Oil & gas reserve appraisal principles
We manage our reserves estimation
through a two-tier management system.
Our Oil and Natural Gas Reserves
Management Committee, or the RMC,
at our headquarters level oversees the
overall reserves estimation process and
reviews the reserves estimation of our
company. Each of our Branches has a
reserves management committee that
manages the reserves estimation process
and reviews the reserves estimation
report at the branches level.
Our RMC is chaired by Mr. Wang Zhigang,
one of our senior vice presidents, and is
co-led by our deputy chief geologist and
our director general of our exploration
and production segment. Mr. Wang holds
a Ph.D. degree in geology from Geology
and Geo-physics Research Institute of
the China Academy of Science and has
over 30 years of experience in oil and
gas industry. Our RMC also consists
of 31 other members who are senior
management members in charge of
exploration and development activities
at production bureau level. A majority
of our RMC members hold doctor’s or
master’s degrees and our RMC members
have an average of 20 years of technical
experience in relevant industry fields,
such as geology, engineering
and economics.
Our reserves estimation is guided by
procedural manuals and technical
guidance. Initial collection and
compilation of reserves information are
conducted by different working divisions,
including exploration, development,
financial and legal divisions, at
production bureau level. Exploration and
development divisions collectively prepare
the initial report on reserves estimation.
Together with technical experts,
reserves management committees