hvacman et al - Forget about all the bullsh*t being tossed around about those "200 million barrels". Let's just focus on what BP actually said in its press release:
"BP today announced a major breakthrough in seismic imaging that has identified more than
200 million barrels of additional resources at BP’s Atlantis field in the deepwater Gulf of Mexico."
So pay attention: they did not say they found "200 million barrels of oil RESERVES in place". They did not say they found 200 million barrels of oil of RECOVERABLE RESERVES. They did not say they found 200 million barrels of P95 oil RESERVES... recoverable or in place. They didn't even say the found 200 million barrels of technically recoverable oil.
They clearly say they have "identified more than 200 million barrels of additional resources..."
So let's see how Schumberger defines "resource" in its online website: hmm...it has do definition.
Well, let's check wiki: "...unlike oil resources, which include all oil that can be technically recovered at any price." Hmm, still not very satisfying.
I know: let's see how BP itself describes those 200 million barrels of oil resources in the disclaimer they always post at the end of such press releases:
"This press release contains references to non-proved resources and production outlooks based on non-proved resources
that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 001-06262. This form is available on our website at
http://www.bp.com.
There, that should make it easier for everyone to view the significance of this new information.