News Releases 2011

New Definitions for Reserves and Resources

For Immediate Release
June 3, 2011

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


News Releases 2011

DateUpdate
2011, Dec 22Corridor Environmental Assessment for Exploration Licence 1105 Filed with Independent Reviewer
2011, Dec 21C-NLOPB Invites Comments on Draft Scoping Document for Western Newfoundland and Labrador Offshore Area Strategic Environmental Assessment Update
2011, Nov 16C-NLOPB Releases Results for 2011 Calls for Bids NL11-01, NL11-02 and NL11-03
2011, Nov 2Corridor Environmental Assessment for Exploration Licence 1105 Filed with the C-NLOPB
2011, Nov 1C-NLOPB Conducts Offshore Safety Forum
2011, Oct 18Offshore Incident Reporting by Operators Consistent with other Industries
2011, Oct 14C-NLOPB Comments on S-92 Helicopter Incident in Gulf of Mexico
2011, Oct 52011 Call for Nominations
2011, Sep 21C-NLOPB Comments on Bristow Norway S-92A Grounding
2011, Aug 25C-NLOPB Announces Independent Review of Proposed Drilling on Exploration Licence 1105 (Old Harry)
2011, Aug 19C-NLOPB Releases 2010-11 Annual Report
2011, Aug 18C-NLOPB Responds to Offshore Helicopter Safety Inquiry Phase II Report
2011, Aug 16C-NLOPB to Conduct Extensive Public Consultations on EL 1105 (Old Harry) Proposal
2011, Aug 15C-NLOPB Releases Offshore Helicopter Safety Inquiry Report, Phase II
2011, Jul 6C-NLOPB Appoints Miller Ayre as Commissioner for Hebron Development Application Public Review
2011, Jul 4C-NLOPB Sets the Record Straight on AG Audit Request
2011, Jun 13C-NLOPB Recommends a Mediator or Panel Review of Proposed Old Harry Exploration Well in the Gulf of St. Lawrence
2011, Jun 6Drilling and Production Guidelines Updated
2011, Jun 3New Definitions for Reserves and Resources
2011, Jun 3C-NLOPB Releases Further Documentation Relating to the Hebron Development Plan Application
2011, May 16Hebron Benefits Plan Filed with the C-NLOPB
2011, May 12C-NLOPB Announces 2011 Calls for Bids
2011, Apr 21Hebron Development Application Filed With the C-NLOPB
2011, Apr 5C-NLOPB Responds to Criticism about Spill Reporting
2011, Mar 15C-NLOPB says it was not Notified of Board Appointment
2011, Feb 25Canadian Environmental Assessment Act Draft Scoping Document Exploration Drilling Project – EL 1105
2011, Feb 9C-NLOPB Says it will Review the TSB Report and Decide Next Steps