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biggest reserve revision in history of oil industry

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Re: biggest reserve revision in history of oil industry

Unread postby AdamB » Tue 01 Nov 2016, 23:00:07

$this->bbcode_second_pass_quote('StarvingLion', '
')There could be a lot of oil out there and nobody would even know it.


There is quite a bit of oil out there. And even you would know it if you knew where to look. Geoscientists being the folks you listen to of course, industry folks have skin in the game, geoscientists just being...well...scientists. Plus, these folks didn't fall for peak oil like "industry" folks, say, Art and Jeff for starters?

http://energy.usgs.gov/OilGas/Assessmen ... sment.aspx
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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Re: biggest reserve revision in history of oil industry

Unread postby ROCKMAN » Tue 01 Nov 2016, 23:21:35

So let's see how the $'s stack up:

2004 - Proved reserves: 22.2 billion bbls eq.
2015 - Proved reserves: 24.8 billion bbls eq.
2016 - Est Proved reserves: 22.2 billion bbls eq.

Using pricing as mandated by the SEC:

2004 - $39/bbl X 22.2 billion bbls eq = $866 billion
2016 - $50/bbl X 22.2 billion bbls eq = $1.1 trillion

Yes indeed weep for XOM: the value of their proved SEC reserves has only increased about 25% in the last 12 years.
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