Chance of Discovery definition

Chance of Discovery means the estimated probability to discover a known accumulation. For contingent resources, the Chance of Discovery is considered to be one since the accumulation has been discovered through drilling of wells in the reservoir and a significant quantity of accumulation is proven through testing, sampling and logging;
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Chance of Discovery means the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum.
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Chance of Discovery means the estimated probability that, once discovered, a known accumulation will be commercially developed.
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Examples of Chance of Discovery in a sentence

  • Thus, for an undiscovered accumulation the Chance of Commerciality is the product of two risk components – the Chance of Discovery and the Chance of Development.

  • The chance that an exploration project will result in the discovery of petroleum is referred to as the Chance of Discovery.

  • Historical ResourcesProvide Historical Resource Chance of Discovery Contingency Plan that defines procedures for identifying and protecting historical, archaeological, cultural or paleontological resources.

  • Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained in the "Chance of Discovery and Development Risk" section of this press release.

  • ParameterTable 8 – Block D Prospect S1 Geological Chance of Discovery 4.5.3 S2 ProspectThe Tertiary at the S2 Prospect is highly faulted and interpreted to be a flower structure on the 3-D seismic (Figure 2 of the Appendix).

  • The Chance of Commerciality is the product of the Chance of Discovery and Chance of Development and therefore, the Prospective Resources have been multiplied by 8% to arrive at a Risked Prospective Resource estimate.

  • ParameterTable 9 – Block D Prospect S2 Geological Chance of Discovery 4.5.4 S3 ProspectThe S3 Prospect is potentially the largest of the five prospects with potential in the Tertiary (SQ2 and SQ3) and the basement (see Figure 1 and Figure 3 of the Appendix).

  • For the Vaca Muerta at Curamhuele, the estimated numerical value for the Chance of Discovery is 32%.

  • In PRMS the former is called Chance of Development (CoD) and the latter Chance of Discovery (also CoD) in the PRMS system.

  • Instruments are also available for measuring progress in implementing policy, legal and structural measures for enhancing the HIV response.


More Definitions of Chance of Discovery

Chance of Discovery means the estimated probability that, once discovered, a known accumulation will be commerciallydeveloped.
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Related to Chance of Discovery

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  • Notice of Dissatisfaction means the notice given by either Party to the other indicating its dissatisfaction and intention to commence arbitration.

  • Commercial Discovery means a Discovery of Petroleum reserves which has been declared as a Commercial Discovery in accordance with the provisions of Article 10 and/or Article 21.

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  • Publication NPC-232 means the Ministry Publication NPC-232, "Sound Level Limits for Stationary Sources in Class 3 Areas (Rural)", October, 1995 as amended.

  • Discovery means the finding, during Petroleum Operations, of a deposit of Petroleum not previously known to have existed, which can be recovered at the surface in a flow measurable by conventional petroleum industry testing methods.

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