What does Possible Reserves mean?
Possible reserves are those unproved reserves which are less likely to be recoverable as per the techno-economic studies. There should be at least a 10% probability of being recoverable for being classified as possible reserves. It is also known as P3.
Futures Knowledge Explains Possible Reserves
Oil reserves are generally classified as proved reserves, probable reserves and possible reserves. Proved reserves are limited to those quantities that are commercial under current economic conditions. But probable and possible reserves are based on future techno-economic conditions. Possible reserve has a lower chance of recovery than probable reserves. Estimated recoverable quantities from known accumulations which do not fulfil the requirement of commerciality are classified as Contingent Resources.