CRUDE OIL CLASSIFICATION AND BENCHMARKS
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Finally, reserves of the combined A, B, and Cl classes in the
Russian Standards equate with proved, probable and much of the
possible reserves (3P) under the traditional SPE Standards.
4.2.4 Miscellaneous Standards
The Society of Petroleum Engineers (SPE), World Petroleum
Council (WPC), American Association of Petroleum Geologists
(AAPG), and Society of Petroleum Evaluation Engineers (SPEE)
adopted a more sophisticated system of evaluating petroleum
accumulations in 2007. This system incorporates the 1997 definitions for reserves, but adds categories for contingent resources and
prospective resources.
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known
accumulations, but the applied project(s) are not yet considered
mature enough for commercial development due to one or more
contingencies. Contingent resources may include, for example,
projects for which there are currently no viable markets, or where
commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to
clearly assess commerciality.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development
projects. Prospective resources have both an associated chance of
discovery and a chance of development.
The differences between the data obtained from these various
estimates can be considerable, but it must be remembered that
any data about the reserves of petroleum (and, for that matter,
about any other fuel or mineral resource) will always be open to
questions about the degree of certainty. Thus, in spite of the use
of self-righteous word-smithing, proven reserves may be a very
small part of the total hypothetical and/or speculative amounts
of a resource.
The United States Geological Survey uses the terms technically
and economically recoverable resources when making its petroleum resource assessments. Technically recoverable resources represent that proportion of assessed in-place petroleum that may be
recoverable using current recovery technology, without regard to
cost. Economically recoverable resources are technically recoverable petroleum for which the costs of discovery, development,
125
Finally, reserves of the combined A, B, and Cl classes in the
Russian Standards equate with proved, probable and much of the
possible reserves (3P) under the traditional SPE Standards.
4.2.4 Miscellaneous Standards
The Society of Petroleum Engineers (SPE), World Petroleum
Council (WPC), American Association of Petroleum Geologists
(AAPG), and Society of Petroleum Evaluation Engineers (SPEE)
adopted a more sophisticated system of evaluating petroleum
accumulations in 2007. This system incorporates the 1997 definitions for reserves, but adds categories for contingent resources and
prospective resources.
Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known
accumulations, but the applied project(s) are not yet considered
mature enough for commercial development due to one or more
contingencies. Contingent resources may include, for example,
projects for which there are currently no viable markets, or where
commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to
clearly assess commerciality.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development
projects. Prospective resources have both an associated chance of
discovery and a chance of development.
The differences between the data obtained from these various
estimates can be considerable, but it must be remembered that
any data about the reserves of petroleum (and, for that matter,
about any other fuel or mineral resource) will always be open to
questions about the degree of certainty. Thus, in spite of the use
of self-righteous word-smithing, proven reserves may be a very
small part of the total hypothetical and/or speculative amounts
of a resource.
The United States Geological Survey uses the terms technically
and economically recoverable resources when making its petroleum resource assessments. Technically recoverable resources represent that proportion of assessed in-place petroleum that may be
recoverable using current recovery technology, without regard to
cost. Economically recoverable resources are technically recoverable petroleum for which the costs of discovery, development,