reserves in Petroleum

reserves in Petroleum
Paper details:
Question # 2:
Maybe the most important parameter that decides the fate of any petroleum reservoir (oil, gas or
condensate), is the “reserves”! Simply indicates the extractable (recoverable!) portion of the
hydrocarbon­in­place based on reasonable recovery factor. There are several definitions of
reserves each comes with different implication. Throughout the history of the petroleum
industry, many governmental, industrial and professional agencies tried to set a standard for
reserves definitions. Below is a list of the most credible agencies that attempted to standardize
the term “reservesÕÉ≠†Њ†”:
1. U.S. Securities and Exchange Commission (SEC), 1978
2. SPE/WPC Reserve Definitions: Society of Petroleum Engineers (SPE) and World
Petroleum Council (WPC, formerly World Petroleum Congresses), 1997
3. United States Geological Survey (USGS), 1980
4. Norwegian Petroleum Directorate (NPD), 2001
5. U.K. Statement of Recommended Practices (SORP), 2001
6. Canadian Security Administrators (CSA), 2002
7. United Nations Framework Classification (UNFC), 2004
8. Russian Ministry of Natural Resources (RF), 2005
9. China Petroleum Reserves Office (PRO), 2005
10. SPE/WPC/AAPG/SPEE Resources Classification System (SPE­PRMS), 2007
Write a technical assay discussing in details the above agencies’ terminologies on the issue of
reserves for oil, gas and condensate. You may discuss other attempts that are not included in
the above list, if any! Do not forget to include your analyses, opinion and conclusion. Following
conditions applied:
(1) I expect a “technical writing” style
(2) Cited references should be listed with a proper format! You may choose SPE style or
other credible standards.
(3) In terms of essay length; using 12 pt. Times New Roman font, 3 pages is too short and
300 pages is too long!