sec.43Petroleum resources and reserves report

sec.43 Petroleum resources and reserves report

A petroleum tenure holder must lodge a petroleum resources and reserves report for the tenure for each calendar year. The report must be lodged within 60 business days after the calendar year ends. The report must contain the following information— the type and number of the tenure; an identification of each natural underground reservoir in which there were, during the period, any 2C contingent resources, 1P reserves, 2P reserves or 3P reserves under the PRMS; the amount of any 2C contingent resources, 1P reserves, 2P reserves or 3P reserves under the PRMS within the area of the tenure worked out on the last day of the period; details of project maturity subclasses for any 2P reserves or 2C contingent resources under the PRMS that relate to the tenure worked out on the last day of the period; any change not less than 10% for any 2P reserves under the PRMS within the area of the tenure at field-level or basin-level that occurred during the period; any other data or information for the report required under the practice direction. In this section— PRMS means the document called ‘Petroleum Resources Management System’, also referred to as the SPE Code, published in 2018 by the Society of Petroleum Engineers. project maturity subclass means a sub-classification of activities for a project mentioned in the PRMS , part 2.1.3.5 . s 43 amd 2020 SL No. 208 s 19 (sec.43-ssec.1) A petroleum tenure holder must lodge a petroleum resources and reserves report for the tenure for each calendar year. (sec.43-ssec.2) The report must be lodged within 60 business days after the calendar year ends. (sec.43-ssec.3) The report must contain the following information— the type and number of the tenure; an identification of each natural underground reservoir in which there were, during the period, any 2C contingent resources, 1P reserves, 2P reserves or 3P reserves under the PRMS; the amount of any 2C contingent resources, 1P reserves, 2P reserves or 3P reserves under the PRMS within the area of the tenure worked out on the last day of the period; details of project maturity subclasses for any 2P reserves or 2C contingent resources under the PRMS that relate to the tenure worked out on the last day of the period; any change not less than 10% for any 2P reserves under the PRMS within the area of the tenure at field-level or basin-level that occurred during the period; any other data or information for the report required under the practice direction. (sec.43-ssec.4) In this section— PRMS means the document called ‘Petroleum Resources Management System’, also referred to as the SPE Code, published in 2018 by the Society of Petroleum Engineers. project maturity subclass means a sub-classification of activities for a project mentioned in the PRMS , part 2.1.3.5 .

• (a) the type and number of the tenure;
• (b) an identification of each natural underground reservoir in which there were, during the period, any 2C contingent resources, 1P reserves, 2P reserves or 3P reserves under the PRMS;