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| Open-File Report 2004–1274 |
Future Petroleum Supply - Exploration or Development?
This presentation was given at the Second U.S. Geological
Survey (USGS) Reserve Growth Conference in Denver, Colorado, on May 6,
2004 and for the Norsk Geologisk Forening Stavanger Avd. in Stavanger,
Norway, on June 1, 2004.
By T.R. Klett
Version 1.0
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| Posted 28 April 2005 |
The presentation is titled "Future Petroleum Supply - Exploration
or Development?" and provides a general overview of the magnitude
and significance of reserve growth around the world. Reserve growth is
defined as the increase in successive estimates of recoverable crude oil,
natural gas, and natural-gas liquids and condensates in discovered fields.
Analysis of recent exploration and production data shows that petroleum
(both crude oil and natural gas) volumes added to reserves by reserve
growth in the world are comparable to, if not greater than, the volumes
added by new-field discoveries.
This presentation describes the examination of recoverable volumes of
crude oil in 186 giant oil fields (excluding those of the United States
(U.S.) and Canada) reported through time from 1981 to 2003 and describes
a comparison of the successive increases in these volumes (reserve growth)
with recoverable volumes added from new-field discoveries. Examples from
the ongoing USGS study of reserve growth in the North Sea also are shown
in this presentation.
| ACRONYMS AND ABBREVIATIONS |
| DEA |
Danish Energy Authority |
| DTI |
Department of Trade and Industry |
| NPD |
Norwegian Petroleum Directorate |
| 109 Sm3 |
Billion standard cubic meters |
| bbls |
Blue barrels |
| 1012 ft3 |
Trillion cubic feet |
| UNOCAL |
UNOCAL (Union Oil of California) |
| USGS |
U.S. Geological Survey |
| SEC |
Securities and Exchange Commission |
| BB |
Billion barrels |
| ≥ |
Greater than or equal to |
| % |
Percent |
| U.S. |
United States |
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