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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 ...
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
The reserves of any company listed on the New York Stock Exchange have to be stated to the U.S. Securities and Exchange Commission. Reported reserves may be audited by outside geologists, although this is not a legal requirement. In Russia, companies report their reserves to the State Commission on Mineral Reserves (GKZ). [citation needed]
The reserve portion of the ratio is the amount of a resource known to exist in an area and to be economically recoverable (proven reserves). The production portion (denominator) of the ratio is the amount of resource produced in one year at the current rate. [1] RPR = (amount of known resource) / (amount used per year)
The standard Hubbert curve.For applications, the x and y scales are replaced by time and production scales. U.S. Oil Production and Imports 1910 to 2012. In 1956, Hubbert proposed that fossil fuel production in a given region over time would follow a roughly bell-shaped curve without giving a precise formula; he later used the Hubbert curve, the derivative of the logistic curve, [6] [7] for ...
Exploration for oil and gas reserves includes the Great South Basin and offshore areas near Canterbury and Gisborne. New Zealand had one oil refinery , the Marsden Point Oil Refinery , but its refining capability was closed in 2021 and is now an import only facility.
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.