Occidental Petroleum 2012 Annual Report Download - page 126

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PETROLEUM RESERVES STATUS DEFINITIONS AND GUIDELINES
As Adapted From:
RULE 4-10(a) of REGULATION S-X PART 210
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)
and
PETROLEUM RESOURCES MANAGEMENT SYSTEM (SPE-PRMS)
Sponsored and Approved by:
SOCIETY OF PETROLEUM ENGINEERS (SPE)
WORLD PETROLEUM COUNCIL (WPC)
AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS (AAPG)
SOCIETY OF PETROLEUM EVALUATION ENGINEERS (SPEE)
 



DEVELOPED RESERVES (SEC DEFINITIONS)


Developed oil and gas reserves are reserves of any category that can be expected to be recovered:
(i) Through existing wells with existing equipment and operating methods or in which the cost of the required
equipment is relatively minor compared to the cost of a new well; and
(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate
if the extraction is by means not involving a well.
Developed Producing (SPE-PRMS Definitions)


Developed Producing Reserves
Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing
at the time of the estimate.
Improved recovery reserves are considered producing only after the improved recovery project is in operation.
