MMBOE.
One million BOE.
MMBtu.
One million British thermal units.
MMcf.
One million cubic feet of gas.
NYMEX.
New York Mercantile Exchange.
Oil.
Crude oil, condensate and natural gas liquids.
Operator.
The individual or company responsible for the exploration and/or production of an oil or gas
well or lease.
Play.
A geographic area with hydrocarbon potential.
Probabilistic estimate
. The method of estimation of reserves or resources is called probabilistic when
the full range of values that could reasonably occur for each unknown parameter (from the geoscience
and engineering data) is used to generate a full range of possible outcomes and their associated
probabilities of occurrences.
Probable reserves.
Probable oil and gas reserves are those quantities of oil and gas that are less
certain to be recovered than proved reserves, but which, together with proved reserves, are as likely as
not to be recovered.
When deterministic methods are used, it is as likely as not that actual remaining quantities recovered
will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used,
there should be at least a 50% probability that the actual quantities recovered will equal or exceed the
proved plus probable reserves estimates.
Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data
control or interpretations of available data are less certain, even if the interpreted reservoir continuity of
structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be
assigned to areas that are structurally higher than the proved area if these areas are in communication
with the proved reservoir.
Probable reserves estimates also include potential incremental quantities associated with a greater
percentage recovery of the hydrocarbons in place than assumed for proved reserves.
The proved plus probable reserves estimate must be based on reasonable alternative technical and
commercial interpretations within the reservoir or subject project that are clearly documented, including
comparisons to results in successful similar projects.
Where direct observation has defined a highest known oil, or HKO, elevation and the potential exists
for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of
the reservoir above the HKO only if the higher contact can be established with reasonable certainty
through reliable technology. Portions of the reservoir that do not meet this reasonable certainty
criterion may be assigned as probable oil or gas based on reservoir fluid properties and pressure
gradient interpretations.
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