In the oil & gas sector, a proven reserve is a reserve that "has a reasonable certainty (generally at least 90 percent certainty) of being recoverable under existing technical and economic conditions. Also known as '1p'”.

Source: Oil Contracts - How to Read Them and Understand Them

Related terms

• Associated Gas
• Back-in-Right
• Brent Crude
• Downstream
• International Oil Company (IOC)
• National Oil Company (NOC)
• Petroleum
• Upstream