Forum
The status of conventional world oil reserves—Hype or cause for concern?
Keywords
Liquid fuels
Peak oil
Conventional oil
Select terms and abbreviations
API
American petroleum institute gravity (141.5/specific gravity—131.5)
BPSR
BP statistical review
Conventional oil
Oil that is less dense than water (above 10° API)
Gb
giga barrel (one billion barrels)
Giant oil field
contains 0.5 Gb of 2P conventional oil reserves
IEA
international energy outlook
Information agencies
organisations that republish data from reporting agencies (some times with small amendments)
NGL
natural gas liquids, the liquid or liquefied hydrocarbons produced in the manufacture, purification and stabilisation of natural gas
OGJ
oil and gas journal
OPEC
organisation of the petroleum exporting countries
Reporting agencies
organisations that gather oil reserve data from producers
Reserves
commercially exploitable oil that is in-situ
Super-giant oil field
contains 5 Gb of 2P conventional oil reserves
Unconventional oil
oil that is below 10° API
Ultimate recoverable reserves (URR)
The total volume of reserves expected to be recovered, past and present
WEO 2008
world energy outlook 2008
WO
world oil
1P
‘proven reserves+P90’
2P
‘proven+probable reserves’=P50
3P
‘proven+probable+possible’=P10
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