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Mineral and Energy Resources (Common Provisions) Regulation 2016
sec.37Definitions for chapter
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sec.37 Definitions for chapter
In this chapter— P50 petroleum reserves means petroleum reserves for which there is at least a 50 per cent probability that the quantities actually recovered will equal or exceed the best estimate of production within the meaning of the SPE code. SPE code means the document called ‘Petroleum Resources Management System’ published in 2007 by the Society of Petroleum Engineers.