• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 hour America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 40 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 13 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 2 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 25 mins KSA taking Missiles from ?
  • 6 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 6 hours Where's the storage?
  • 53 mins Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 2 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 3 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 5 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 7 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
Alt Text

Trump’s Ultimate Weapon To End The Oil War

The pressure is increasing on…

Alt Text

Will Putin Risky Oil Gamble Pay Off?

Russia effectively triggered the beginning…

Alt Text

Not Even China Can Save Oil Markets This Time Around

Despite still sluggish oil demand,…

Al Fin

Al Fin

Al Fin runs a number of very successful blogs that cover, energy, technology, news and politics.

More Info

Premium Content

Proven Oil Reserves Will Continue to Increase With Time

Proved oil reserves at the end of 2008 are estimated to have been 1258.0 thousand million (billion) barrels. That represented an increase of 17.7% over the 1997 figure of 1068.5 billion barrels, despite estimated cumulative production of 290 billion barrels during the intervening ten years, ie global reserves additions amounted to around 480 billion barrels between end-1998 and end-2008.

...The reserve numbers published in the BP Statistical Review of World Energy are an estimate of proved reserves, drawn from a variety of official primary sources and data provided by the OPEC Secretariat, Cedigaz, World Oil and the Oil & Gas Journal and an independent estimate of Russian oil reserves based on information in the public domain. Oil reserves include field condensate and natural gas liquids as well as crude oil. They also include an estimate of Canadian oil sands 'under active development' as a proxy for proved reserves. This inclusive approach helps to develop consistency with the oil production numbers published in the Review, which also include these categories of oil. _Source

In fact, proved oil reserves have increased since the beginning of the use of petroleum as an economic resource. One reason for this is that the total amount of hydrocarbon resources distributed throughout the Earth's crust are unknown -- and likely to be far higher than anyone has estimated. Whenever economic conditions require that new exploration should be carried out, new reserves are discovered. In addition, new technologies are constantly developed which convert unproved reserves into proved reserves.

Well over 70% of the Earth's crust remains to be explored for hydrocarbon (including oil, coal, gas, kerogens, bitumens, peats, clathrates, heavy oils, etc etc). The truly giant oil fields may not have been discovered yet. Technology for oil exploration and production is still in the early stage of development, and geologic theory of oil reservoirs is due for radical overhaul.

The oil fields that are being tapped currently are generally only a few hundreds of millions of years old at most. Most of the truly ancient oil fields have been submerged beneath other forms of rock -- besides being under the seafloor -- which are not thought to be fertile ground for oil drilling. The classical theories of oil exploration are suitable for low-hanging fruit. As the old geological theories are subsumed by more realistic approaches, ever new proved reserves of oil will emerge.

It is a race against time, of course. Within 20 years, microbial fuels will be both price competitive and approaching a scale to rival the modern oil industry. BTL, CTL, GTL, BitTL, KerTL, clathrates-to-liquids, etc. will be performed in situ and on-site, using advanced nano-catalytic technologies combined with microbial assist. It will be a new world of energy, but a world with a far lower demand for liquid fuels, as small modular reactors take over the electrical sector.

By. Al Fin


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Anonymous on November 07 2010 said:
    l Fin,I am curious about this statement:"As the old geological theories are subsumed by more realistic approaches, ever new proved reserves of oil will emerge."What do you mean? Which old theories, and which more realistic approaches?
  • Anonymous on November 08 2010 said:
    Not a lot has changed in popular outlook since the 1950s viewpoint expressed here:Knebel and Rodriguez-Eraso (1956) made a statistical study of 236 major oil fields of the free world and stated that ".....sand reservoirs hold 59 per cent of oil found in major fields, with carbonates holding almost the entire remaining 41 per cent. Other fractured rocks such as shales and igneous or metamorphic rocks contain only 0.8 per cent of the oil in major fields." (Ukai 1972)The planet's crust never rests. Theoretical geologists should never rest either. There's worlds of change comin'.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News