The article is devoted to such an urgent task as determining the geological and field parameters for estimating the hydrocarbon reserves of the Umid-Babek prospective structure. Therefore, the geological and field parameters dependence of the fields located in anticlinal line investigated. Base on results was possible to estimate more reliably hydrocarbon reserves, to make plan exploration in the right direction and to design a development plan.

Risks are inherent practically in all sphere of oil and gas production: from geological exploration works on oil and gas to industrial development of reserves. But it is not enough to study only risks, we often face insufficiency of knowledge of variety of manifestations of geologic-geophysical trade properties of the studied object. It is especially important to consider risks and uncertainty at the initial stages of geological field works. Studying of geological risk, arising at estimation of oil reserves became a subject of our research. The work process was divided into some stages: 1) Choice of significant geological field parameters, 2) Definition of variable property manifestations factors of the studied geological field parameters, 3) Multiple modeling of the studied processes, 4) Creation of Tornado plot For further work, the analysis of an assessment of risks at reserves estimation was chosen as a probabilistic method. It was chosen hypothetical fields which subcalculating parameters, were collected in tables Using the data provided to the table, we make Tornado Plot extent of influence of geological risks is visually shown in the made matrix. The made matrix reflects degree of risks in an assessment of subcalculating parameters and their influences on resultant indicators. The vertical scale reflects risk, which is classified on low, average, high. Using the results received in the analysis of uncertainty and a scale of influence of parameters on resultant indicators and a scale of level of risks, geological field parameters were located on the constructed matrix. From the received matrix, it is visible that among the taken parameters the greatest risk and high level of influence renders porosity. Therefore, the bigger attention at calculation of stocks and creation of geological and mathematical model has to be paid to this parameter.

Moving towards sustainable development, Azerbaijan joining SDG Agenda 2030 adheres to the policy of developing both hydrocarbon and non-hydrocarbon resources for economic diversification. At the same time, efficient resource management becomes a vital process at the governmental and transnational companies’ levels. Therefore, a competent classification and structuring of all reserves and resources will be inevitable soon to improve their accurate estimates and effective management in various aspects, including resource availability, technical feasibility, and environmental-socio-economic viability. The importance of the latter is indisputable since social and environmental stability is an essential component of the country's sustainable economic development policy. From this perspective, the United Nations Framework Classification for Resources (UNFC) is seen as a tool to help accomplish these tasks and provide simple screening and verification procedures for evaluating future investment projects. Given that hydrocarbon reserves make a significant contribution to the economy, a study on the application and adaptation of UNFC to local petroleum resource management has been granted as a pilot project to assess the feasibility of its further implementation for other energy and mineral reserves and resources of the country. The UNFC current state analysis as a global standard for classifying energy and mineral resources and their applications is carried out to launch the project. The review covers various case studies, including the classification of hydrocarbon reserves and resources (HCRR) using UNFC (Mexico project, transition projects to the classification of the Russian Federation, etc.), as well as mineral resources in different countries. The research primary goal is to screen different approaches and techniques to assess the practicality of their application to petroleum reserves and resources of Azerbaijan in transferring currently used old Former Soviet Union HCRR classification to UNFC, possibly via PRMS. In addition, a Case Study Research based on the Field A data in Azerbaijan is conducted.

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