Oil & Gas Reserves Evaluations
A reserves evaluation is the process of forecasting estimated petroleum volumes, often called future production profiles, anticipated to be commercially, economically and technically recoverable from producing and planned wells in known oil and gas accumulations. The consultant classifies oil and gas reserves as proved, probable and possible. Proved has the highest certainty level that an estimate of ultimate recovery will be reached or exceeded. Probable and possible have relatively lower confidence levels, respectively.
In the upstream petroleum industry, managers base their decisions on reserves numbers derived from technical and economic analyses. Whether it’s estimated petroleum reserves, future production rates or expected net income, management often needs outside reassurances that those figures are reliable. So they turn to Ryder Scott for a comprehensive, reliable reserves evaluation.