What are estimated volumes of oil and gas thought to be economically recoverable?

• A. Reserves
• B. Resources
• C. Contingent Resources
• D. Proved Reserves

Answer: (A)

In oil and gas terminology, the term for volumes that are expected to be economically recoverable with current technology and prices is reserves. This category specifically refers to the portion of discovered resources that can be produced profitably under existing conditions, not just what might eventually be found or technically possible. That’s why reserves is the best answer here—the emphasis is on economic recoverability, rather than simply what is known to exist (resources) or what has a higher certainty of recovery (proved reserves) or what may not yet be economical (contingent resources).