Oil and gas reserves and resource quantification refers to the process of estimating the quantities of hydrocarbons present in subsurface accumulations and assessing the portion that can be economical
Flaring a flow test, the first outward indication of a new oil or gas discovery, which has the potential to qualify for reserves assessment
An oil well in Canada
Schematic graph illustrating petroleum volumes and probabilities. Curves represent categories of oil in assessment. There is a 95% chance i.e., probability, (P95 and often referred to in the industry as F95) of at least volume V1 of economically recoverable oil, and there is a 5% chance (P05 or F05) of at least volume V2 of economically recoverable oil.
Example of a production decline curve for an individual well
Peak oil
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Peak oil, or peak extraction of oil, is the point when global petroleum production reaches its maximum rate, after which it will begin to decline irreversibly. Predictions range from 2025 to after 205
World oil discoveries peaked in the 1960s.
Syncrude's Mildred Lake mine site and plant near Fort McMurray, Alberta