Status of proven economic recoverable oil and gas reserves in China

doi:10.3969/j.issn.1672-7703.2023.01.003

Abstract

Abstract: Economic recoverable reserves are the core assets of oil companies. The cumulative proven oil and gas reserves in China at the end of 2005 and 2020 are compared to demonstrate the growth trend of various types of reserves. By applying evaluation indexes such as growth rates of reserves and output, economic recovery factor, economic reserve-production ratio, recovery degree, and oil (gas) recovery rate, the cumulative characteristics of proven developed reserves are systematically analyzed, showing the “four drop and two rise” trend of proven oil and gas reserves, “scissors differential” trend of crude oil reserve-production, and distinctly declined gas reserves life and fatigue increase of gas output, which support to propose the “red line” of reserve-production ratio for national natural gas energy development. The analysis shows that the proven undeveloped oil and gas reserves are characterized by large scale, high proportion, large increment, rapid increase,poor quality, long development life and large reserve assets. Based on the understanding of overall inferior proven reserves in China, it is suggested to emphasize beneficial exploration, control the quality of annually added economic recoverable reserves, accelerate the production of proved undeveloped reserves, and strengthen the dynamic reserve management. In addition, the sequence analysis of proven economic recoverable oil and gas reserves should be strengthened and the research on characteristics should be deepened, which will play an important role in establishing a reserve asset management system with the core of economic recoverable reserves and consolidating the foundation for sustainable development of Chinese oil companies.

CLC Number:

TE121

Wang Yongxiang, Yang Tao, Ju Xiujuan, Xu Xiaolin, Hu Xiaochun. Status of proven economic recoverable oil and gas reserves in China[J]. China Petroleum Exploration, 2023, 28(1): 26-37.

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