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Vertical axis in chart corresponds to millions of of barrels of oil equivalent per day.

Oil -  fossil oil produced since output began from on and offshore reservoirs, including tight sands/shales; and liquids extracted from gas.

Full breakdowns are available in datafiles.

PAST (CUMULATIVE) & FUTURE (REMAINING) PRODUCTION

The term reserves is misunderstood and misused in the oil and gas industry and media. Reserves are defined by Globalshift as ‘Cumulative Production’ plus ‘Remaining Production.’

Ultimate recoverable reserves are the sum of ‘Cumulative Production’ (volume of oil and/or gas up to a given year that has been produced) and ‘Remaining Production’ (the volume of oil and/or gas up to a given year that will be produced).

Developed, Undeveloped and Undiscovered

‘Developed Remaining’ is defined as that part of Remaining Production that represents all current producing fields that have entered production but have not yet been abandoned and will continue to produce.

‘Undeveloped Remaining’ is defined as that part of Remaining Production that represents parts of current producing fields and all fielddiscoveries and field extensions that have not yet entered production but will be developed.

‘Undiscovered Remaining’ is defined as that part of Remaining Production that represents all potential field discoveries which have not yet been discovered but will be found and developed.

 


Reserves

Reserves are quantified and forecast as cumulative and remaining volumes produced to a given year. These are split onshore, and offshore by water depth

Vertical axis in chart corresponds to billions of cubic metres of sales gas per year.

Gas - sales gas produced since output began from on and offshore reservoirs, including tight sands/shales and coal beds.

Full breakdowns are available in datafiles.

Vertical axis in chart corresponds to millions of of barrels of oil equivalent per day.

Oil -  fossil oil remaining to be produced up to the year 2100 from on and offshore reservoirs, including tight sands/shales; and liquids extracted from gas.

Full breakdowns are available in datafiles.

Vertical axis in chart corresponds to billions of cubic metres of sales gas per year.

Gas - sales gas remaining to be produced up to the year 2100 from on and offshore reservoirs, including tight sands/shales and coal beds.

Full breakdowns are available in datafiles.

Cumulative Oil

‘Cumulative Oil’ is the total volume of oils produced and consumed up to a given year. Globalshift defines the given year for cumulative oils as the current year minus one. All oil types can be included in ‘Cumulative Oil.’

Cumulative Gas

‘Cumulative Gas’ is the total volume of sales gases produced and consumed up to a given year. Globalshift defines the given year for cumulative gases as the current year minus one. All gas types can be included in ‘Cumulative Gas.’

Remaining Oil

‘Remaining Oil’ is the ‘most likely’ volume of oil that have not yet been produced but will be recovered under economic and other conditions that could exist in the future. They are summed output values over a future period, usually to the year 2100.

Remaining Gas

‘Remaining Gas’ is the most likely volume of sales gas that have not yet been produced but will be recovered under economic and other conditions that could exist in the future. They are summed output values over a future period, usually to the year 2100.


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