USGS Releases Global Oil & Gas Reserve Growth Estimates
The U.S. Geological Survey has released a new global estimate for potential additions to oil and gas reserves due to reserve growth in discovered fields outside the United States. The USGS estimates that the mean undiscovered, conventional reserve additions in the world total 665 billion barrels of oil (bbo), 1,429 trillion cubic feet (tcf) of natural gas, and 16 billion barrels of natural gas liquids.
These volumes constitute a significant portion of the world’s oil and gas resources and represent an estimate of the potential future growth of current global reserve estimates over time based on better assessment methodology, new technologies and greater understanding of current reservoirs, among other advances.
Reserve growth is the increase in estimated volumes of oil and natural gas that can be recovered from existing fields and reservoirs through time. Most reserve growth results from delineation of new reservoirs, field extensions, or improved recovery techniques thereby improving efficiency, and recalculation of reserves due to changing economic and operating conditions.