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Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
It is estimated that there may be 57 zettajoule (ZJ) of oil reserves on Earth (although estimates vary from a low of 8 ZJ, [8] consisting of currently proven and recoverable reserves, to a maximum of 110 ZJ [9]) consisting of available, but not necessarily recoverable reserves, and including optimistic estimates for unconventional sources such ...
This Week in Petroleum: Weekly summary and explanation of events in United States and world petroleum markets, including weekly data. [8] This report, together with its companion, the Weekly Petroleum Status Report, [9] is a handy tool for investors. These are published every Wednesday (unless Monday is a holiday) at 10:30 AM Eastern Time (for ...
The table below reports reserves by estimated amount of shale oil. Shale oil refers to synthetic oil obtained by heating organic material (kerogen) contained in oil shale to a temperature which will separate it into oil, combustible gas, and the residual carbon that remains in the spent shale. All figures are presented in barrels and metric tons.
The total estimated quantity (volumes) of oil and/or gas contained in a subsurface reservoir, is called oil or gas initially in place (STOIIP or GIIP respectively). [12] However, only a fraction of in place oil & gas can be brought to the surface ( recoverable ), [ q ] and it is only this producible fraction that is considered to be either ...
In 1998, the USGS estimated that the 1002 area of the Arctic National Wildlife Refuge contains a total of between 5.7 and 16.0 billion barrels (2.54 × 10 9 m 3) of undiscovered, technically recoverable oil, with a mean estimate of 10.4 billion barrels (1.65 × 10 9 m 3), of which 7.7 billion barrels (1.22 × 10 9 m 3) falls within the Federal ...
The raw energy resources include for example coal, unprocessed oil & gas, uranium. In comparison, the refined forms of energy include for example refined oil that becomes fuel and electricity. Energy resources may be used in various different ways, depending on the specific resource (e.g. coal), and intended end use (industrial, residential, etc.).
The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (4.3×10^10 m 3) (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. This would correspond to more than 50 years of production at current rates.