Definitions for oil reserves
oil re·serves

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1. oil reserves

   Oil and gas reserves denote discovered quantities of crude oil and natural gas (oil or gas fields) that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established. Natural gas is frequently associated with oil directly and gas reserves are commonly quoted in barrels of oil equivalent (BoE). Consequently both oil and gas reserves, as well as resource estimates, follow the same reporting guidelines, and are referred to collectively hereinafter as oil & gas.

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1. Oil reserves

   Oil reserves are the amount of technically and economically recoverable oil. Reserves may be for a well, for a reservoir, for a field, for a nation, or for the world. Different classifications of reserves are related to their degree of certainty. The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves. The ratio of reserves to the total amount of oil in a particular reservoir is called the recovery factor. Determining a recovery factor for a given field depends on several features of the operation, including method of oil recovery used and technological developments. Based on data from OPEC at the beginning of 2013 the highest proved oil reserves including non-conventional oil deposits are in Venezuela, Saudi Arabia, Canada, and Iran. Because the geology of the subsurface cannot be examined directly, indirect techniques must be used to estimate the size and recoverability of the resource. While new technologies have increased the accuracy of these techniques, significant uncertainties still remain. In general, most early estimates of the reserves of an oil field are conservative and tend to grow with time. This phenomenon is called reserves growth.

How to pronounce oil reserves?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say oil reserves in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of oil reserves in Chaldean Numerology is: 6

2. Pythagorean Numerology

   The numerical value of oil reserves in Pythagorean Numerology is: 3

Examples of oil reserves in a Sentence

1. Christopher Reeve Linares:

   Venezuela has the largest( crude) oil reserves of any country on Earth, so the amount of petroleum leaving or staying in Venezuela will affect prices.

2. Meredith Cocks:

   Our goal is to basically demonstrate as much community resistance to Shell’s plans to drill for oil and secure new oil reserves in the Arctic.

3. Meredith Cocks:

   Our goal is to basically demonstrate as much community resistance to Shell's plans to drill for oil and secure new oil reserves in the Arctic.

4. Ted Cruz:

   The Strategic Petroleum Reserve was intended to ensure that America had sufficient oil reserves in the event of an emergency, under no circumstances should we sell any part of this stockpile to the Chinese Communist Party or any company under its control.

5. President Tsutomu Sugimori:

   We don't know about Aramco's crude oil reserves and how their contracts with the Saudi royal family work and so on. Aramco will need to disclose this information, but it is not clear how open Aramco will become.

References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Oil_Reserves
2. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=oil reserves