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.
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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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
The total value of proven reserves of this first part of the acquisition is $40,830,402.
Their proven reserves were then estimated at 1.1 TCF.
Proven reserves of conventional natural gas remain close to the 190 TCF figure given in recent years.
Of the proven reserves of non-associated gas, 1 TCF had been reserved for domestic use and the rest is for export in LNG form.
"The discovery of these fields testifies to an increase in the proven reserves of natural gas in the Galkynysh super-giant oil field," the statement said.
In fact, after burning way more than all our proven reserves as of 33 years ago, our current proven reserves amount to L6 trillion barrels.
There are over 200bn barrels of oil in place in Abu Dhabi yet to be fully appraised for future development, with proven reserves put at more than 92bn barrels.
Iraq signed a $128-million gas pipeline deal and issued a tender to develop an oilfield in the south with proven reserves of more than four billion barrels, the latest steps in its efforts to ramp up output.
The company posted proven reserves at 2.35 million barrels of oil equivalent, up 36 percent in 2011, and probable reserves increased by 150 percent to 12.12 MMboe from December 31, 2010.
The definition is less strict than for proven reserves. Only both technically and economically recoverable proven reserves can be actually tapped for production.
Today, the 12 members of OPEC sit atop just over three quarters of the world's proven reserves - more than 1 trillion barrels of crude.