pete 353 exam 2 questions & answers 2024/2025
Classifications of commeriality - ANSWERSProspective, contingent, reserves, production
Range of uncertainty - ANSWERS1P (most conservative), 2p, 3p
Project is applied - ANSWERSto a specific reservoir volume
Property includes - ANSWERScontr...
Classifications of commeriality - ANSWERSProspective, contingent, reserves, production
Range of uncertainty - ANSWERS1P (most conservative), 2p, 3p
Project is applied - ANSWERSto a specific reservoir volume
Property includes - ANSWERScontractual rights and obligations
Reservoir - ANSWERSrepresents the technical volume calculation before economic issues
Project represents - ANSWERSthe plan & actions to recover petroleum
A project can be - ANSWERSdevelopment of single well, reservoir, or field
incremental development in producing field
integrated development of several fields with common ownership
Prospective range of uncertainty - ANSWERSLow --> best estimate --> high
Prospective resources - ANSWERSQuantities of petroleum which are estimated at a given date to be
recoverable from UNDISCOVERED ACCUMULATIONS
Contingent resources - ANSWERSQuantities of petroleum estimated to be potentially recovered from
KNOWN ACCUMULATIONS of development projects but not currently commercially recoverable
, Reserves - ANSWERSQuantities of petroleum anticipated to be COMMERCIALLY recoverable by
application of development projects
Reserves must be... - ANSWERSDiscovered
Recoverable
Commercial
Remaining
To become contingent from prospective - ANSWERSmust acquire a discovery (accumulation penetration
at a well) and evidence of moveable hydrocarbons exists
To become reserves from contingent - ANSWERSRequires commerciality
"does this make sense test" - ANSWERSIf total production is higher than actual acreage, then it doesn't
make sense. Re-evaluate
PRMS - ANSWERSPetroleum Resource Management System
Reserves Maturity Sub-classes - ANSWERSJustified for development --> Approved for Development -->
On production
Contingent Resources - ANSWERSDevelopment not viable --> Development unclarified or on hold -->
Development pending
Prospective resources maturity sub-classes - ANSWERSPlay --> Lead --> Prospect
When a project is commercial, this implies - ANSWERSthat the essential social, environmental and
economic conditions are met (including political and legal shit) AND TO BE TIMELY
Only classification for accounting and reporting - ANSWERSReserve classification in PRMS
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