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.
