What are PUD reserves?
PUD Reserves means Proven Reserves which are categorized as “Undeveloped” in the definitions promulgated by the Society of Petroleum Evaluation Engineers and the World Petroleum Congress as in effect at the time in question.
What is PUD in oil and gas?
The original definition of a PUD was not complicated: “Proved undeveloped oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
How much unproven oil reserves are there?
It is estimated that our proven reserves are on the order of 1.5 trillion barrels of oil, and unproven reserves are thought to be in the range of 3 trillion barrels.
What are PUD Wells?
PUD Wells means the horizontal natural gas development wells to be drilled by ECA to the Marcellus Shale formation within the “Area of Mutual Interest,” or “AMI”, described in the Prospectus and located in Greene.
What are proved undeveloped reserves?
Proved undeveloped reserves — Proved undeveloped oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
What is PDP oil?
PDP Reserves means “proved developed producing oil and gas reserves” as such term is defined by the SPE in its standards and guidelines.
What are proved oil reserves?
Proved oil and gas reserves — Proved oil and gas reserves are the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
What is the difference between proved reserves and unproven reserves?
In the oil and gas sector, proven reserves have a reasonable certainty of being recovered, while unproven reserves have a decreased level of certainty in being recovered. Recoverable oil reserves are the amount of oil that can reasonably be recovered given current technical and economic conditions.
How many years oil is left in the world?
World Oil Reserves The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
Will the earth run out of oil?
Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.