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.

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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 fields have estimated oil and gas in place volumes of 1.2 billion barrels of oil equivalents and certified 2P reserves of 144 million barrels of oil equivalents.
As of 31 December 2018, the Utrenneye field's 2P reserves under PRMS totaled 1,138 billion cubic meters of natural gas and 57 million tons of liquids.
As stated in the ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇▇▇ Canada Limited Report, the Pilona field has remaining Working Interest 2P reserves of 490 mboe and Working Interest 2C marginal contingent resources of 343 mboe and Working Interest 2C undetermined contingent resources of 373 mboe.
The Company also reduced its unaudited estimate of recovery from the two existing Lancaster Early Production System ▇▇▇▇▇ from 37.3MMbbls to 16.0 MMbbls and estimated its remaining 2P reserves at the Lancaster Area at 9.4MMbbls.
That said, the net 2P reserves of Kongnan represents only about 2.6% of Group’s total net 2P reserves of barrels of oil equivalent as of year end 2013.
Since the acquisition of PCR in December 2012 from Sunwing Energy Limited, an indirect wholly-owned subsidiary of Ivanhoe Energy Inc., the Company has successfully implemented effective reservoir management and applied advanced technical expertise to enhance Kongnan’s net 2P reserves from 2.03 mmbbls as of year end 2012 to 5.09 mmbbls as of year end 2013.

More Definitions of 2P reserves

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, 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 Parent) 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 and in consultation with the Parent) and as approved by the Majority Lenders).

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 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;

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

2P reserves means proved and probable gas reserves.