Page 101 - Pakistan Oilfield Limited - Annual Report 2022

99
Annual Report 2022
Developed & Undeveloped

Reserves

Proved Developed Reserves:

Reserves that can be expected to be recovered through existing
wells with existing equipment and operating methods or in which
the cost of the required equipment is relatively minor compared to
the cost of a new well.

Proved Undeveloped Reserves:

Those reserves that are undeveloped simply because of
implementation of the approved, committed and budgeted
development project is ongoing and drilling of the producing wells,
for example is still in progress at the date of evaluation; and

Those reserves that are undeveloped (under existing producing
fields) because the final investment decision for the project
has yet to be made and/or other approvals or contract that are
expected to be confirmed have not yet been finalized.

Progress in converting undeveloped reserves

There are no Proved Undeveloped reserve of POL (Own/Operated
JVs) which are quoted during the year.