Work out reserves estimate instantly with clear inputs, formula shown and shareable results.
Reserves are the recoverable fraction of oil in place less what has already been produced: EUR = OOIP x recovery factor, and remaining reserves = EUR - cumulative production. Depletion percentage shows how far through its life the field is, which drives investment and abandonment planning.
Reserves
EUR = OOIP x recovery factor; remaining reserves = EUR - cumulative production
Reserves classification and reporting must follow the applicable framework such as PRMS or SEC rules and be certified by a qualified reserves evaluator.
Reserves are commercially recoverable with existing technology under current economics and require a defined development plan. Contingent and prospective resources lack one or more of those conditions.
Because they depend on price, cost and technology as much as on geology. A price fall can move barrels from reserves to contingent resources with no change in the reservoir.