70 Years of Oil left in the One Planet World

Per Magnus Nysveen, Head of Analysis, Rystad Energy makes the following statement of Global oil reserves.

A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil. Texas alone holds more than 60 billion barrels of shale oil according to this new data.

The new reserves data from Rystad Energy also distinguishes between reserves in existing fields, in new projects and potential reserves in recent discoveries and even in yet undiscovered fields. An established standard approach for estimating reserves is applied to all fields in all countries, so reserves can be compared apple to apple across the world, both for OPEC and non-OPEC countries. Other public sources of global oil reserves, like the BP Statistical Review, are based on official reporting from national authorities, reporting reserves based on a diverse and opaque set of standards.

Some OPEC countries like Venezuela report official reserves apparently including yet undiscovered oil, while others like China and Brazil officially report conservative estimates and only for existing fields.

Rystad Energy now estimates total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year….Continued’

The Report on Rystad’s website make’s no mention of the economic viability of their extraction, or the net useful energy to society they will provide.

Gail Tverberg explains the situation here at Our Finite World where she states

“The Brexit vote may be related to falling energy per capita in the UK. Given that this problem occurs in many countries, it may be increasingly difficult to keep the Eurozone and other similar international organizations together.”

Here is my attempt at estimating the availability of oil last updated in 2009. This gives a range of up to 45 years of realisable availability, not reserves based on various scenarios at the time. that is now up to 38 years.

oil-supply-revised-march-09

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