BP’s 2008 Statistical Review of World Energy is out. Here’s a map of the worldwide proved reserves as of 2007.
What are proved reserves? Proved means there is about a 90-95% chance that the estimated quantity of crude oil is recoverable under existing economic & operating conditions. Reserves are classified as proved, probable, and possible. Probable have about a 50% chance of being recovered and possible have about a 10% chance.
However, there is disparity across countries about the definition of “proved” reserves. In the US, reserves are proved only if crude oil is actually being produced. In Saudi Arabia, apparently, “proved” refers to known fields, whether or not in production.
As the CEO of BP put it, “humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up (enough to maintain consumption at current levels for another 42 years), and could probably unearth a third trillion if it really applied itself.” (from The Economist)
Speaking of BP’s CEO, check out his Op-Ed in the FT, and this analysis of it on The Oil Drum. Both interesting.
You can check out the charts yourself by downloading the full Excel workbook of historical data from 1965-2007 here.
