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Resource estimates are undiscovered volumes, or volumes that have not yet been drilled and flowed to surface. A non-reserve resource, by definition, does not have to be technically or commercially recoverable and can be represented by a single, or an aggregate of multiple potential accumulations, e.g. an estimated geological basin resource. [14]
Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. It is defined as the "quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known ...
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
Although Libya has more reserves, there were 37.2 billion barrels (5.91 × 10 ^ 9 m 3) of proven oil reserves in Nigeria as of 2011, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 million barrels per day (362 × 10 ^ 3 m 3 /d) in 2006. At current rates this would be 45 years of supply ...
2P – proved and probable reserves; 3C – three components seismic acquisition (x, y, and z) 3C – Proved, probable and possible contingent resources; 3D – three-dimensional ; 3P – proved, probable and possible reserves; 4D – multiple 3Ds acquired over time (the 4th D) over the same area with the same parameters
Most of Africa's bitumen and lignite reserves are found in Nigeria. In its mix of conventional energy reserves, Nigeria is simply unmatched by any other country on the African continent. It is not surprising therefore that energy export is the mainstay of the Nigerian economy and the government is targeting 90% electrification rate by 2030. [9]
The Company was founded in 2009 with the vision and strategy to become a high growth Nigeria focused independent exploration and production company. [1] Concurrent with the initial public offering in September 2012, [2] [3] Eland purchased a 45% interest in OML 40, with its partner Starcrest Energy Nigeria Limited, from the Shell Group. [4] [5]
Due to constant announcements of shale gas recoverable reserves, as well as drilling in Central Asia, South America, Africa, and deepwater drilling, estimates are updated frequently. Since 2000, some countries, notably the US and Canada, have seen large increases in proven gas reserves due to development of shale gas , but shale gas deposits in ...