Oil And Gas Reserves
Oil and gas reserves refer to the estimated amount of oil and gas that can be extracted from a particular location using current technology and economic conditions. These reserves are typically categorized into proved, probable, and possible reserves based on the level of certainty surrounding their existence and recoverability. Proved reserves are those that have a high degree of certainty of being recoverable, while probable and possible reserves have lower levels of certainty. The estimation of oil and gas reserves is a critical component of the exploration and production process, as it helps companies determine the potential profitability of a particular project or investment.
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