What is 1P 2P and 3P reserves?

“1P reserves” = proven reserves (both proved developed reserves + proved undeveloped reserves). “2P reserves” = 1P (proven reserves) + probable reserves, hence “proved AND probable.” “3P reserves” = the sum of 2P (proven reserves + probable reserves) + possible reserves, all 3Ps “proven AND probable AND possible.”

What are P2 reserves?

2P reserves are the total of proven and probable reserves. Proved reserves are likely to be recovered, whereas probable reserves are less likely to be recovered than proved reserves. The sum of proved and probable reserves is represented by 2P.

What is a contingent resource?

Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable.

What are PDP reserves?

Proved Developed Producing (PDP) reserves are defined by the OJFG as “the estimated remaining quantities of oil and gas anticipated to be economically producible, as of a given date, by application of development projects to known accumulations under existing economic and operating conditions.”

What does 3P mean in oil and gas?

proven, probable, and possible reserves
What Are 3P Oil Reserves? 3P oil reserves are the total amount of reserves that a company estimates having access to, calculated as the sum of all proven and unproven reserves. The 3Ps stand for proven, probable, and possible reserves.

What are 3P assets?

As the name explains, Full 3P Asset Management covers a full range of asset management services for aviation investors, namely: Technical support during the asset acquisition process (pre-purchase technical inspections, appraisals, paperwork review, contract negotiations, etc.)

What are the three categories of reserves?

The 3Ps stand for proven, probable, and possible reserves.

How many types of oil reserves are there?

There are 3 main reserve categories under the Society of Petroleum Engineers (SPE) definition: proved; probable and possible reserves. For an oil or gas deposit to be classified as “reserves,” you first need to establish technical and commercial certainty of extraction using existing technology.

What are probable resources?

probable reserves: the economically mineable part of a measured and/or indicated resource for which at least a preliminary feasibility study demonstrates that, at the time of reporting, economic extraction could be reasonably justified with a degree of confidence lower than that applying to proven reserves.

What is 2P and 2C reserves?

3P reserves Defined by the internationally-recognised Petroleum Resources Management System as 2P (proven reserves plus probable reserves) plus 3P (possible reserves). 2C reserves Defined by the internationally-recognised Petroleum Resources Management System as the best estimate of contingent resources.

What are the three types of oil reserves?

The 3Ps stand for proven, probable, and possible reserves. The oil industry breaks unproven reserves into two segments: those based on geological and engineering estimates from established sources (probable) and those that are less likely to be extracted due to financial or technical difficulties (possible).

Is Amazon 1P or 3P?

1P refers to a first-party relationship with Amazon, while 3P is a third-party relationship. They both deal with how much control you have over selling your product on the Amazon marketplace.

What does 1P mean for Amazon?

first-party relationship
In a 1P or first-party relationship, Amazon buys your product wholesale and handles most of the selling details. In a 3P or third-party relationship, you’re an independent seller on Amazon’s marketplace, which gives you both more control over your brand and more responsibility for logistics.

What is 2P in mining?

Related Definitions 2P reserves means proved plus probable reserves. “Proved reserves” are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

What is the difference between 1P and 2P reserves?

The term 1P is frequently used to denote proved reserves, 2P is the sum of proved and probable reserves and 3P the sum of proved, probable and possible reserves. The best estimate of recovery from committed projects is generally considered to be the 2P sum of proved and probable reserves.

Who owns the most oil?

How the accessibility of oil reserves impacts profitability. Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.

What are 3P reserves?

3P oil reserves are the total amount of reserves that a company estimates having access to, calculated as the sum of all proven and unproven reserves. The 3Ps stand for proven, probable, and possible reserves.

What are the 3 types of mineral resources?

Minerals in general have been categorized into three classes’ fuel, metallic and non-metallic. Fuel minerals like coal, oil and natural gas have been given prime importance as they account for nearly 87% of the value of mineral production whereas metallic and non-metallic constitutes 6 to 7%.

Is household gas natural gas?

So, kind or type of gas used in homes is either propane, butane or a mixture of the two. The other type of gas used in homes is natural gas (mains gas) or CNG, both of which are methane. Propane, butane and natural gas are all hydrocarbon gases.

What is Amazon 2P?

A second party (2P) seller is an Amazon supplier that is not the manufacturer of the product; Amazon is the MOR but they sourced the inventory through a reseller. 2P is less common and is typically used by Amazon to supplement their inventory. These items also appear with the label “Ships from and sold by Amazon.com”.