The First Half of the Age of Oil by Charles A. S. Hall & Carlos A. Ramírez-Pascualli

Author:Charles A. S. Hall & Carlos A. Ramírez-Pascualli
Language: eng
Format: epub
Publisher: Springer New York, New York, NY

Previous OPEC estimates, inherited from private companies before national governments took over, had probably been conservative, P90 numbers. So some upward revision was warranted. But no major new discoveries or technological breakthroughs justified the addition of a staggering 287 Gb. That increase is 40% more than all the oil ever discovered in the United States. Non-OPEC countries, of course, are not above fudging their numbers either. For example, in the report of the Oil and Gas Journal for 2009, the reserves of 70 nations—including the United States, Russia, China, and India—show no change from 2008 because national agencies did not report changes, even though companies in these countries were extracting oil regularly (US EIA 2012). Because reserves naturally drop as old fields are drained and jump when new fields are discovered, perfectly stable numbers year after year are highly implausible.

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