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Different estimates may or may not include oil shale, mined oil sands or natural gas liquids. Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop.
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 ...
Earth's natural oil supply is effectively fixed because petroleum is naturally formed far too slowly to be replaced at the rate at which it is being extracted. Over many millions of years, plankton, bacteria, and other plant and animal matter became buried in sediments on the ocean floor.
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 ...
A map of world oil production (2013) Oil-producing countries (information from 2006 to 2012) This article includes a chart representing proven reserves, production, consumption, exports and imports of oil by country.
Oil shale from the Mahogany Zone of the Green River Formation, Colorado. Weathered surface on right; fresh surface on left. At 301 billion metric tons, as estimated in 2005, the oil shale deposits in the United States are the largest in the world.
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of slowing demand as countries shift toward cleaner energies and forms of transportation, ...
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.).