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Oil and natural gas resource volumes are a key attribute of the assets of an upstream petroleum company. They form the basis for its current and future activities. Accurate and consistent assessment is critical for the management of the opportunity portfolio and future cash flows. Clear terms and definitions that result in reliable and easily comparable resource and reserve estimations are also essential for investors, regulators and governments in assessing a petroleum company’s value and future production potential.
Both internal and external stakeholders require effective, transparent and auditable processes for evaluating, approving, reconciling, tracking and reporting petroleum reserve and resource estimates and revisions. The GeoX Reserve Tracking and Resource Management (RT) functionality provides a comprehensive, yet flexible platform for recording, managing and reporting your resources and reserves:
- PRMS-consistent resource classification
- Multiple classification frameworks an co-exist
- Both conventional and unconventional resources
- Flexible, easy-to-use booking workflow
- Detailed change records
- One-stop access to history
- Fully integrated with decision support assessments
- Rapid reporting in context of ReserveTracker
- Secure with complete integrity support
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