Proven Reserves, or 1P, is the amount of oil or gas in a reservoir that can be recovered using current technology. There are two types of proven reserves: developed and undeveloped. Several methods are used to estimate proved reserves, but no method is completely accurate. The countries with the largest proven reserves are Saudi Arabia, […]
Proven reserves refer to the amount of oil or gas in a tank that is recoverable using current technology. There are two types: developed and undeveloped. Methods for estimating reserves include decline curve analysis, volumetric method, and material balance method. Some countries and companies may overstate their reserves for economic reasons. Proven reserves, or 1P, […]
