Northern Territory’s onshore oil and gas reserves and contingent resources
The Northern Territory’s onshore oil and gas reserves and contingent resources are summarised in the below table.
|Oil/Gas|| Reserves1 (2P) |
as at 9 October 2019
| Contingent Resources2 (2C)|
as at 21 April 2020
The estimates of the reserves and contingent resources are in accordance with the SPE-PRMS (Society of Petroleum Engineers - Petroleum Resource Management System).
1 Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of a given date) based on the development projects(s) applied.
2 Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.
Petroleum Resource Management
Last updated: 26 May 2020
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