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Ratio of world proved oil reserves to production, 1980–2011 (US EIA) Ratio of world proved gas reserves to production, 1980–2011. The reserves-to-production ratio is the most widely quoted of the key indicators used in the oil and gas industry. It has a certain strategic significance for companies, which try to keep the value reasonably ...
Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing.
In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to be economically viable. Similarly, Venezuela 's proven reserves jumped in the late 2000s when the heavy oil of the Orinoco Belt was judged economic.
In 1970, local peak production was 10,044 million bbl (1,597 million m 3) per day in November 1970. [8] Total production of crude oil from 1970 through 2006 was 102 billion barrels (16.2 × 10 ^ 9 m 3), or roughly five and a half times the proved reserves over the same timeframe when taking into account the decreasing proved reserves.
Pioneer Natural Resources Reports Year-End 2012 Proved Reserves and Finding Costs DALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (NYSE: PXD) ("Pioneer" or "the Company") today ...
The term crude oil constant (Erdölkonstante in German) has been used as an inside joke and pun in the German petroleum industry, pointing out that the reserves-to-production ratio has been observed as roughly constant in the past decades, whereas oil constant (Ölkonstante in German) is a term describing various material properties of (vegetable and mineral) oils.
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.
The ratio between proven oil reserves and current production has constantly improved, passing from 20 years in 1948 to 35 years in 1972 and reaching about 40 years in 2003. [63] These improvements occurred even with low investment in new exploration and upgrading technology because of the low oil prices during the last 20 years. However ...