Which term best describes resources that are potentially recoverable and exist, but are not currently considered commercially economic due to circumstances?

Which term best describes resources that are potentially recoverable and exist, but are not currently considered commercially economic due to circumstances?

• A. Prospective Resources
• B. Play
• C. Prospect
• D. Contingent Resources

Answer: (D)

In petroleum resource classifications, Contingent Resources describe hydrocarbons that have been found and are potentially recoverable, but are not currently considered commercially economic because of development, market, technical, or other conditional factors. They exist and could become reserves if the circumstances change (such as improved technology, economics, or project approvals). Prospective Resources are for undiscovered accumulations that are not yet found, so they aren’t proven to exist. A Prospect is a defined potential discovery that has not yet been proven. A Play is a broader geological concept describing a potential hydrocarbon system, not a specific set of recoverable resources. Therefore, the term that fits “resources that exist and are potentially recoverable but aren’t currently commercial due to circumstances” is Contingent Resources.

In petroleum resource classifications, Contingent Resources describe hydrocarbons that have been found and are potentially recoverable, but are not currently considered commercially economic because of development, market, technical, or other conditional factors. They exist and could become reserves if the circumstances change (such as improved technology, economics, or project approvals). Prospective Resources are for undiscovered accumulations that are not yet found, so they aren’t proven to exist. A Prospect is a defined potential discovery that has not yet been proven. A Play is a broader geological concept describing a potential hydrocarbon system, not a specific set of recoverable resources. Therefore, the term that fits “resources that exist and are potentially recoverable but aren’t currently commercial due to circumstances” is Contingent Resources.