Remaining Oil Reserves

Quantity of remaining Oil Reserves:

under construction: Phil Poetter

Oil reserves are the estimated quantities of crude oil that are claimed to be recoverable under existing economic and operating conditions. http://en.wikipedia.org/wiki/Oil_reserves

Based on this definition, it is important not confuse 'reserves' with 'the amount of oil left in the ground'.

Description:

Classification: Reserves are those quantities of petroleum claimed to be commercially recoverable by application of development projects to known accumulations under defined conditions. Reserves must satisfy four criteria:

- discovered through one or more exploratory wells

- recoverable using existing technology

- commercially viable

- remaining in the ground

All reserve estimates involve uncertainty, depending on the amount of reliable geologic and engineering data available and the interpretation of those data. The relative degree of uncertainty can be expressed by dividing reserves into two principal classifications – proved and unproved. Unproved reserves can further be divided into two subcategories – probable and possible to indicate the relative degree of uncertainty about their existence. http://en.wikipedia.org/wiki/Oil_reserves

Enablers:

- access to oil reserves

- reserve replacement

- technological advancements

Inhibitors:

- Nature / Geology (non-renewable resource)

Experts:

Agencies:

- IEA (International Energy Agency)

- DOE (US Department of Energy)

- OPEC

Independent Groups:

- Simmons http://www.simmonsco-intl.com/

- geophysicist M. King Hubbert http://en.wikipedia.org/wiki/Hubbert_peak_theory

- O&G Companies, e.g. BP http://www.bp.com/sectiongenericarticle.do?categoryId=9023771&contentId=7044470

Web Resources:

Oil Reserves http://en.wikipedia.org/wiki/Oil_reserves

Peak Oil http://en.wikipedia.org/wiki/Peak_oil

Hubbert Peak Theory http://en.wikipedia.org/wiki/Hubbert_peak_theory