The classification of petroleum resources occurs within the entity conducting the assessment. However, the society of petroleum engineers in co-sponsorship with other organizations developed the guidelines for classification of petroleum resources. The SPE-PRMS bases classification on the discovery of the petroleum resource, its probability of extraction, and the possible quantity of the supply. Project-based categorization puts into consideration the risk of geologic discovery, the commerciality, and the uncertainties of the project. According to the SPE-PRMS (2018), petroleum resources can either be discovered or undiscovered. Recoverable resources are the producible quantities of petroleum products. Unrecoverable product classification refers to the amounts of petroleum whose chance of recoverability under current defined projects is not available. Classification of recoverable resources includes several classes.

Production is a classification that encompasses the quantities of petroleum products already recovered. Reserves are quantities of discovered, commercially recoverable, and remaining petroleum products. The SPE-PRMS (2018) categorizes reserves as either proved (P90), probable (P50), or possible (P10). The classification is based on probability or uncertainty of quantities. Contingent resource is a classification that incorporates the amounts of petroleum that are potentially recoverable but are currently not commercially recoverable. Prospective resources are quantities of that are only recoverable by application of future development projects. The reliability of the estimates relies on the data source. Hence, organizations use different methods for resource assessment. These methods include deterministic, geostatistical, probabilistic, integrated, and aggregation methods of evaluation. The SPE-PRMS (2018) provides a guideline for the classification of petroleum into various classes and subclasses. The processes of petroleum resource classification rely on the available analytical procedures, measures, and project viability at a given point in time.

References

SPE-PRMS. (2018). Petroleum Resources Management system.

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