The process of predicting projected petroleum quantities, also known as future production profiles, that are expected to be commercially, economically, and technically recoverable from producing and planned wells in known oil and gas accumulations is known as reserves assessment. The consultant divides oil and gas reserves into three categories: proven, probable, and potential. Proved has the greatest degree of confidence that an estimated final recovery will be met or surpassed. Probable and possible have lesser degrees of confidence, respectively.
Managers in the upstream petroleum sector make choices based on reserve estimates obtained from technical and economic studies. Whether it's projected petroleum reserves, future production rates, or predicted net revenue, management often seeks assurances from outside sources that the numbers are accurate. As a result, companies turn to Mwenke and Associates for a thorough, dependable reserves assessment.