The Canada-Newfoundland and Labrador Offshore Petroleum Board
(C-NLOPB) has recently completed a review and update of the Reserves and Resources definitions used when calculating oil in producing fields, as well as in pools and fields that have not yet been developed or approved by the C-NLOPB. Reserves and Resources have now been separated to provide greater clarity between the two. The following two definitions are now being used in the C-NLOPB’s Reserves and Resources tables:
“Reserves” are the volumes of hydrocarbons proven by drilling, testing and interpretation of geological, geophysical and engineering data, that are considered to be recoverable using current technology and under present and anticipated economic conditions. Oil reported for Hibernia, Terra Nova, White Rose and North Amethyst Fields are classified as reserves.
“Resources” are the volumes of hydrocarbons expressed at 50% probability assessed to be technically recoverable that have not been delineated or have unknown economic viability. The classification of resources includes gas, Natural Gas Liquids (NGLs), and oil in pools and fields that have not yet been developed or approved by the C-NLOPB.
Media Contact:
Sean Kelly M.A., APR, FCPRS
Manager of Public Relations
(709) 778-1418
(709) 689-0713 (cell)
skelly@cnlopb.nl.ca