Oil and Gas Reserves Classification Quiz

Proven reserves are the quantities of oil and gas that geological and engineering data demonstrate with reasonable certainty to be recoverable from known reservoirs. These reserves have a high degree of confidence and are considered economically viable.

Probable reserves are the estimated quantities of oil and gas that are likely to be recoverable with a lower level of certainty than proven reserves. They are based on geological and engineering data but may involve some degree of interpretation or risk.

Possible reserves are the quantities of oil and gas that are less certain to be recoverable than proven or probable reserves. They are based on a preliminary evaluation and are subject to a higher degree of risk and uncertainty.

<p>Oil and gas reserves are typically expressed in terms of barrels (oil) or cubic feet (gas).</p> Signup and view all the answers

<p>Oil and gas reserves are estimated through a combination of geological studies, seismic surveys, well data, and reservoir modeling techniques.</p> Signup and view all the answers