Have we underestimated total oil reserves?


	Have we underestimated total oil reserves?

JICWyllie

7-7-2008 1:46 PM

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tags:

energy, oil, i-reserves, i-increase, i-forecast

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2de252ef-48d7-4da9-916d-e4f9796c5df9/071EB06C-3C5E-4F05-A1C2-0CA54ACD6982/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://environment.newscientist.com/channel/earth/energy-fuels/mg19826602.800-have-we-underestimated-total-oil-reserves.html?feedId=energy-fuels_rss20" href="http://environment.newscientist.com/channel/earth/energy-fuels/mg19826602.800-have-we-underestimated-total-oil-reserves.html?feedId=energy-fuels_rss20" style="font-size: 11px;">environment.newscientist.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://environment.newscientist.com/channel/earth/energy-fuels/mg19826602.800-have-we-underestimated-total-oil-reserves.html?feedId=energy-fuels_rss20"><P>Black gold might not be as scarce as we thought. This week oil prices escalated to a record $139 per barrel, but that may partly be because the amount of available oil in known reserves has been significantly underestimated.</p> <P>So says Richard Pike, a former oil-industry adviser and chief executive of the UK Royal Society of Chemistry, who blames flawed statistical calculations.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://environment.newscientist.com/channel/earth/energy-fuels/mg19826602.800-have-we-underestimated-total-oil-reserves.html?feedId=energy-fuels_rss20">Adding the numbers for each reservoir ignores statistical information about the extremes of the distribution, giving a result which underestimates the true total figure for all the reservoirs.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://environment.newscientist.com/channel/earth/energy-fuels/mg19826602.800-have-we-underestimated-total-oil-reserves.html?feedId=energy-fuels_rss20">According to published estimates, there are 1200 billion barrels still to be extracted, but Pike says there could in fact be twice as much. "The figures are almost meaningless and just provide a conservative estimate for shareholders."</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/071EB06C-3C5E-4F05-A1C2-0CA54ACD6982/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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