PetroChina SEC Reserves Estimation Seminar(中国石油储层预测研讨会英文)资料.pptVIP

Fundamental Basis of Reserves Estimates Oil and gas reserves are based on interpretation of geologic and engineering data available at the time of the estimate Time of the estimate – “as of date”. Reserve Definitions What are reserves? Estimated volumes of crude oil, condensate, natural gas, and liquid petroleum gas that meet specific criteria. How are the volumes estimated and what is the specific criteria? Differs depending on whose definitions are used. Reserves Definitions Through Time 1936-1964 : American Petroleum Institute (API) 1939-present : DeGolyer and MacNaughton 1964-1980 : Societ