Zones Of Biosphere Reserve
There are three biosphere reserve zones:
This is a legally protected area where human intervention is strictly prohibited.
It is the innermost undisturbed ecosystem.
The information from these areas helps to assess the sustainability of activities, or maintenance of environmental quality in the surrounding areas.
Securities And Exchange Commission
The critical linkage between financial and accounting considerations and reserve definitions requires an understanding of the definitions given in Regulation Regulation 4-10. The SEC was empowered to develop energy accounting standards for the by the Energy Policy and Conservation Act of 1975 , which was passed largely in response to the 1973 oil embargo. This act required the establishment of a national energy database including financial information. The SEC’s definitions may be inherently conservative or restrictive thereby causing initial conservative estimates of reserves. The SEC definitions largely focus on proved oil and gas reserves, but are divided into two subcategories: proved developed oil and gas reserves and proved undeveloped reserves.
Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recoveryshould be included as “proved developed reserves” only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.
What Is A Reserve
A reserve is land set aside by our federal government for the use and occupancy of a First Nation group.
Reserves were created as part of the treaty making process with First Nations peoples. If a First Nation did not sign a treaty they were relocated to reserves anyway. Reserves are meant to be land set aside for the exclusive use of First Nations.
Reserves may or may not be within a treaty geographical boundary. In British Columbia, where most land was not officially surrendered through treaty, the federal government took the land anyway and moved First Nations peoples onto reserves without their consent.
In most cases our federal government located First Nations reserves in remote locations. Over 80% of the reserves in Canada are considered remote because of the extreme distances from service centres where basic goods can be obtained. Some are under water, some are vertical, and many are just swamplands or covered with sand dunes.
The Indian Act governs all reserves in Canada. The Act outlines that First Nations peoples cannot own title to land on reserve, and the Crown can use reserve land for any reason.
Our federal government has control over all reserves that exist today and actively enforce their legal authority.
Only registered status First Nation person who is an accepted member of that community can live on reserve.
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The World Petroleum Congress/society Of Petroleum Engineers
In 1997, the World Petroleum Congress and the Society of Petroleum Engineers jointly published petroleum reserve definitions that added the element of probability to the deterministic definitions in common use. The WPC/SPE definitions build on the SEC definitions by including probabilistic estimates.
Reserves are those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward.
Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commerciallyrecoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations. Proved reserves can be categorized as developed or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate.
Unproved reserves are based on geologic and/or engineering data similar to that used in estimates of proved reserves but technical, contractual, economic, or regulatory uncertainties preclude such reserves being classified as proved. Unproved reserves may be further divided into two subcategories: probable reserves and possible reserves.
What Are Biosphere Reserves
Biosphere reserves are learning places for sustainable development. They are sites for testing interdisciplinary approaches to understanding and managing changes and interactions between social and ecological systems, including conflict prevention and management of biodiversity. They are places that provide local solutions to global challenges. Biosphere reserves include terrestrial, marine and coastal ecosystems. Each site promotes solutions reconciling the conservation of biodiversity with its sustainable use.
Biosphere reserves are nominated by national governments and remain under the sovereign jurisdiction of the states where they are located. Biosphere Reserves are designated under the intergovernmental MAB Programme by the Director-General of UNESCO following the decisions of the MAB International Coordinating Council . Their status is internationally recognized. Member States can submit sites through the designation process.
In order to assist the stakeholders with the designation process, as well as periodic reviews, Technical Guidelines are being progressively created by the MAB International Co-ordinating Council.
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Us Geological Survey/us Bureau Of Mines
In 1976 the USGS/U.S. Bureau of Mines defined resources and reserves as follows.
Resources: A concentration of naturally occurring solid, liquid, or gaseous materials in or on the Earth’s crust in such form that economic extraction of a commodity is currently or potentially feasible.
Reserves: That portion of the identified resource from which a usable mineral and energy commodity can be economically and legally extracted at the time of determination. According to the American Geological Institute , by using this resource/reserve scheme, we can update the definition: an estimate within specified accuracy limits of the valuable metal or mineral content of known deposits that may be produced under current economic conditions and with present technology. The USGS and USBM do not distinguish between extractable and recoverable reserves and include only recoverable materials.
What Is Revenue Reserve
Revenue reserve is a portion of profit owned by the company and is kept aside for the use of other multiple purposes. This reserve is recorded in the profit and loss account and can be used the following way:
- Dividend to shareholder
- Stabilise the dividend rate
The revenue reserve is further divided into 2 categories:
- General Reserves- It is saving out of the profit share. The only purpose of this reserve is to strengthen the financial position of the company or can be used for many reasons.
- Special Reserve- This reserve is secured for a particular purpose, and the money cannot be used for any other reason.
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Rapid Classification Changes In Proven Reserves
Understanding the natural resource extraction industry can be challenging because proven reserves are just one of three classifications. Most people assume proven gas and oil reserves should only go up when new exploratory wells are drilled, resulting in new reservoirs being discovered. In reality, there are often more significant gains and losses resulting from shifts between classifications than there are increases in proven reserves from truly new discoveries. For this reason, it is useful for investors to know a companys proven, probable, and possible reserves rather than just the proven reserves.
If an investor doesn’t have the data on probable reserves, proven reserves can suddenly change in a number of different situations. For example, if a company has a large number of probable reserves and a relevant extraction technology improves, then those probable reserves are added to the proven reserves.
Additionally, if the price of oil goes up, oil and gas companies have a wider range of more expensive extraction methods that can be deployed while still turning a profit, again moving probable reserves into proven. Sometimes it is a matter of regulations, where a certain technology cannot be deployed until approved. In this case, the approval can positively impact the proven reserves for the entire industry operating in the region, as has occurred with hydraulic fracturing.
What Is The World Network Of Biosphere Reserves
The WNBR consists of a dynamic and interactive network of sites of excellence. It promotes North-South, South-South and South-North-South collaboration and represents a unique tool for international cooperation through the exchange of experiences and know-how, capacity-building and the promotion of best practices among Biosphere Reserves.
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Proven Reserves In Oil Gas And Mining
For the oil and gas sector, the Society of Petroleum Engineers has set the international standards for petroleum reserve definitions. In the mineral and mining sector, the Committee for Mineral Reserves International Reporting Standards works to standardize reserve definitions. The mining industry prefers inferred, indicated, and measured to represent the growing knowledge and confidence in a formation, but analysts still apply the terms probable and proven to the mining industry.
Proven reserves in mining are the economically viable and minable portion of the measured mineral resource. Loosely speaking, the mining industry definition of proven reserves has been adopted from, and adheres to, the oil and gas sector definition. In the U.S., both industries are ultimately answerable to the Securities and Exchange Commission for their definitions, as these public disclosures have a material impact on extraction companies stock prices.
What Are Proven Reserves
Proven reserves refer to the quantity of natural resources that a company reasonably expects to extract from a given formation. Proven reserves are established using geological and engineering data gathered through seismic testing and exploratory drilling.
In oil and gas extraction, once the physical shape of a formation is understood, the reservoir is estimated by fluid contacts. Fluid contacts refer to the natural layering of gas, oil, and water in a formation.
An accurate picture of the formation shape and known levels of fluid contact provide the data for a volume estimate with a high degree of confidence. Proven reserves are classified as having a 90% or greater likelihood of being present and economically viable for extraction in current conditions. Within the oil industry, proven reserves are also referred to as P1 or P90.
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Reserves And Total Resources
Considering the finite aspect of the world, there is a fixed quantity of resources, often referred to as total resources. Based upon what has been discovered and its cost of recovery, only a segment of the total resources can be considered as reserves. Thus, reserves are resources that are available under current market conditions . A significant amount of resources could be known to be present. Still, if the costs of their extraction and transformation are prohibitive, they will not be used, as they are considered sub-economic.
Growth in the price of a resource can increase the quantity of resources that are recoverable in addition to technological improvements enabling resources that were not previously recoverable to become recoverable. Exploration can also identify resources that can either be immediately recoverable or could potentially be if investments were made. Some resources can be considered potentially unrecoverable since they exist in concentrations and/or locations that are unlikely to ever be available.
For petroleum, most of the exploration cycle is completed, implying that it is unlikely that additional reserves of significance are going to be found. The question of the cost of recovery remains as scarcity has become a strong force in growing prices. Under such circumstances, new resources, such as tar sands, can become available and thus be considered as reserves.
Measuring Reserves And Resources
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Resources and reserves can be further divided into different categories to quantify stock resources.
These are minerals that have been identified and examined through sampling to quantify the amount of minerals available to a high level of accuracy and confidence. They are also economically, legally and technologically viable for extraction. Measured reserve is the highest level of confidence used when evaluating stock resources.
This category has much in common with measured reserves, except the level of testing is less thorough and therefore confidence in the amount of reserves is less certain. As they are still called reserves, they are economically viable to be extracted and are likely to have more testing conducted on them to determine an accurate quantity at which point they would be reclassified as measured reserves.
These are minerals which are known to exist, as a result of some testing and limited knowledge of the geology in an area, however the actual quantity or quality is not known with high accuracy or confidence. For example, oil may be discovered by drilling, however further testing is required to properly understand the nature of the wider oil field and to assess the quantity, quality and extractability of the oil.
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Define Potential Developed Stock And Reserved Resources
Potential resources are the resources which are currently not fully utilised. We do have the technology to extract them but their extraction has not been started yet at a larger level. Reasons can be lack of investment, for e.g., Rajasthan and Gujarat receive plenty of solar energy and have plenty of wind energy, but the use of these resources so far has not been developed properly.
Developed resources are the resources of which the quality as well as the quantity has been surveyed and utilisation has been determined. On the other hand, the development is said to be based on technology as well as their feasibility.
Stock is the resources for which presently, we dont have any technology to extract them. For e.g Water consists of Hydrogen and Oxygen. Hydrogen is considered as one of the sources of energy but we do not know the technology to extract energy from it.
Reserve resources are those which we are not extracting them at present in spite of technological availability. They are stored to meet the world’s future requirements.
What Is The Biosphere Reserve
Biosphere reserves are the protected areas meant for the conservation of plants and animals. It also restores the traditional life of the tribals living in that vicinity. They conserve the biodiversity of that area.
There are 18 Biosphere Reserves in India established by the government that protect large areas of natural habitats. These areas are provided with the buffer zones that are open for some economic uses. Not only the flora and fauna but also the humans inhabiting these areas are protected.
The Biosphere Reserves are identified by the Man and Biosphere Reserve Program to promote sustainable development. This program was initiated by UNESCO in 1971.
This program recognizes areas which are:
The worlds most typical terrestrial and coastal ecosystems.
That exhibit approaches ton live and works in harmony with nature.
That demonstrates the achievement of a sustainable balance between conserving natural ecosystems and biodiversity.
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What Is Capital Reserve
A capital reserve is taken out of the capital profit and is not shared as a dividend to the shareholder. This reserve cannot be created out of the profit earned from the core operation. Few examples of capital reserves are:
- Cash received by selling current assets
- Premium earned on the issue of share and debentures
- Excess on revaluation of assets and liabilities
What Are Reserves
A reserve is a retained earnings secured by a company to strengthen a companys financial position, clear debt & credits, buy fixed assets, company expansion, legal requirements, investment and other plans. These are usually done to save the cash from being used in other purposes. Reserve funds do not have any legal restrictions so that the company can use it for any purpose.
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