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proved reserves

   Also found in: Financial 0.01 sec.
proved reserves [′prüvd ri′zərvz]
(petroleum engineering)
The estimated quantities of crude-oil liquids which with reasonable certainty can be recovered in future years from delineated reservoirs under existing economic and operating conditions.


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According to BP's World Energy Review of 2008, proved reserves of the Caspian countries totaled 265.
6 billion barrels of oil equivalent to its proved reserves last year, extending a positive trend of replacing more barrels than it produced.
The watchdog said the penalty was "a result of unprecedented misconduct", adding: "Shell's false or misleading announcements of proved reserves were made despite indications and warnings from 2000 to 2003 that its proved reserves as announced to the market were false or misleading.
 
 
 
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