Calculation Method for petroleum resources and reserves in Vietnam under Circular 24/2020/TT-BCT

Calculation Method for petroleum resources and reserves in Vietnam (illustrative image)

To be specific:, Article 8 Circular 24/2020/TT-BCT stipulates that based on the assigned classification, petroleum resources and reserves in Vietnamare calculated as follows:

For Discovered Petroleum Resources:

- Original oil and gas in place (OGIP/OOIP) and petroleum reserves are calculated by the Operator for corresponding categories (P1, P2, P3). The method for calculating original oil and gas in place, and petroleum reserves is prescribed in Appendix II issued together with Circular 24/2020/TT-BCT;

- Petroleum potential is also calculated by the Operator for corresponding categories (C1, C2, C3) with respective values of original oil and gas in place and potential recovery;

- Petroleum reserves of the field are updated in the overall development plan (ODP) report, field development plan (FDP) report, and adjusted field development plan report;

- Field petroleum reserves are updated during the late production stage of the field with secondary and tertiary recovery methods such as infill drilling, exploiting supplementary layers, and applying other enhanced oil recovery (EOR) techniques.

For Undiscovered Petroleum Resources the calculation or forecast is performed for original oil and gas in place and respective potential recovery (R1, R2), where the recovery factor is analogously determined based on the values of adjacent reservoirs, fields, areas, and basins.

More details can be found in Circular 24/2020/TT-BCT, which comes into effect in Vietnam from January 1, 2021.

Le Vy

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