Proved Reserves

Proved reserves are the estimated quantities of oil, gas, and other hydrocarbons that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved reserves are the most certain category of reserves and are used by industry analysts and investors to evaluate the value of an oil and gas company. The estimation of proved reserves involves a comprehensive analysis of geological, geophysical, and engineering data, and is subject to a degree of uncertainty due to factors such as future prices, technological advancements, and changes in regulations.
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