June 2011
Intermediate to advanced
236 pages
6h 25m
English
Content preview from Investing in Energy: A Primer on the Economics of the Energy IndustryBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Industry Nomenclature
The oil and gas industry has established the convention of referring to the quality of reserves as 1P, 2P, and 3P. Proven reserves are known as 1P reserves. Those reserves categorized as proven and probable are 2P reserves. Those reserves which are deemed to be proven, probable, and possible are 3P reserves.
Table 6.1 refers to reserves which are deemed to be probable and possible, which are, by definition, considered unproven. As such, unproven reserves are categorized as 2P or 3P reserves. Every oil and gas producer will report its 1P, 2P, and 3P reserves as part of its comprehensive annual financial disclosures with U.S. regulatory authorities. These disclosures will be in the annual report, 10K, 10-Q, and 20-F filings. ...
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