriptive of the
resource is subject to much speculation. In fact, it is subject to word
variations; for example, reserves are classed as proved, unproved,
probable, possible, and undiscovered — each with its own particular definition.
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are claimed to be recoverable under existing economic and operating conditions.
Geological and geochemical analyses of hydrocarbons and
organic matter in source rocks are critical in hydrocarbon exploration and in examining the extent and continuity of hydrocarbon
reservoirs. Hydrocarbons may be correlated with source rock to
verify the results of basin modeling.
The estimation of crude oil reserves (Chapter 1) is usually subdivided into two components: (1) the total reserves contained in
the reservoir — usually termed the resource or original-oil-inplace (OOIP) and (2) recoverable reserves — that portion of the
resource, as of the date the reserves are calculated, is economically efficient given market conditions and rational use of modern
extraction equipment and technologies. The reserve estimate will
change with the price of oil and with the evolution of new and
more efficient recovery technologies. Thus, early estimates of the
reserves of an oil field may appear to be conservative insofar as
the number increases with time; this phenomenon is referred to as
reserves growth.
The term oil-in-place (OIP) may also be used for the resource, but
it is more appropriate to indicate the oil remaining after recovery
has commenced and been operating for a time.
The ratio of producible oil reserves to total oil in place for a given
field is often referred to as the recovery factor, which varies from oil
field to oil field. In fact, the recovery factor of any particular field
may change over time, based on operating history and in response
to changes in technology and economics.
Many oil-producing nations do not reveal their reservoir engineering field data, but instead provide unaudited claims for their
oil reserves.
The United States had two main ways of announcing reserves:
(1) the standards developed by the Society of Petroleum Engineers
(SPE) and (2) the standards employed by the Securities and
Exchange Commission (SEC). Another system of standards, developed by Russia, has also become available recently, and, because of
Russia being an oil-exporting country, is also noteworthy.
However, the use of the term reserves as being descriptive of the
resource is subject to much speculation. In fact, it is subject to word
variations; for example, reserves are classed as proved, unproved,
probable, possible, and undiscovered — each with its own particular definition.