2007 reserves and resources proposed
Posted: 30 October 2006
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Culminating two years of work to establish internationally accepted guidelines, the Society of Petroleum Engineers has posted the proposed 2007 petroleum reserves and resources classification, definitions and guidelines on its website for general industry comment.
The document is sponsored jointly with the World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers. The sponsoring organisations are seeking broad international input from their membership by 1 February 2007, before presenting the definitions to their boards for final approval.
The proposed guidelines are now in common use internationally and provide the subjective nature of resources estimation. ´However, the technologies employed in petroleum exploration, development, production and processing continue to evolve.ˇ Jaleel Al-Khalifa, 2007 SPE president, said.
´In addition, the growth of the international petroleum industry and the expanding contribution of unconventional hydrocarbon assets to the worldwide resource base necessitated a re-examination of the existing system.ˇ
The draft definitions can be viewed at www.spe.org/reserves |
