New method proposed for figuring oil, gas reserves

11/01/2004
Sam FletcherA new framework for assessing oil and natural gas reserves should be implemented for better estimation, increased accuracy, and improved production and income potential, said analysts in two briefing papers recently issued through the Royal Institute of International Affairs, also known as Chatham House, London.The institute said the United Nations Framework Classification for Energy and Mineral Resources (UNFC) "offers a clear identification of the different effects of economics, project feasibility, and geology," based on professional guidelines developed by the Society of Petroleum Engineers and the World Petroleum Congress for estimating oil and gas reserves. Experts under...
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