Scientists “miscalculating untapped oil reserves”

Large quantities of untapped oil reserves remain around the world because scientists have miscalculated, the chief executive of the prestigious British Royal Society of Chemistry claimed in a statement here Thursday.
Dr Pike, who spent 35 years in senior oil company management and petrochemicals consultancy, said “There is a significant underestimate by investment analysts of the world’s hydrocarbon resources, and also of the total oil likely to be produced in the forthcoming decades”.

The conservative estimate of oil remaining and commercially recoverable in each field is called the “proven reserves” which is the amount of oil that a company is highly confident that it can extract. — But this has a nine-out-of-ten probability of being exceeded.

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