How Much Oil Is There?

Oil reserves are the quantities of crude oil estimated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions

Proven reserves

Proven __oil reserves__ are those that are known to exist and be exploitable (make full use of) to a high degree of certainty.

Proved reserves are further subdivided into Proved Developed and Proved Undeveloped. Proved Developed reserves are reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment (operating expense) is required. Proven Undeveloped reserves require additional capital investment (e.g., drilling new wells) to bring the oil to the surface.

Recoverable reserves

Recoverable reserves are an estimated measure of the total amount of oil which could be brought to the surface from a given reservoir; this is usually less than 50% of the estimated Oil in Place and commonly in the 20% to 40% range.

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