proved reserves


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Proved Reserves

The estimated amount of a natural resource, especially an energy resource, that has been measured with reasonable certainty and is obtainable with existing equipment and under current operating conditions. Proved reserves are important to energy companies that wish to extract as much of a resource as possible at the least amount of risk. See also: Developmental oil and gas partnership.

proved reserves

The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources.
References in periodicals archive ?
crude oil and lease condensate proved reserves reached the topmost level since 1972, and natural gas proved reserves exceeded last year's record level.
Proved reserves are estimated volumes of hydrocarbon resources considered with reasonable certainty to be recoverable under existing economic and operating conditions.
total) of proved reserves of crude oil and lease condensate in 2012.
As of 30 September 2010 approximately 60% of the company's total proved reserves, or 62.
I am pleased that our total additions to proved reserves from extensions and discoveries were 200 percent of our record 2008 production.
At the current rate of consumption, it appears that the world's proved reserves will be consumed in approximately 30 or 40 years.
The annual reporting of proved reserves is the product of the corporation's long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.
Louisiana, Arkansas, Texas, Oklahoma, and Pennsylvania were the leading states in adding new proved reserves of shale gas during 2009," he said.
The company's independent petroleum engineers estimated at 31 December 2009 the present value of its estimated future net revenues from proved reserves discounted at 10%, to be USD137.
The prices used to calculate proved reserves for year-end 2008, when Pioneer's proved reserves were last reported, were $44.
The company has reported a preliminary estimate of year-end 2008 proved reserves of around 12.
Additions to proved reserves from all sources replaced 2007 production of 1.