Oil Reserves are the estimated amount of crude oil located in a particular economic region that can be technically recovered and financially feasible at the present price of oil. Proven Oil Reserves are a reasonable certainty of being recoverable under existing economic and political conditions, with existing technology. Reserves amounts for world total: 1,726,685 million of barrels (MMbbl) - USA EIA (2017)
Related Definitions in the Project: The Upstream Engineering; Project; Plant and Process Unit.
Example Article of the Oil Reserve:
What's Wrong With Rystad Energy's Global Oil Reserve Estimate? (Source: Oil Price on 29 August 2023): By Roger Bentley - Rystad Energy in a June 29th press release reported that its most recent assessment of the true size of the world’s proved oil reserves stands at 285 billion barrels, a value only one-sixth of the widely accepted value of around 1700 billion barrels. Insiders have long known of this extraordinary discrepancy, but it may come as a surprise to many. The widely accepted global proved oil reserves are those published by organisations such as the US EIA, OPEC, Oil and Gas Journal, World Oil and BP’s Statistical Review of World Energy; and then copied into websites including Our World in Data, Worldometer and Statista. These reserves data are those generally provided by the governments of the oil-producing countries concerned, and so are considered ‘official data’. ...
