How+Much+Oil+Is+There?

=How Much Oil Is There?= toc


 * 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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