MINERAL AND ENERGY RESOURCES (COMMON PROVISIONS) REGULATION 2016 - REG 37 Definitions for chapter
MINERAL AND ENERGY RESOURCES (COMMON PROVISIONS) REGULATION 2016 - REG 37
Definitions for chapter37 Definitions for chapter
In this chapter—
"P50 petroleum reserves" means petroleum reserves for which there is at least
a 50 per cent probability that the quantities actually recovered will equal or
exceed the best estimate of production within the meaning of the SPE code.
"SPE code" means the document called ‘Petroleum Resources Management
System’ published in 2007 by the Society of Petroleum Engineers.