The Society of Petroleum Engineers (SPE) has just released a glossary of terms relating to reserves and resources. The glossary was drafted to provide an authoritative and simplified terminology for use by companies, regulatory bodies and financial institutions engaged in oil and gas reserves classification. An improved nomenclature should help ‘achieve consistency among professionals working with petroleum reserves terminology,’ according to the SPE.
WPC
Early work by the SPE and the World Petroleum Council (WPC) led to a first draft in 1997. In 2000, with help from the American Association of Petroleum Geologists (AAPG), these definitions were extended to cover an broader resource base, including sub-commercial and undiscovered oil and gas.
Terminology
These documents included references to terminology which had yet to be defined by the three organizations. The current glossary sets out to clarify the meaning of industry jargon such as 2P (proved plus probable reserves) and should be of assistance to engineers, portfolio management professionals and reserve auditors. More from spe.org.
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