Abstract
In February of 1987 the Society of Petroleum Engineers, SPE, approved its 'Definitions for Oil and Gas Reserves' and, during the same year, the 'Classification and Nomenclature Systems for Petroleum and Petroleum Reserves' of the World Petroleum Congress (WPC) was approved as the 12th WPC. Both, the SPE and WPC's Reserves Definitions were the result of extensive research throughout all sectors of the Oil Industry in most of the oil producing countries.
Even though there was no coordination or discussion between the two groups responsible for these efforts, the concepts and definitions in the two documents are very similar. Since then discussions have continued to be held throughout the world, with the participation of different sectors of the Oil Industry, on some of the concepts included in the SPE Definitions.
Venezuela has actively participated in both of these efforts and continues to contribute with permanent representatives in the working groups. Internally these concepts have been used extensively when estimating Venezuelan reserves and in the revisions that took place in 1987, it justified the addition of approximately 25 000 MMB to the country's proved oil reserves.
The paper discusses the concepts included in these documents and attempts to evaluate the relative merits of the arguments for and against the Definitions. Also discussed, as an example of the utility of these definitions, is the use that Venezuela has made of these concepts.
Get full access to this article
View all access options for this article.