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Page added on June 19, 2012
USGS Releases New Estimates for Global O&G Reserves
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. Reserve growth estimates are a distinct component of the resource spectrum and are different from reserve estimates and undiscovered, technically recoverable resource estimates – all three important but separate measurements used in efforts by industry and government to make energy decisions based on the best available science.
5 Comments on "USGS Releases New Estimates for Global O&G Reserves"
AWB on Tue, 19th Jun 2012 8:58 pm
We’re not in Kansas anymore…
tubaplayer on Tue, 19th Jun 2012 9:10 pm
Which any half intelligent reader of the site knows is utter bollox.
I do not know how to get them to “Get it”
Never was, and never will be about reserves. c.18mbpd consumption in the States
Bakken – maximum contribution? Canada tar sands -maximum contribution? Green River? Oh FFS give me a break – it is not even oil – it is kerogen. It is a bit like comparing brown lignite coal to anthracite.
BillT on Wed, 20th Jun 2012 12:40 am
Rigzone is only telling it’s readers what they want to hear, not reality. If they tell it like it is, they would be out of business quickly. We are bombarded with propaganda designed as commercials and magazine articles to promote the process that the wealthy elite use to suck your energy and wealth into their pockets. It starts when we are born and is insidious. The average 18 year old has watched thousands of hours of such brainwashing and doesn’t even know they are being manipulated. Sad.
Hugh Culliton on Wed, 20th Jun 2012 2:03 pm
Given tha the survey relied on oil pricing countries for some of it’s data,Countries which have a vested interest in fudging their numbers, it’s a well written wild-ass guess. What’s the EROEI for all this ooey-gooy goodness? How much can be recovered? As I write this the radio news just reported another oil spill in Alberta. That’s 3 in the last fortnight! All that crap is getting into formerly pristene rivers. Not to mention the damage done by the strip mining and processing of the bitimun. And this is small potatos compared with the shit-kicking the Gulf took.
MrEnergyCzar on Wed, 20th Jun 2012 11:52 pm
Soon they’ll be including Titan…why not.
MrEnergyCzar