Volume of reserves often overstated

Calculating oil reserves is not an exact science and too often reality disappoints.

It depends not only on the nature of the well but also on the management of its production over time.


Geologists say there are five elements required for a successful oil well: sedimentary reservoir rock, a mature organic source (oil), migration of oil into reservoirs, a trap and a seal to keep the oil in place.

If all five elements come together, you’ve got a producing oil well.

Then the question becomes: How much oil is in the reservoir and how much can be extracted?

These figures can change up or down with time.

Montreal Gazette