2P reserves definition

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. "Probable reserves" are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

2P reserves means, in relation to a Borrowing Base Asset, those quantities of Hydrocarbons which are deemed to be recoverable from the Field comprised in such Borrowing Base Asset as “Proved-plus-Probable Reserves” in accordance with the June 2018 SPE / WPC / AAPG / SPEE / SEG / EAGE / SPWLA Petroleum Resources Management System (provided that if such guidelines are modified after the date of this Agreement and as a result of such modification, the Technical Bank (acting reasonably and in consultation with the Borrower) is of the opinion that such definition of the term “2P Reserves” will need to be modified to take account of the modification to the Petroleum Resources Management System, then such definition shall be modified as required by the Technical Bank (acting reasonably in consultation with the Borrower)) and as approved by the Majority Lenders;

2P reserves means the sum of Proved Reserves and Probable Reserves.

Examples of 2P reserves in a sentence

• The Company also has an option to purchase, within one year of the above-mentioned 2.5% transfer from the majority owner, a further 2.5% ownership interest in KUB Holdings at a price equal to 2.5% of the net present value of 2P reserves of KUB-Gas at a 10% discount at the time of exercise.

• The estimated liability based on current 2P reserves has been provided for in the Group’s Balance Sheet (see Note 18).

• Depletion is calculated on a UOP basis based on the 2P reserves of the asset.

• The estimated liability based on current 2P reserves has been provided for in the Group’s Balance Sheet – see Note 18 Provisions of the Financial Statements.

• In addition, there is contingent consideration of US$20,000,000 after the acquisition of Nio (Sabah) Limited which will be determined based on 2P reserves associated with an approved FDP on Blocks SB307 and SB308 in Malaysia.

• The Group’s average daily production on a working interest basis for the year ended 31 December 2017 was 37,405 boepd and its net 2P reserves were 210 MMboe as of 31 December 2017.

• The remaining 2P reserves are measured by external independent petroleum engineers.

• All impairment assessments are prepared on a value-in-use basis using discounted future cash flows based on 2P reserves profiles.

• Under US GAAP, E&E costs can only be capitalized when Barrick has declared US 2P reserves in accordance with Industry Guide 7 issued by the US SEC.

• Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets.

More Definitions of 2P reserves

2P reserves means the sum of proved and probable reserves, estimated using production performance methods as set forth in the Owner’s most recent Reserve Report.

2P reserves means “probable mineral reserve” and “proven mineral reserve” as such terms are defined by the Canadian Institute of Mining, Metallurgy and Petroleum as the CIM Definition Standards on Mineral Resources and Mineral Reserves Adopted by the CIM Council, as those definitions may be amended.

2P reserves means the sum of the Proved plus Probable Reserves, denotes the best estimate scenario of Reserves.

2P reserves means those quantities of petroleum which, by analysis of geographical and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and government regulations, and “2P Liquids Reserves” and “2P Oil Reserves” shall be interpreted accordingly;