Posts Tagged ‘oil reserves’

Ecopetrol to develop Colombia East Cano Sur heavy crude oil field

Ecopetrol to invest $6.5 billion in exploration-production In 2014, the Colombia national oil company (NOC) Ecopetrol SA (Ecopetrol) has announced to invest more than $6.5 billion capital expenditure into exploration and production including the development of the East Cano Sur heavy crude oil field in Puerto Gaitan. Overall, Ecopetrol is […]

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Tullow approaches decision on Ghana TEN FPSO project

Modec and SBM in competitive FEED final for TEN The UK-based Tullow Oil plc (Tullow) and its partners Kosmos Energy (Kosmos) from USA, Anadarko Petroleum (Anadarko) from USA, Sabre Oil and Gas (Sabre) from USA, and the local Ghana National Petroleum Corporation (GNPC) are approaching the time for decision on […]

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WorleyParsons and Intecsea to design Chevron Rosebank FPSO

Chevron Rosebank to unlock one fifth of UK’s reserves Chevron and its partners Statoil from Norway, OMV from Austria and Dong Energy (Dong) from Denmark selected WorleyParson and its subsidiary Intecsea to perform the front end engineering and design (FEED) of the facilities to develop the offshore Rosebank project in […]

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Recoverable Reserves

Definition Recoverable reserves are defined as the proportion of resources, here oil and gas, that can be technically, economically and legally possible to extract. The recoverable reserves may also be called proven reserves. Comments The recoverable reserves may be far different from the total resources called total Petroleum Initially-In-Place (PIIP). This Petroleum Initially-In-Place (PIIP) is an […]

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Proven reserves

Definition Proven reserves is an industry term that means oil or gas that has been discovered and could be produced with today’s technology. Comments The world consumes about 89 million barrels of oil per day, or 32.5 billion barrels per year. The industry describes a field as giant if it […]

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