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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Keith Feral who wrote (207033)	10/26/2006 5:51:44 PM
From: mistermj	Read Replies (1) \| Respond to of 281500

The term "reserves" is neither here nor there...and thoroughly misused and manipulated for too many reasons to mention. Most "new" oil comes online from old fields...not "New" reserves or discoveries. History tells us this over and over again... BP (British Petroleum), in 1970, estimated that it's Forties North Sea oil field contained about 1.8 billion barrels of proven reserves. By 1995, BP had extracted 3.6 billion barrels and estimated that 2.8 billion barrels remained. Proven reserves are probably about half of the ultimately recoverable oil reserves (the total resource that can be extracted).