An Oil Reserve is an endowment of crude oil over which national governments, regions, communities and individuals have control. To be of economic value, an oil reserve should be of commercial value in terms of quantity. Besides, an oil reserve should be financially viable requiring that the resource can be efficiently extracted under current technologies at an optimal cost. The rights and ownership of an oil reserve granted through a concession or other arrangements qualify as an intangible asset because it can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form which can present significant economic value to owners. Business valuators apply several techniques under the income, market and asset methods to estimate the fair market value of intangible assets such as an oil reserve.