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Oil, Gas & Mining vocabulary · Industry, Reserves & Contracts

Reserves

Meaning in oil, gas & mining, with examples

/rɪˈzɜːrvz/nounCore term

In oil, gas & mining, reserves means: The amount of oil, gas or ore that is known to exist and can be produced at a profit with current technology and prices, estimated under set rules.

In Turkish: rezervler, rezerv

How it is used

Used in the plural. Oil and gas reserves are classed as proved, probable and possible (1P, 2P, 3P). In mining, ore reserves are proven or probable and come from the larger mineral resources. Companies 'book', 'replace' and 'report' reserves.

Example sentences

  1. The company's proved reserves rose by 8 percent after the new discovery.

  2. At current production rates, the mine's reserves will last another twelve years.

Common collocations

  • proved reserves
  • ore reserves
  • reserves estimate
  • reserve replacement
  • book reserves
  • depositA natural concentration of a mineral, metal, coal, oil or gas in the earth that may be large and rich enough to be worth mining or producing.
  • feasibility studyA detailed technical and financial study that shows whether a mine or an oil and gas project can be built and run at a profit, used to decide whether to invest.
  • barrelThe standard unit for measuring crude oil, equal to 42 US gallons or about 159 litres. Oil prices and production rates are quoted per barrel.
  • explorationThe work of searching for new oil, gas or mineral deposits, using geological mapping, geophysical surveys, sampling and test drilling.

More terms: Industry, Reserves & Contracts

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