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Ukrainian Energy / Energy Glossary
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Petroleum
Deposits of oil and/or gas

Permeability
The ability of rocks to transmit fluids (liquids and gases)

Play
A geological area in which hydrocarbon accumulations or prospects of a given type occur

Possible reserves
Those additional reserves are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible Reserves

Probable reserves
Those additional Reserves which, as the analysis of geoscience and engineering data indicate, are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves

Prospective resources
Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development

Proved reserves
Those quantities of oil and gas, which can be estimated with reasonable certainty to be commercially recoverable. There is a probability that the quantities actually recovered will equal or exceed the estimate

Production Sharing Agreement (PSA)
production sharing agreement




   

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