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  • US oil reserves surpass those of Saudi Arabia and Russia

    US oil reserves surpass those of Saudi Arabia and Russia
    EXCERPT:
    The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.

    Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s 212bn and Russia’s 256bn in reserves.

    The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.
    ...
    https://next.ft.com/content/7525f1dc...6-0712b3873ae1
    TANSTAAFL = There Ain't No Such Thing As A Free Lunch

  • #2
    I won't believe it until Doc backs you up with graphs, charts and maps!

    Comment


    • #3
      I think Rystad Energy may not know the difference between proved reserves and recoverable resources. Proved reserves in the US are about 36 billion barrels.
      Watts Up With That? | The world's most viewed site on global warming and climate change.

      Comment


      • #4
        Doc, what exactly is "proved"? Can it actually be proven until it is actually sucked out of the ground?

        In the words of our Russian members: where is proofs?
        Flag: USA / Location: West Coast

        Prayers.

        BoRG

        http://img204.imageshack.us/img204/8757/snap1ws8.jpg

        https://www.youtube.com/watch?v=5PtsX_Z3CMU

        Comment


        • #5
          Found this at Drudge and looks like the link only works thru their page, so more "excerpt" here;
          ....
          Recoverable reserves — those barrels that are technologically and economically feasible to extract — are analysed by the energy industry to determine company valuations and the long-term health of an oil-producing nation’s economy.

          Conventional oil producers, such as Saudi Arabia, have traditionally used their huge resource riches to wield power globally, particularly among big consumer countries such as the US.

          This relationship has been disrupted in recent years by hydraulic fracturing and other new technologies that have helped the US unlock vast reserves and enabled it to become more energy independent.

          “There is little potential for future surprises in many other countries, but in the US there is,” said Per Magnus Nysveen, analyst at Rystad Energy, noting recent discoveries in the Permian Basin in Texas and New Mexico, which is the nation’s most prolific oil producing area. “Three years ago the US was behind Russia, Canada and Saudi Arabia.”

          More than half of the US’s remaining oil reserves are in unconventional shale oil, Rystad Energy data show. Texas alone holds more than 60bn barrels of shale oil.

          Other global oil reserves data, like the closely watched BP Statistical Review that is based on official reporting from national authorities, show the US still ranks behind countries such as Saudi Arabia, Russia, Canada, Iraq, Venezuela and Kuwait.
          ....
          https://next.ft.com/content/7525f1dc...6-0712b3873ae1

          Some of the imbedded links in the article/exceprts;
          http://www.rystadenergy.com/NewsEven...n-saudi-arabia

          http://www.bp.com/content/dam/bp/pdf...ull-report.pdf
          TANSTAAFL = There Ain't No Such Thing As A Free Lunch

          Comment


          • #6
            Originally posted by G David Bock View Post
            Found this at Drudge and looks like the link only works thru their page, so more "excerpt" here;
            ....
            Recoverable reserves — those barrels that are technologically and economically feasible to extract — are analysed by the energy industry to determine company valuations and the long-term health of an oil-producing nation’s economy.

            Conventional oil producers, such as Saudi Arabia, have traditionally used their huge resource riches to wield power globally, particularly among big consumer countries such as the US.

            This relationship has been disrupted in recent years by hydraulic fracturing and other new technologies that have helped the US unlock vast reserves and enabled it to become more energy independent.

            “There is little potential for future surprises in many other countries, but in the US there is,” said Per Magnus Nysveen, analyst at Rystad Energy, noting recent discoveries in the Permian Basin in Texas and New Mexico, which is the nation’s most prolific oil producing area. “Three years ago the US was behind Russia, Canada and Saudi Arabia.”

            More than half of the US’s remaining oil reserves are in unconventional shale oil, Rystad Energy data show. Texas alone holds more than 60bn barrels of shale oil.

            Other global oil reserves data, like the closely watched BP Statistical Review that is based on official reporting from national authorities, show the US still ranks behind countries such as Saudi Arabia, Russia, Canada, Iraq, Venezuela and Kuwait.
            ....
            https://next.ft.com/content/7525f1dc...6-0712b3873ae1

            Some of the imbedded links in the article/exceprts;
            http://www.rystadenergy.com/NewsEven...n-saudi-arabia

            http://www.bp.com/content/dam/bp/pdf...ull-report.pdf
            The 60 billion barrels are not "proved reserves."
            Watts Up With That? | The world's most viewed site on global warming and climate change.

            Comment


            • #7
              Originally posted by Salinator View Post
              Doc, what exactly is "proved"? Can it actually be proven until it is actually sucked out of the ground?

              In the words of our Russian members: where is proofs?
              It's the volume of oil proved (90% probability) in existing producible wellbores and economically recoverable under current economic conditions.

              It has a very specific legal definition.
              Watts Up With That? | The world's most viewed site on global warming and climate change.

              Comment


              • #8
                Originally posted by The Doctor View Post
                It's the volume of oil proved (90% probability) in existing producible wellbores and economically recoverable under current economic conditions.

                It has a very specific legal definition.
                So does that mean that the huge bulk of recoverable reserves is not considered economically feasible at this point in time?
                Flag: USA / Location: West Coast

                Prayers.

                BoRG

                http://img204.imageshack.us/img204/8757/snap1ws8.jpg

                https://www.youtube.com/watch?v=5PtsX_Z3CMU

                Comment


                • #9
                  Originally posted by Salinator View Post
                  So does that mean that the huge bulk of recoverable reserves is not considered economically feasible at this point in time?
                  Or it's not physically proved in a wellbore. Publicly traded US oil companies have to "book" proved reserves according to very strict SEC rules. Here's a very simplistic example...

                  In this scenario, a well is drilled up-dip to a dry hole with an oil show. The entire volume can be booked as proved because the down-dip well has an oil-water contact...



                  In this scenario, the down-dip well has no oil show, just wet sandstone. If the oil well was drilled on the basis of a seismic hydrocarbon indicator, the volume down-dip of the lowest known oil has to be booked as probable...




                  When the production from the well exceeds the original booked volume, the operator can increase the proved reserves on the basis of cumulative oil production vs. water cut or pressure decline, depending on the drive mechanism.

                  The resource potential in the United States is huge. The only obstacles to converting the resource potential into proved reserves and, more importantly, production are the US gov't and Green****s... However, proved reserves have a specific definition for a reason.
                  Watts Up With That? | The world's most viewed site on global warming and climate change.

                  Comment


                  • #10
                    Originally posted by G David Bock View Post
                    US oil reserves surpass those of Saudi Arabia and Russia
                    EXCERPT:
                    The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.

                    Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s 212bn and Russia’s 256bn in reserves.

                    The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.
                    ...
                    https://next.ft.com/content/7525f1dc...6-0712b3873ae1
                    It's more likely that the FT doesn't know the difference between reserves and resources...
                    Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels.

                    "Undiscovered areas" aren't "reserves" or any kind: proved, probable or possible. Undiscovered technically recoverable oil is "resource potential."

                    This number is probably closer to 400 billion barrels.
                    Watts Up With That? | The world's most viewed site on global warming and climate change.

                    Comment


                    • #11
                      Originally posted by The Doctor View Post
                      It's more likely that the FT doesn't know the difference between reserves and resources...
                      Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels.

                      "Undiscovered areas" aren't "reserves" or any kind: proved, probable or possible. Undiscovered technically recoverable oil is "resource potential."

                      This number is probably closer to 400 billion barrels.
                      It's actually Rystad Energy that doesn't know the difference...
                      UNITED STATES NOW HOLDS MORE OIL RESERVES THAN SAUDI ARABIA

                      July 04, 2016

                      By Per Magnus Nysveen, Head of Analysis, Rystad Energy

                      A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil. Texas alone holds more than 60 billion barrels of shale oil according to this new data.

                      The new reserves data from Rystad Energy also distinguishes between reserves in existing fields, in new projects and potential reserves in recent discoveries and even in yet undiscovered fields.

                      [...]

                      http://www.rystadenergy.com/NewsEven...n-saudi-arabia

                      "Yet undiscovered fields" aren't reserves.
                      Watts Up With That? | The world's most viewed site on global warming and climate change.

                      Comment


                      • #12
                        Good stuff doc, love the details.
                        One accurate measurement is worth a thousand expert opinions - Admiral Grace Hopper

                        "The eunuch should not take pride in his chastity."
                        Wu Cheng'en Monkey

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                        • #13
                          Originally posted by Chukka View Post
                          Foodstuff doc, love the details.
                          I have to spend waaaaayyyy too much time documenting proved reserves to SEC standards...
                          Watts Up With That? | The world's most viewed site on global warming and climate change.

                          Comment


                          • #14
                            While the distinction between reserves and resources may seem like nitpicking, the misuse of the word "reserves" is frequently used by people like Dear Leader Chairman Maobama to give the impression that US petroleum "resources" are scarce...
                            “The United States holds only 2% of the planet’s proven oil reserves,”
                            -- President Barack Obama

                            According to President Obama, the United States contains only 2 percent of the planet’s proven oil reserves, Of course, he’s right — to a point. In classic fashion, he’s using a technicality to skirt the facts and keep the myth of energy scarcity alive. The reality is that the U.S. has enough recoverable oil for the next 200 years, despite only having 2 percent of the world’s current proven oil reserves.

                            Proven oil reserves are not all of our oil resources—not even close. In fact, proved reserves represent a tiny portion of our total oil resources. Proven (or proved) oil reserves are reserves that have already been discovered, typically through actual exploration or drilling, and which can be recovered economically. That estimate does not include oil that we know about, yet are unable to access because of regulatory barriers. For example, the billions of barrels of oil in ANWR are not included in our proved oil reserves. So let’s look at the facts.

                            Currently, the United States has 1,442 billion barrels of technically recoverable oil, but only about 20 billion barrels are considered proven oil reserves.[ii] That is partly because the federal government is denying access to hundreds of millions of acres oil-rich federal lands: the Alaskan National Wildlife Refuge, the Naval Petroleum Reserve-Alaska, federal waters off the Atlantic and Pacific coasts, at least 45 percent of the Gulf of Mexico, the Chukchi and Beaufort Seas, and oil shale on federal lands in Colorado, Utah, and Wyoming, to name a few. In the case of oil shale (an oil composed of kerogen), technology needs to be perfected to make its production viable, but this will not happen until the land is leased. Regrettably, the Department of Interior has stopped a leasing program Congress directed it to undertake.

                            [...]

                            http://instituteforenergyresearch.or...reserves-myth/
                            Watts Up With That? | The world's most viewed site on global warming and climate change.

                            Comment


                            • #15
                              Originally posted by The Doctor View Post
                              It's more likely that the FT doesn't know the difference between reserves and resources...
                              Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels.

                              "Undiscovered areas" aren't "reserves" or any kind: proved, probable or possible. Undiscovered technically recoverable oil is "resource potential."

                              This number is probably closer to 400 billion barrels.
                              Am I reading/understanding this right?
                              400 billion looks like more than 264bn(billion).
                              TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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