Petroleum Reserves & Resources Definitions
Oil and gas that have been discovered, but not yet produced, cannot be readily measured. Trapped in the pore spaces of rock, thousands of feet below the surface, the amount of oil or gas in a reservoir cannot be measured with precision. But it is very important to have a good estimate of the amount of oil or gas that may lie in the reservoir. A company cannot evaluate whether a discovered field will be economic to develop without estimating the amount of production that it may obtain over time to balance against the investment required. Oil and gas reserves are a substantial asset on a company's balance sheet. Without a common approach to classification and estimation of oil and gas, it would be impossible to know whether those assets were comparable from one company to another.
Petroleum Resources Management System
Approved by the SPE Board in March 2007, this new system for defining reserves and resources was developed over more than two years, working with WPC, AAPG, and SPEE. An archive of the prior definitions is also available.
Mapping of Reserve Definitions
Around the world, government agencies and other organizations use slightly different definitions. This mapping provides a comparison of many of these definitions.
Estimating and Auditing Standards for Reserves
To assist those responsible for estimating reserves, or auditing those estimates, a standard approach has been outlined, along with minimum qualifications for those involved in reserves auditing.
Committee Activities
Learn more about the Oil & Gas Reserves Committee's ongoing activities to work with other groups on a common set of definitions. The Reserves Education Committee provides outreach in communicating changes in the definitions and working toward a common definition.
