About this document
Understanding 3P Oil & Gas Reserves by Revaz Jagatlaga is a document available to read on EtoBox.
3P oil and gas reserves refer to the combination of proved, probable, and possible reserves as defined by the Society of Petroleum Engineers (SPE). Proved reserves have a 90% certainty of commercial extraction, probable reserves have 50% certainty, and possible reserves have 10% certainty. While proved and probable reserves are commonly reported, reporting of 3P reserves is not required by all governing bodies. However, 3P reserves can provide important information about a company
- Author
- Revaz Jagatlaga
- Language
- EN