Petroleum Resource and Reserve

Define petroleum resource.

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Define petroleum reserve.

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Which four of these are the criteria for reserves?

• Located in the subsurface

• An undiscovered resource

• Commercially viable

• A discovered resource

• Recoverable

Define Total Petroleum Initially-in-Place.

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Why is the equation for Oil Initially-in-Place is divided by Formation Volume Factor?

• Because oil expands at surface conditions

• Because oil shrinks at surface conditions

• Because oil shrinks at subsurface conditions

Why is the equation for Gas Initially-in-Place is multiplied by Formation Volume Factor?

• Because gas expands at surface conditions

• Because gas shrinks at surface conditions

• Because gas expands at subsurface conditions