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Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
This list of oil fields includes some major oil fields of the past and present. Countries by proven oil reserves 2017. The list is incomplete; there are more than 25,000 oil and gas fields of all sizes in the world. [1] However, 94 % of known oil is concentrated in fewer than 1,500 giant and major fields. [2]
Consuming less or importing more oil prolongs the useful life of existing oil reserves. Between 1970 and 2007, due to declining production and increasing demand, net US imports of oil and petroleum products increased from 3.16 million barrels per day (502 × 10 ^ 3 m 3 /d) in 1970 to 12.04 million barrels per day (1.914 × 10 ^ 6 m 3 /d) in ...
Another facility holding 20 days of consumption was completed in 2008. Poland also requires oil companies to maintain reserves sufficient to provide 73 days of consumption. [57] Portugal has an SPR with an approximate size of 22,440,000 barrels (3,568,000 m 3). [58] Slovakia has an SPR with an approximate size of 748,000 barrels (118,900 m 3). [45]
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Until January 2010, "1P" proven reserves were the only type the U.S. SEC allowed oil companies to report to investors. Companies listed on U.S. stock exchanges may be called upon to verify their claims confidentially, but many governments and national oil companies do not disclose verifying data publicly.
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A map of world oil production (2013) Oil-producing countries (information from 2006 to 2012) This article includes a chart representing proven reserves, production, consumption, exports and imports of oil by country.