If a reserve is considered to be proven, this does not guarantee a successful operation. After the total reserves of a piece of land are determined, the oil company makes a decision whether or not to pursue drilling. The initial seismic test is considered a sunk cost.
Total Reserves = Proven + Probable (unproven)
Investment dictionary. Academic. 2012.
Look at other dictionaries:
proven reserves — ➔ reserves * * * proven reserves UK US noun [plural] (also proved reserves) ► NATURAL RESOURCES the amount of gas or oil that is known to exist under the surface of the earth or under the sea and that is available for future use: »In 2007, Canada … Financial and business terms
proven reserves — proved reserves or proven reserves, the amount of oil or natural gas that can be removed profitably from available sources: »In considering resources of oil and gas one encounters a category that has no exact counterpart in world coal statistics; … Useful english dictionary
List of countries by natural gas proven reserves — This is a list of countries by natural gas proven reserves based on The World Factbook. Based on data from BP at the end of 2009 proved gas reserves are dominated by three countries: Russia (24 %), Iran (16 %) and Qatar… … Wikipedia
List of countries by oil proven reserves — This is a list of countries by proven reserves of oil mostly based on The World Factbook [https://www.cia.gov/library/publications/the world factbook/rankorder/2178rank.html] accessed in September 2007 … Wikipedia
reserves — Part of shareholders funds on a company s balance sheet. All parts of shareholders funds apart from share capital are reserves, such as the share premium account, the profit and loss account and the revaluation reserve. Dresdner Kleinwort… … Financial and business terms
Réserves pétrolières — Réserve pétrolière ██████████ … Wikipédia en Français
Oil reserves — Proven Oil Reserves, as published by the CIA Factbook, 2009 The total estimated amount of oil in an oil reservoir, including both producible and non producible oil, is called oil in place. However, because of reservoir characteristics and… … Wikipedia
Oil reserves in Venezuela — Orinoco Oil Belt assessment unit, USGS The proven oil reserves in Venezuela are claimed to be the largest in the world, according to an announcement in early 2011 by President Hugo Chavez and the Venezuelan government. The reported proven… … Wikipedia
Oil reserves in the United States — United States oil reserves peaked sharply in 1970 Proven oil reserves in the United States are 21 billion barrels (3.3×10^9 m3), excluding the Strategic Petroleum Reserve. The U.S. Department of the Interior … Wikipedia
Oil reserves in Saudi Arabia — Reported proven reserves for Saudi Arabia (blue) and Venezuela (red) Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels (42×10^9 m3) (Gbbl hereafter) including 2.5 Gbbl in the … Wikipedia