Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (5100)	11/17/2006 4:57:51 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24223

Significantly Lower Than BP Estimates Posted by Euan Mearns on Friday November 17, 2006 at 9:59 AM EST At the Oil Depletion conference (hosted by the Energy Institute) held in London on 7th November, Dr Kenneth Chew, a Vice President of IHS Energy reported proved and probable reserves (2P) for Kuwait of around 52 billion barrels (read from chart). This is approximately 51% of the proved reserves reported in the BP statistical review that stand at 101.5 billion barrels. This tends to support recent reports of Kuwaiti reserves being substantially overstated. Ken Chew also presented data indicating global remaining discovered proved plus probable (2P) liquid resources of some 1,250 billion barrels. This implies global proved liquid reserves (1P) of around 950 billion barrels (based on an assumption that 1P is approximately 75% of 2P). This is substantially lower than estimates provided by BP, Oil & Gas Journal and World Oil. Figure 3. The Big 5 ME OPEC producers all show a similar history to Kuwait, with large arbitrary uplift in reserves during the 1980s, followed by "flat line" reserves histories lacking evidence for depletion, though additions are evident in Iran and Iraq. more europe.theoildrum.com