Oil and gas reserves and resource quantification

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Oil and gas reserves and resource quantification refers to the process of estimating the quantities of hydrocarbons present in subsurface accumulations and assessing the portion that can be economically recovered. In the petroleum industry, a distinction is made between resources, which represent the total estimated volume of hydrocarbons in place, and reserves, which are the quantities expected to be commercially recoverable under existing economic, technological, and regulatory conditions. Estimates are based on geological, engineering, and economic data and are inherently uncertain, typically expressed using probabilistic methods. As additional information becomes available or as economic and technological conditions change, estimates may be revised. Standardized classification systems, such as the Society of Petroleum Engineers Petroleum Resources Management System (PRMS), are used to categorize reserves and resources according to their level of certainty and commercial viability.

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