Oil reserves
 |
Peak Oil Depletion Scenarios Graph which depicts cumulative published depletion studies by ASPO and other depletion analysts. |
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An oil well in Canada. Some regard Canada as having the world's second largest oil reserves. |
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Hubbert Peak Graph showing oil production has peaked in non-OPEC and non-FSU countries |
Oil reserves refer to portions of
oil in place (
STOOIP) that are recoverable under economic constraints.
Oil in the ground is not a reserve unless it is economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally. The recovery factor (RF) is the percentage of STOOIP which is economically recoverable under a given set of conditions.
Reserves = STOOIP * RF
Between 1859 and 1968, 200 gigabarrels (200 billion barrels, 31 km³) of oil were used.
As of 2006, as prices approached the inflation-adjusted record highs from 1980, world
consumption is on track to reach 30 gigabarrels per year. [
1]
As the
price of oil increases a vast number of oil-derived products will become more expensive to produce, including gasoline, lubricating oils, plastics, tires, roads, synthetic textiles, etc. Science has so far been unable to find an affordable alternative to any of these products, even when compared to crude oil prices of $50/
bbl and above.
Proven, probable and possible reserves are the three most common categories of reserves. They represent the certainty that a reserve exists based on the geologic and engineering data and interpretation for a given location. The international authority for reserves definitions is generally the
Society of Petroleum Engineers. The
U.S. Securities and Exchange Commission has, in recent years, demanded that oil companies with exchange listed stock adopt reserves accounting standards that are consistent with conservative industry practice. In a notable case,
Royal Dutch Shell was required to write down the value of its oil reserves for 2001 and 2002 based on application of more strict definitions of reserves categories.
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Most oil reserves are found in only a few countries, but estimates of their size vary widely |
It has been estimated that there was initially a total of 2,050 (Colin Campbell, 2005) to 2,390 giga
barrels (380 km³) of crude oil on
Earth, of which, depending upon which estimate you believe, about 45% to 70% has been used so far. According to the 2006 BP Statistical Review of World Energy, from the years 1965-2005 approximately 917,558,609,280 barrels of oil were produced globally.[
2]
The
World Energy Resources Program of the
United States Geological Survey produces the official estimates of the world oil resources for the
U.S. Federal Government. They estimate the remaining world oil reserves are about 1,000 gigabarrels, and current estimates place the exhaustion of the remaining known reserves within the next 50 years. Estimates of undiscovered reserves range widely from 275 to 1,469 giga
barrels (44 to 234 km³). (It should be noted that one barrel equals 42 US gallons, or 158.97 litres.) The
Middle East has about 50% of the known remaining world oil reserve. The
USGS estimates the total reserves are about three times the known amount.
There are margins of uncertainty concerning the actual size of proven oil reserves. [
3] Presumably for political reasons, some nations have not allowed audits of the size of their fields. This is especially true of
Middle East members of
OPEC, as well as nations that belonged to the
USSR. OPEC limits the amount of oil output a member nation can produce to a portion of the remaining reserves, giving an incentive to manipulate the data. For example, in
1985 Kuwait increased the estimated size of their oil fields by 50%, which allowed them to increase their output. Other member nations quickly followed suit. The
Saudi national oil company controls the largest amount of proven oil reserves in the world.
Some estimates, such as the USGS, predict that oil reserves will become economically unrecoverable by the 2050s. However, these numbers are open to debate as they include only reserves that are presently in development or considered economically recoverable. They do not include
tar sands and
bitumen, nor do they take into account possible coal-derived production, methane extraction from waste, the recycling of
tires, or recycled
plastics. Estimates also do not include any reserves in
Antarctica, which is protected from
exploration by environmental
treaties. Although none of these sources are currently economical, they could be used to produce significant quantities of
hydrocarbons in the future, and they may become important as crude oil production dwindles, or if new technology makes them easier to recover. Higher crude oil prices also make these sources more attractive; industry observers believe that sustained prices above $40/bbl will provide the incentive and
return on investment to make previously undesirable oil deposits economically viable.
Definition of Oil Reserves
Oil reserves are a primarily a measure of geological
risk â€" of the
probability of oil existing and being producible under current economic conditions using current technology. The three categories of reserves generally used are proven, probable, and possible reserves.
*
Proven Reserves - defined as oil and gas "Reasonably Certain" to be producible using current technology at current prices, with current commercial terms and government consent, also known in the industry as 1P. Some Industry specialists refer to this as P90, i.e., having a 90% certainty of being produced.
*
Probable Reserves - defined as oil and gas "Reasonaby Probable" of being produced using current or likely technology at current prices, with current commercial terms and government concent. Some Industry specialists refer to this as P50, i.e., having a 50 % certainty of being produced. This is also known in the industry as 2P or Proven plus probable.
*
Possible Reserves - i.e., "having a chance of being developed under favourable circumstances". Some Industry specialists refer to this as P10, i.e., having a 10 % certainty of being produced. This is also known in the industry as 3P or Proven plus probable plus possible.
Reserve Booking
Oil and gas reserves are the main asset of an oil company. Booking is the process by which they are added to the Balance sheet. This is done according to a set of rules developed by the
Society of Petroleum Engineers (SPE). The Reserves of any company listed on the
New York Stock Exchange â€" which in practice means virtually every commercial company in the world â€" have to be stated to the
U.S. Securities and Exchange Commission. In many cases these reported reserves are audited by external geologists, although this is not a legal requirement. The
U.S. Securities and Exchange Commission rejects the probability concept and prohibits companies from mentioning probable and possible reserves in their filings. Thus, official estimates of proven reserves will always be understated compared to what oil companies think actually exists. For practical puposes companies will use proven plus probable estimate (2P), and for long term planning they will be looking primarily at possible reserves
Other countries also have their national hydrocarbon reserves authorities (for example the GKZ, State reserves commission of Russia) where companies operating in these countries have to report.
Other types of risk also exist: economic risk, technological risk, and political risk. Economic risk is the probability that the oil exists but cannot be produced at current prices and costs. There is a vast quantity of oil in this category, so economists will always be more optimistic than geologists. Technological risk is the probability that the oil exists but cannot be produced using existing technology. Again, there is a great deal of oil and near-oil in this category, such as the world's
oil shale deposits. And political risk is the risk that oil exists but cannot be produced because political conditions prevent it. Since most of the world's oil is in politically unstable countries, political risk is usually the biggest risk and the most difficult to quantify.
An example of technology increasing reserves is the recent increase of Canadian oil reserves from 5 to 179 gigabarrels, moving Canada to second place in world oil reserves. There is no geological risk in the Canadian oil sands â€" their existence has been known for centuries. The change occurred because of the
learning curve combined with
disruptive technology. Under heavy cost pressure, companies reduced their production costs from $30 per barrel to $10/bbl. Meanwhile, the Alberta Oil Sands Technology and Research Authority developed a new process called
steam assisted gravity drainage (SAGD) to recover the deeper oil sands. At the same time, improvements in
directional drilling technology made drilling horizontal SAGD wells much cheaper. At the end of it all, the
Alberta Energy and Utilities Board (AEUB) plugged new numbers into its
computer models and with the stroke of a keyboard, quadrupled North American proven oil reserves. No new oil had been found, some potential reserves had just reached an economic and technological
tipping point.
Canada
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Canadian conventional oil production peaked in 1973, but oil sands production is forecast to increase to at least 2020 |
Alberta's proven oil reserves in recent years have been raised from total conventional oil reserves of around 5 gigabarrels, to the much larger figure of around 180 gigabarrels which includes the
Athabasca Oil Sands [
4] deposit, placing Canada second to only to
Saudi Arabia. Other estimates (BP Statistical Review of World Energy) place Canada's petroleum reserves in the 17 gigabarrel range, by only counting oil sands under development. Although Alberta contains about 75% of Canadian conventional oil reserves, most of the other provinces and territories, especially Saskatchewan and offshore Newfoundland, hold significant production and reserves [
5].
Estimates of
oil sands reserves can be misleading because oil sands contain a semisolid form of oil known as
bitumen. Since oil sands production requires much greater capital expenditure than conventional oil, companies only book them as reserves after they finish a
strip mine or thermal facility to extract them and an
upgrader to convert them to
synthetic crude oil (syncrude or SCO). On the other hand, the Alberta government bases its reserve estimates on
drilling cores and
wireline logs from 19,000 wells drilled right through the oil sands into gas fields underneath them. To keep the distinction clear, Alberta uses the term "crude bitumen" rather than "crude oil" and refers to "established reserves" rather than "proven reserves" to differentiate them from oil company estimates. These estimates did not attract much attention until the prestigous Oil and Gas Journal added them to its estimates of Canada's proven oil reserves, which quadrupled North American reserves at the stroke of a keyboard. It did this because Alberta production and Canadian exports were steadily increasing despite the fact that Alberta's conventional oil reserves were almost exhausted.
When oil prices were low, Albertan oil sands companies such as
Suncor Energy and
Syncrude reduced their costs to around US $15/bbl. As a result, the
oil price increases of 2004-2006 to over $75/bbl is definitely high enough to attract investment capital, and there are now nearly $100 billion worth of projects under construction or planned in the Albertan oil sands. The main constraint on their development is a severe labor and housing shortage in
Fort McMurray, the only significant community in the oil sands area. Albertan oil sands production in 2005 was around 0.4 gigabarrels per year, or half of total Albertan and one hundredth of total global production. It is expected to rise to 0.7 gigabarrels per year or 67% of Albertan production by 2010. The
Canadian Association of Petroleum Producers predicts that by 2020, Canadian oil production will be 1.75 gigabarrels per year, of which only 10% will be conventional light and medium crude oil.
United States
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United States oil reserves peaked sharply in 1970 after the supergiant Prudhoe Bay field was found in Alaska. |
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United States oil production also peaked in 1970. By 2005 imports were twice production. |
United States proven oil reserves declined to a little more than 21 gigabarrels by the end of 2004 according to the
Energy Information Administration, a 46% decline from the 39 gigabarrels it had in 1970 when the huge
Alaska North Slope ('ANS') reserves were booked. Since there have been millions of oil wells drilled in the US and there is nowhere left for an elephant the size of ANS to remain hidden, it appears that US oil reserves are on a permanent downward slide. As oil fields get closer to the end of production, estimates of what is left become more accurate. Consequently, US oil reserve numbers are very accurate compared those of other countries.
United States
crude oil production peaked in late 1970 at over 4 gigabarrels per year, but declined to 1.8 gigabarrels per year by early 2006. In fact, production in the fall of 2005 fell to only 1.5 gigabarrels per year as a result of
hurricanes in the
Gulf of Mexico â€" a level not seen since shortly after
World War II. At the same time, US consumption of
petroleum products increased to over 7.3 gigabarrels per year. The difference was mostly made up by imports, with the largest supplier being Canada, which increased its exports of crude oil and refined products to the US to 0.8 gigabarrels per year at the end of 2005. Imports of oil and products now account for nearly half of the US trade deficit.
With the shut-in of the supergiant Prudhoe Bay oil field for pipeline repairs in August 2006, the immediate future looks even worse since Alaska production will be cut in half and total U.S. production by 8%. BP, the operator of Prudhoe Bay, has refused to predict when the pipeline will be able to resume operation.
The United States has the largest known concentration of
oil shale in the world, according to the
Bureau of Land Management and holds an estimated 800 gigabarrels of recoverable oil, enough to meet U.S. demand for oil at current levels for 110 years. Oil shale is developable given high enough oil prices, and the technology for converting oil shale to oil has been known since the middle ages.
However, the main constraint on oil shale development is probably going to be that Albertan oil sands are only about half as expensive to produce, and the US has full access to oil sands production under the North American Free Trade Agreement
NAFTA. In addition, there are environmental concerns about oil shale development. The oil shale areas are
semi-arid, in which mine scars last for centuries, and are at the headwaters of several important rivers, notably the
Powder River in a region in which
water rights are very important. By contrast, the Alberta oil sands are in a largely uninhabited
boreal forest that is periodically destroyed by
forest fires, and the rivers are very large and flow into the
Arctic Ocean. As a result, the oil shales are probably not going to see development until oil sands production is well underway.
Mexico
While the government of
Mexico claims it has over 100 gigabarrels of oil, as of January, 2006, the prestigious Oil and Gas Journal estimated its proven reserves at only 12.9 gigabarrels. The reason for the discrepancy is that, while the oil may exist in theory, in practice, politics prevents it from being developed. The
constitution of Mexico gives the state oil company,
PEMEX, a monopoly over oil production, and the Mexican government treats Pemex as a major source of revenue, taking 60% of its revenues in taxes, according to Business Week on 13 Dec 2004. As a result, Pemex has insufficient capital to develop the resources on its own, and cannot take on foreign partners to supply money and technology it lacks.
Since 1979, Mexico has produced most of its oil from the supergiant
Cantarell Field, which isthe second-biggest field in the world by production, but which has recently peaked and started a terminal production decline. In 1997, PEMEX started a massive
nitrogen injection project to maintain oil flow, which now consumes half the
nitrogen produced in the world, but this largely just accelerates depletion rather than adding new reserves.
As for its other fields, 40% of Mexico's remaining reserves are in the
Chicontepec Field, which was found in 1926, but which has remained undeveloped because the oil is trapped in impermeable rock. The remainder of Mexico's fields are much smaller, much more expensive to develop, and contain
heavy oil that buyers do not want. As a result of concentrating on its one good oil field and ignoring everything else, Mexico's proven reserves have fallen every year for more than a decade, and it has less than 10 years worth of oil reserves at current production levels.
There are varying estimates of how much oil is left in
Middle Eastern reserves. Several oil companies and the
U.S. Department of Energy state that the Middle East has two-thirds of
all the world's oil reserves. Other oil experts, however, argue that the Middle East has two-thirds of only
all proven oil reserves, and that the percentage of all oil reserves it has could be much lower than two-thirds [
6]. The
U.S. Geological Survey says that the Middle East has only between half and a third of the recoverable oil reserves in the world.
Suspicious official estimates of oil reserves from OPEC countries
The
OPEC countries decided in 1985 to link their production quotas to their reserves. What then seemed wise provoked important increases of the estimates; in order to increase their production rights. This also permits the obtainment of bigger loans at lesser interest rates. This is a suspected reason for the reserves rise of
Iraq in 1983, then at war with
Iran.
In fact, Dr.
Ali Samsam Bakhtiari, a former senior executive of the
National Iranian Oil Company, has stated unequivocally that OPEC's oil reserves (notably Iran's) are grossly overstated. In a recent interview [
7] he stated that world oil production is now at its peak and predicted that it will fall 32% by 2020.
| Declared reserves with suspicious increases (in billion of barrels) Colin Campbell, SunWorld, 80-95 |
| Year | Abou Dhabi | Dubai | Iran | Iraq | Kuwait | Saudi Arabia | Venezuela |
| 1980 | 28.00 | 1.40 | 58.00 | 31.00 | 65.40 | 163.35 | 17.87 |
| 1981 | 29.00 | 1.40 | 57.50 | 30.00 | 65.90 | 165.00 | 17.95 |
| 1982 | 30.60 | 1.27 | 57.00 | 29.70 | 64.48 | 164.60 | 20.30 |
| 1983 | 30.51 | 1.44 | 41.00 | 64.23 | 162.40 | 21.50 |
| 1984 | 30.40 | 1.44 | 51.00 | 43.00 | 63.90 | 166.00 | 24.85 |
| 1985 | 30.50 | 1.44 | 48.50 | 44.50 | 90.00 | 169.00 | 25.85 |
| 1986 | 31.00 | 1.40 | 47.88 | 44.11 | 89.77 | 168.80 | 25.59 |
| 1987 | 31.00 | 1.35 | 48.80 | 47.10 | 91.92 | 166.57 | 25.00 |
| 1988 | 92.21 | 4.00 | 92.85 | 100.00 | 91.92 | 166.98 | 56.30 |
| 1989 | 92.20 | 4.00 | 92.85 | 100.00 | 91.92 | 169.97 | 58.08 |
| 1990 | 92.20 | 4.00 | 93.00 | 100.00 | 95.00 | 258.00 | 59.00 |
| 1991 | 92.20 | 4.00 | 93.00 | 100.00 | 94.00 | 258.00 | 59.00 |
| 1992 | 92.20 | 4.00 | 93.00 | 100,00 | 94,00 | 258.00 | 62.70 |
| 2004 | 92.20 | 4.00 | 132.00 | 115.00 | 99.00 | 259.00 | 78.00 |
The total declared reserves are 701 billion barrels , from which 317.54 are suspicious.
The table suggests that, firstly, the OPEC countries declare that the discovery of new fields, year after year, replaces exactly or near exactly the quantities produced, because the declared reserves do not vary a lot from one year to the other. For example, Saudi Arabia extracts 3 billion barrels a year, which will diminish by this amount. However, Abu Dhabi, in the
United Arab Emirates, declares exactly 92.3 billion barrels since
1988, but in 16 years, 14 billion barrels were extracted.
Also, there is much competition between states. For example, Kuwait gave to themselves 90 billion barrels of reserves in 1985, the year of the reserves link. Abu Dhabi and Iran responded with slightly higher numbers, to guarantee similar production quotas.
Saddam Hussein, fearing to be left behind by nations he disliked, replied with around 100. Apparently, with all this amount of inflation, Saudi Arabia was forced to reply, two years later, with its own revision.
Other examples suggest the inaccuracy of official reserve estimates:
* January 2006, the magazine
Petroleum Intelligence Weekly declared that reserves of Kuwait were in fact only 48 billion barrels, of which only 24 billion were "completely proven", backing this statement on "leaks" of official confidential Kuwaiti documents. The value is half of the official estimate.[
8]
*
Shell company announced
9 January 2004 that 20% of its reserves had to pass from proven to possible (uncertain). This announcement led to a loss in the value of the stock; a lawsuit challenged that the value of the company was fraudulently overvalued. Shell later revised its reserves estimates three times, reducing them by 10,133 million barrels (against 14,500 million). Shell's president, Phil Watts, resigned.
* As can be seen on the table the reserves declared by
Kuwait before and after the
Gulf War 1990-1991 are the same, 94 billion barrels, despite the fact that immense
oil-well fires ignited by the Iraqi forces had burned off approximately 6 billion barrels.
* In 1970,
Algeria increased its "proven reserves" estimate (until then 7-8 billion barrels) to 30 billions. Two years later, the estimate was increased to 45 billion. After 1974, the country's estimate was less than 10 billion barrels (as reported by Jean Laherrère).
*
Pemex (state company of
Mexico) in September 2002 decreased its reserve estimate by 53%, from 26.8 to 12.6 billion barrels. Later the estimate was increased to 15.7 billion.
* Other examples exist of reserves being underestimated. In 1993, the reserves of
Equatorial Guinea were limited to some insignificant fields; the
Oil And Gas Journal estimated them at 12 million barrels. Two giant fields and several smaller ones were discovered, but the numbers announced stayed unchanged until
2003. In
2002, the country still had 12 million barrels of reserves according to the journal, while it was producing 85 million barrels in the same year. The reserves of
Angola were at 5.421 billion barrels, (three significant numbers, it gives the impression of great precision) from 1994 to 2003, despite the discovery of 38 new fields of more than 100 million barrels each.
Note however that the definition of proven reserves varies from country to country. In the USA, the conservative rule is to classify as proven only the reserves that are being produced. On the other hand,
Saudi Arabia classifies as proven reserves known fields not yet in production.
Venezuela includes non-conventional oil (bitumens) of the Orinoco in its reserve base.
Saudi Arabia
With one-fourth of the world's proven oil reserves and some of its lowest production costs,
Saudi Arabia produces over 4 gigabarrels of oil per year and is likely to remain the world's largest oil exporter for the foreseeable future. However, there are serious political risks involved in Saudi Arabian domination of the world oil market. In spite of recent increases in oil income, Saudi Arabia faces serious long-term challenges, including rates of unemployment of at least 13 percent, one of the world's fastest population growth rates (its population has tripled since 1980), and a political system best described as medieval.
According to the Oil and Gas Journal, Saudi Arabia contains 262 gigabarrels of proven oil reserves, around one-fourth of proven, conventional world oil reserves. Although Saudi Arabia has around 80 oil and gas fields, more than half of its oil reserves are contained in only eight fields, and more than half its production comes from one field, the
Ghawar field.
One challenge for the Saudis in maintaining or increasing production is that their existing fields sustain 5-12 percent annual decline rates, meaning that the country needs around 2 to 4 gigabarrels per year in new capacity each year just to compensate. The challenge is that the Ghawar field, found in 1948, has produced about half its total reserves, and is starting to run into production problems â€" notably, there are rumors that it is now producing more water than oil. Other Saudi fields are not only smaller, but more difficult to produce. Historically, when Saudi Arabia has run into production problems in other fields, it has simply shut them in and stepped up production in Ghawar, but if Ghawar runs into problems that no longer will be possible.
Since
Saudi Arabia is the world's largest producer of oil, their reserves are analyzed very closely and estimates vary on the amount of economically recoverable oil in Saudia Arabia. The raw data is not available to outside scrutiny. The International Energy Agency has predicted that Saudi oil output will double during the next two decades, projecting production of 7 gigabarrels per year in 2020, although this seems unlikely, if only for political reasons.
A dissenting opinion regarding Saudi oil reserves came from
Matthew Simmons who claimed in his 2004 book "Twilight in the Desert" that Saudi Arabia's oil production is declining, and that it will not be able to produce more than current levels â€" about 4 gigabarrels per year [
9]. In addition to his belief that the Saudi fields have hit their peak, Simmons also argues that the Saudis may have irretrievably damaged their large oil fields by overpumping salt water into the fields in an effort to maintain the fields' pressure and thus make the oil easier to extract.
Since 1982 the Saudis have withheld their well data and any detailed data on their reserves, giving outside experts no way to verify the overall size of Saudi reserves and output. However, experts question the Saudi claim that recent declines in production are due to lack of demand (which no other producer has experienced), and pointed to the fact that the number of drilling rigs in Saudi Arabia has tripled with no comparable increase in production as disturbingly similar to what happened in
Texas when US production peaked and started to decline in the 1970's. This could mean that many Saudi oil wells have peaked and have begun the decline toward the end of their economic usefulness. Only with verifiable data can production and reserves increases or declines be demonstrated.
Iran
Iran has the world's third largest reserves of conventional crude oil at 133 gigabarrels, according to the
CIA World Factbook, although it should be noted that both
Canada and
Venezuela have larger reserves if
Non-conventional oil is included. Iran is the second largest oil producer globally with approximately 9% of the world's oil.
Iran averages about 1.5 gigabarrels per year, which is a significant decline from the 6 gigabarrels per year it produced when the
Shah of Iran was in power. The United States prohibits imports of oil from Iran, which limits its exposure to an Iranian oil cutoff, but does not reduce the likelihood that an interruption of Iranian oil would cause a spike in world oil prices. American pressure on Iran to renounce
Iran's nuclear program makes the possibility of military confrontation quite high, and the political risks of Iranian oil far outweigh any geological ones.
Iraq
Iraq has the fourth largest reserves of conventional oil in the world at 112 gigabarrels. Despite its vast oil reserves and low costs, production has not recovered since the US-led
2003 invasion of Iraq. Constant
looting,
insurgent attacks, and
sabotage in the oil fields has limited production to around 0.5 gigabarrels per year at best. Political risk is thus the main constraint on Iraqi oil production and likely to remain so in the near future.
United Arab Emirates and Kuwait
The
United Arab Emirates and
Kuwait are nearly tied for the fourth largest conventional oil reserves in the world at 98 and 97 gigabarrels, respectively. The UAE produces about 0.8 gigabarrels per year and has about 100 years of reserves at that rate while Kuwait produces about the same amount and also has about 100 years of reserves.
Abu Dhabi has 94 percent of the UAE's oil reserves while most of Kuwait's oil reserves are in the
Burgan Field, the world's second largest oil field after Saudi Arabia's Ghawar. Kuwait hopes to step up oil production to reach capacity of 4 million bbl/d by 2020, but since Burgan was found in 1938 and is getting very mature, this will be a challenge. Furthermore, according to data leaked from the
Kuwait Oil Company (KOC), Kuwait's remaining proven and non-proven oil reserves are about only about half the official figure - 48 gigabarrels.
2020 Vision
The US EIA (Energy Information Administration) reduced their forcast for Saudi oil production to 15.4 mb/day in 2020 and Middle East OPEC countries increasing to 35.2 mb/day by 2020 from 20.7 mb/day in 2002 [Internation Energy Outlook 2005 table E1 [
10]. These estimates were further reduced in the 2006 Annual Energy Outlook, in which Middle East OPEC production was projected to be 29.4/27.0/18.5 mb/day in 2020 assuming $34/$51/$85 oil prices respectively [
11].
The term oil supplies is sometimes used to mean the same thing as oil reserves. However, Oil reserves refer mainly to oil in the ground that can be recovered economically. Oil supply also includes the oil production and processing facilities and the oil delivery systems that provide oil to the end user. When there is a '
shortage' of supply it is more often a problem of the delivery systems than a failure of reserves. While geologists are sure the world will eventually run out of oil, economists are sure there will always be a price at which supply will meet demand, albeit possibly at a higher price than people would like to pay.
Arctic basins tend to be richer in natural gas than in oil. The abundance of gas in the Arctic so far from main markets will require moving gas long distances. Problems of ensuring that oil and gas keep flowing freely in arctic subsea
pipelines are virtually identical to those experienced at a depth of 8,000 feet in the
Gulf of Mexico, where temperatures are at or close to the
freezing point along the
seafloor where hydrates can form.
Technology for moving oil from the seafloor to the shore is similar to that employed in
Norway, and may someday have application in Alaska.
Shell, one of the world's largest oil companies, believes
Arctic waters, including those of northern
Alaska, hold great potential as an oil and
natural gas frontier. Shell sees the Arctic as a very tantalizing opportunity to develop new oil and gas resources and the last remaining frontier. The company's views tend to support studies by
academics and
agencies that Arctic basins contain 25% of the world's remaining undiscovered resources. Most of these basins are unexplored and undeveloped. Shell recognizes how "difficult and challenging" the
social,
environmental, and
economic aspects will be. Shell believes that technology solutions developed for other areas, such as the deepwater, will have applications in the offshore Arctic.
However, in early 2006,
Royal Dutch Shell made a bold move into non-conventional oil when purchased C$465 million worth of leases in northern Canada just outside the
Athabasca Oil Sands. Mysteriously, Shell did not assign the property to
Shell Canada, which already has a large oil sands operation in the area, but created a new, wholly-owned subsidiary called SURE Northern Energy Ltd. (SURE Northern) to develop the leases. While the area is known to contain large oil deposits, it is not included in current Canadian oil reserves because the geology is harder and more rocky than the sand which characterizes most oilsands projects.
Many countries maintain government-controlled oil reserves for both economic and national security reasons. Although there are
global strategic petroleum reserves, the following highlights the strategic reserves of the top three oil consumers.
The United States maintains a
Strategic Petroleum Reserve at four sites in the Gulf of Mexico, with a total capacity of 0.727 gigabarrels of crude oil. The sites are enormous salt caverns that have been converted to store crude oil. The US SPR has never been filled to capacity; the largest amount reached thus far was 0.7 gigabarrels on August 17, 2005, whereafter reserves were drawn down to meet demand in the aftermath of
Hurricane Katrina. This reserve was created in 1975 following the 1973-1974 oil embargo, and as of 2005 it is the largest emergency petroleum supply in the world. At current US consumption rates (over 7 gigabarrels per year), the SPR would supply all normal US demand for approximately 37 days.
China, the second largest consumer of oil after the United States, has begun a plan to build strategic crude reserves as the country's demand for energy continues to grow. The size of this future Chinese strategic petroleum reserve will be in the neighborhood of approximately 0.15 gigabarrels. It has also told its three largest state oil groups to purchase foreign oil holdings to ensure adequate strategic energy supplies to power the country's rapidly growing economy. Separately, Kong Linglong, director of the National Development and Reform Commission's Foreign Investment Department, said that the Chinese government would soon move to establish a government fund aimed at helping its state oil groups purchase offshore energy assets.
Japan, the third largest consumer of oil, has its own state controlled strategic petroleum reserve. According to Japan's Agency for Natural Resources and Energy, Japan has state reserves of petroleum for 92 days of consumption and privately held reserves for another 78 days of consumption, for a total of 171 days of consumption. These reserves are particularly important for Japan since they have practically no domestic petroleum production and import at least 95% of their oil.
Many countries with extensive oil reserves are members of the
Organization of the Petroleum Exporting Countries, or OPEC. The members of the OPEC
cartel hold about two-thirds of the world's oil reserves, allowing them to significantly influence the international price of crude oil.
|
Countries with largest oil reserves |
|
An oil power plant in Iraq, which has some of the world's largest oil reserves |
As the amount of oil left is an estimate, not a known amount, there are many differing estimates for the amount of oil remaining in different regions of the world. The following table lists the highest and lowest estimates for regions, and countries, with significant oil reserves in gigabarrels (10
9 barrels), as listed here [
12]. The large range of some country's estimates, Canada in particular, stems from factors such as the potential future development of non-conventional oil from tar sands, oil shale, etc.
:
Countries that have already passed their production peak
Note: this table is a work in progress, and not all classifications of countries are correct. Compare, for example, production figures for Canada[
13][
14], which show total petroleum production has been higher than the 1973 "peak" since 1993.
Note: this chart lists when, as a historical matter, oil production peaked. Peaking can occur for many reasons, related or unrelated to technical extraction difficulties, such as discovery of more accessible oil elsewhere, or changes in regulations. Inclusion on this list does not necessarily mean oil extraction cannot exceed the previous peak in that country. | Regular Oil (light, heavy, deepwater, polar) | ! colspan="3"> Other hydrocarbon reserves | ! colspan="3"> Total Recoverable Hydrocarbons Depletion (projected) |
|---|
| State | Oil Discovery peak | Oil Production peak | Oil Depletion midpoint | | Natural Gas peak | Coal peak | Tar sand, oil shale peak | | Recoverable Oil Depletion | Recoverable Natural Gas depletion | Recoverable Coal depletion |
|---|
| North America |
| Canada | 1958 | 1973 | 1988 | bgcolor=#ccffcc| 2002 | bgcolor=#ccffcc| | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | USA | 1930 | 1971 | 2003 | | 1974 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Mexico | 1977 | 2002 | 1999 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | South America |
| Argentina | 1960 | 1998 | 1994 | |
| Colombia | 1992 | 1999 | 1999 | |
| Venezuela 1 | 1941 | 1970 | 2003 | |
| Chile | 1960 | 1982 | 1979 | 1980 | |
| Ecuador 2 | 1969 | 2004 | 2007 | |
| Peru | 1861 | 1983 | 1988 | |
| Trinidad and Tobago | 1969 | 1978 | 1983 | |
| Europe |
| Albania | 1928 | 1983 | 1986 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Austria | 1947 | 1955 | 1970 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Croatia | 1950 | 1988 | 1987 | bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Denmark | 1971 | 2002 | 2004 | bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | France | 1958 | 1988 | 1987 | bgcolor=#ccffcc|1978 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Germany | 1952 | 1966 | 1977 | bgcolor=#ccffcc|1979 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Hungary | 1964 | 1987 | 1987 | bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Italy | 1981 | 1997 | 2005 | bgcolor=#ccffcc|1994 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Netherlands | 1980 | 1987 | 1991 | bgcolor=#ccffcc|1976 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Norway | 1979 | 2003 | 2003 | bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Romania | 1857 | 1976 | 1970 | bgcolor=#ccffcc|1982 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Ukraine | 1962 | 1970 | 1984 | bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | United Kingdom | 1974 | 1999 | 1998 | bgcolor=#ccffcc|2000 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Africa |
| Cameroon | 1977 | 1986 | 1994 | |
| Congo | 1984 | 2001 | 2000 | |
| Egypt | 1965 | 1995 | 2007 | |
| Gabon 2 | 1985 | 1996 | 1997 | |
| Libya 1 | 1961 | 1970 | 2011 | |
| Sudan | 1980 | 2005 | 2009 | |
| Tunisia | 1971 | 1981 | 1998 | |
| Middle East |
| Bahrain | 1932 | 1970 | 1977 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Oman | 1962 | 2001 | 2003 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Qatar 1 | 1940 | 2004 | 1998 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Syria | 1966 | 1995 | 1998 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Saudi Arabia | 1946 | 2006 | 2010 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Yemen | 1978 | 1999 | 2003 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Eurasia and Central Asia |
| Turkey | 1969 | 1991 | 1992 | |
| Uzbekistan | 1992 | 1998 | 2008 | |
| Rest of Asia |
| Brunei | 1929 | 1978 | 1989 | bgcolor=#ccffcc|2003 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | China | 1953 | 2003 | 2003 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | India | 1974 | 2004 | 2003 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Indonesia 1 | 1955 | 1977 | 1992 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Malaysia | 1973 | 2004 | 2002 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Pakistan | 1983 | 1992 | 2001 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Thailand | 1981 | 2005 | 2008 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Oceania |
| Papua New Guinea | 1987 | 1993 | 2007 | |
| Australia | 1967 | 2000 | 2001 | |
Data from [15] and the annual British Petroleum Energy Report[16].1 OPEC member
2 former OPEC memberCountries where production can be increased
| Regular Oil (light, heavy, deepwater, polar) | ! colspan="3"> Other hydrocarbon reserves | ! colspan="3"> Total Recoverable Hydrocarbons Depletion (projected) |
|---|
| State | Oil Discovery peak | Oil Production peak (projection) | Oil Depletion midpoint | | Natural Gas peak | Coal peak | tar sand, oil shale peak | | Recoverable Oil Depletion | Recoverable Natural Gas depletion | Recoverable Coal depletion |
|---|
| North America - no such states (but some are still unclassified) |
| South America |
| Bolivia | 1966 | 2010 | 2016 | |
| Brazil | 1996 | 2012 | 2012 | |
| Europe - no such states (but some are still unclassified) |
| Africa |
| Algeria 1 | 1956 | 2006 | 2010 | |
| Angola | 1998 | 2019 | 2011 | |
| Chad | 1977 | 2008 | 2014 | |
| Nigeria 1 | 2001 | 2009 | 2009 | |
| Middle East |
| Iran 1 | 1961 | 1974 2 | 2009 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Iraq 1 | 1948 | 2015 | 2021 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Kuwait 1 | 1938 | 1971 2 | 2018 3 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | United Arab Emirates 1 | 1964 | 2011 | 2026 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Eurasia and Central Asia |
| Azerbaijan | 1871 | 2009 | 2014 | |
| Kazakhstan | 2000 | 2030 | 2036 | |
| Russia | 1960 | 1987 2 | 1992 | |
| Rest of Asia |
| Vietnam | 1975 | 2009 | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Oceania - no such states (but some are still unclassified) |
| Antarctica - still unclassified |
Data from [17] and the annual British Petroleum Energy Report.1 OPEC member
2 Because of various historical events, production has dropped, and so there are still possibilities for further increases in output even though the main peak has passed.
3 The Burgan field, the largest oil field in Kuwait, peaked in November 2005, years earlier than expected. This estimate thus requires revision. Countries to be classified
The vast majority of these countries have tiny oil reserves, making classification difficult : a single new field, even very small by world standards, could change everything for one of them.
| Regular Oil (light, heavy, deepwater, polar) | ! colspan="3"> Other hydrocarbon reserves | ! colspan="3"> Total Recoverable Hydrocarbons Depletion (projected) |
|---|
| State | Oil Discovery peak | Oil Production peak | Oil Depletion midpoint | | Natural Gas peak | Coal peak | Oil peak (tar sand, shale) | | Recoverable Oil Depletion | Recoverable Natural Gas depletion | Recoverable Coal depletion |
|---|
| North America |
| Costa Rica | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Panama | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Jamaica | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Bahamas | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | multiple additional countries |
| South America |
| Suriname | |
| Guyana | |
| Paraguay | |
| Uruguay | |
| Europe |
| Estonia | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Serbia | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Latvia | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | multiple additional countries |
| Africa |
| Equatorial Guinea | |
Sahrawi Republic
Western Sahara | |
| multiple additional countries |
| Middle East |
| Lebanon | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Jordan | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Israel | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Palestine
(West Bank and Gaza Strip) | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Eurasia and Central Asia |
| Armenia | |
| Cyprus | |
| Georgia | |
| Kyrgyz Republic | |
| Tajikistan | |
| Turkmenistan | |
| Rest of Asia |
| Japan | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | Taiwan | bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc| bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|bgcolor=#ccffcc|- | multiple additional countries |
| Oceania |
| Tonga | |
| multiple additional countries |
| Antarctica 1 |
1 Substantial oil, natural gas and coal reserves may exist, but because of an international treaty, no extraction is allowed. |
Solar powered car at a racecourse, capable of travelling up to 140km/h |
Several types of fuels exist that offer alternatives to petroleum. The
United States Department of Energy officially recognizes the following alternative fuels:
*
Alcohols-such as ethanol and methanol are extracted from grains, wood and biomass.
*Compressed
Natural Gas-is natural gas under high pressure.
*
Electricity-stores energy in batteries.
*
Hydrogen-is produced by splitting water into oxygen and hydrogen by using electricity.
*Liquefied Natural Gas-refrigerates natural gas to very cold levels until it condenses into a liquid.
*Liquefied Petroleum Gas-consists of a mixture of propane and other similar types of hydrocarbon gasses under low pressure.
*
Synthetic oil-using the
Fischer-Tropsch process or
Karrick process. Liquids made from
Coal-are capable of producing gasoline, diesel fuel and methanol. During World War II Germany, which had limited access to crude oil supplies, manufactured 90 million tons of synthetic oil in 1944.
*
Biodiesel-resembles the characteristics of diesel fuel but is made from plant oil(agriculture,
Algaculture) or animal fat.
*
Air engine an emission-free piston engine using compressed air as fuel.
Transportation Alternatives:
*
Fuel cells. Vehicles-turn hydrogen fuel and oxygen into electricity. They are considered to be zero emission vehicles.
*
Hybrid Vehicles derive their power from gasoline, but use an electric motor in combination with an internal combustion engine for better fuel economy and performance. Newer plug-in hybrid electric vehicles derive a substantial portion of their power from the power grid or solar energy.
*
Coal. During the nineteenth century,
trains,
ships, machines and even some cars were run by
steam engine, which requires the use of coal. Coal reserves were estimated in 1997 to be 1.04 trillion metric tons. [
18]
*
Solar power.
Solar powered cars have been built, including the
Nuna which had an average speed of 103km/h during the
World solar challenge solar car race, and a top speed of 140km/h. (However, this vehicle seated one occupant, had a weight less than one fifth that of a typical family-sized car and the performance figures quoted here are based on it having been run mostly in the arid Australian outback with the most expensive type of solar cells available.)
*
Air car powered by an
Air engine*
Non-conventional oil*
Oil exploration*
Hubbert peak theory*
Strategic Petroleum Reserve*
Global strategic petroleum reserves*
Association for the Study of Peak Oil and Gas* Adams Neal,
Terrorism & Oil (2002, pg.66), ISBN 0878148639
* Various,
The Oil Industry of the Former Soviet Union: Reserves, Extraction, Transportation (1998, pg. 24-59), ISBN 9056990624
* Robert J Art,
Grand Strategy for America (2003, pg.62), ISBN 0801441390
* Paul Roberts, "The End of Oil", (2004 p47-p52), Bloomsbury, pbk, ISBN 0 7475 7081 7
*
The Life After The Oil Crash: The End Of The World As We Know It*
Society of Petroleum Engineers: Petroleum Reserves & Resources Definitions*
TrendLines' current Peak Oil Depletion Scenarios Graph*
The-end-of-oil.com by Paul Roberts*
U.S. Department of Energy Office of Fossil Energy information on managed reserves*
U.S. Department of Energy International Energy Outlook July 2005*
U.S. Department of Energy Annual Energy Outlook 2006*
Twilight in the Desert, a book by Matthew Simmons explaining how Saudi reserves are quesionable at best and discusses the possibility that the Saudis have damaged the large oil fields by pumping seawater into them.
*
Discusses Peak Oil implications*
Peak Oil and Permaculture - An interview with
David Holmgren*
LOGDIGI*
Oil-Gas-News.Com.
* [
19]
* [
20]
* [
21]
* [
22]
* [
23]
* [
24]
* [
25]
