Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
While crude, natural gas and NGL proved reserves all increased more than production, the improvement was uneven. Crude increased the least, but still added a respectable 2 billion bbl of proved reserves. This beat production-which was last done four years ago-by more than 300 million bbl. The result was 21.3 billion bbl of proved reserves at the end of 2007, or about 2% more than the previous year. (Since it takes about a year to gather and analyze the reserves data, 2007 is the last year in which such data is available.)
This increase is rather lackluster with regard to prices, which soared in 2004 through 2007, and should have resulted in substantial reserves increases, assuming prices add to recovery factors by shifting the economic threshold. Looking over the past few years, prices have indeed stayed otherwise relentless production decline, sometimes resulting in production increases, and presumably raising recovery factors. The answer probably lies in the success of deepwater exploration,
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
New Delhi - January 11-14
Muscat - January 26-29
Bogota - January 28-29
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.