What are prospective resources?
Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
Is oil a potential resource?
Potential resources are resources which exist in a region and which can be used in the future. For example:- Mineral oil may exist in many parts of India where sedimentary rocks are found but till it is actually drilled out and put into use, it remains a potential resource.
What is the difference between contingent resources and prospective resources?
Contingent resources are less certain than reserves. These are resources that are potentially recoverable but not yet considered mature enough for commercial development due to technological or business hurdles. Prospective resources are estimated volumes associated with undiscovered accumulations.
What is the main criterion for distinguishing between reserves and contingent resources?
The main difference between Contingent Resources and Reserves is whether commercial viability has been established with sufficient definition and is combined with an intent to develop the resources.
What are types of resources?
Resources are usually classified into three types, viz. natural, human made and human resources.
What is undiscovered resource?
Resources, the existence of which are only postulated, comprising deposits that are separate from identified resources. Undiscovered resources may be postulated in deposits of such grade and physical location as to render them economic, marginally economic, or subeconomic.
What is potential resource example?
Potential resources are those which are available in the region but are not fully used. But these resources could be used in future. For example, uranium present in Ladakh is a potential resource which could be used in the future.
What is potential resources give examples?
A type of natural resource that exists in a region and may be used in the future (in contrast to actual resource). For example petroleum in India is and will be a potential resource as long as it has not been used yet or accessed for use.
What is resources and its classification?
Resource refers to all the materials available in our environment which help us to satisfy our needs and wants. Resources can broadly be classified upon their availability — they are classified into renewable and non-renewable resources. An item becomes a resource with time and developing technology.
What is the difference between 1P and 2P reserves?
“1P reserves” = proven reserves (both proved developed reserves + proved undeveloped reserves). “2P reserves” = 1P (proven reserves) + probable reserves, hence “proved AND probable.” “3P reserves” = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps “proven AND probable AND possible.”
Can a petroleum resource be aggregated with other resources?
Petroleum quantities classified as Reserves, Contingent Resources or Prospective Resources should not be aggregated with each other without due consideration of the significant differences in the criteria associated with their classification.
Which is the best description of prospective resources?
The estimated potentially recoverable portion of Undiscovered Petroleum-initially-in-place is classified as Prospective Resources, as defined below. Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
How are estimated recoverable volumes of petroleum classified?
The estimated recoverable volumes are classified as Contingent Resources, with Low, Best and High estimates. Where a market is subsequently developed, and in the absence of any new technical data, the accumulation moves up into the Reserves category and the Proved Reserves estimate would be expected to approximate the previous Low Estimate.
How is undiscovered petroleum initially in place defined?
Undiscovered Petroleum-initially-in-place is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion of Undiscovered Petroleum-initially-in-place is classified as Prospective Resources, as defined below.