URP meaning in oil and gas

Ultimate Recovery Potential

From Howard Mayson's 2Q 2006 Newsletter:<p> At the May reserves management workshop, we outlined the concept of Ultimate Recovery Potential as the proportion of hydrocarbon resources that could be recovered from our reservoirs beyond current NP bookings in the “fullness of time”. In many cases major changes in investment levels and/or the acceleration of future technology solutions will be required to deliver these volumes. This expression of our resource is helping to recast the power of our incumbent positions in a new light, and will help inform some of our future business decisions.