DEFINITION OF PETROLEUM RESERVES

1
SPE/WPC/AAPG joint definitions
PRODUCTION
Producing
RESERVES
COMMERCIAL
Being developed
Proved Probable Possible (3P)
Proved Probable (2P)
Development planned
Proved (1P)
Discovered Petroleum-Initially-in-Place
Technology proved
CONTINGENT RESOURCES
Technology not proved
Best Estimate
SUB- COMMERCIAL
PETROLEUM-INITIALLY-IN-PLACE
Low Estimate
HIgh Estimate
Non commercial
Unrecoverable
PROSPECT
PROSPECTIVE RESOURCES
LEAD
Undiscovered Petroleum-Initially-in-Place
Best Estimate
Low Estimate
HIgh Estimate
PLAY
Unrecoverable
Not to scale