Posts Tagged ‘Possible reserves’

Tullow nears development decision on Namibia Kudu Gas-To-Power

After years delay Tullow wants Kudu money back After years of uncertainty and delays, the London-based Tullow Oil plc (Tullow) and its partners, Itochu Corporation (Itochu) from Japan and the National Petroleum Corporation of Namibia (Namcor), are decided to move the Kudu Gas-To-Power project ahead in Namibia. Located 130 kilometers […]

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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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