Bermuda Crude Oil Reserves Annual Growth Rate

Product
Crude Oil
Natural Gas Liquids
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Source: United States Energy Information Administration

Crude Oil Proven Reserves Definition: Oil reserves are the amount of technically and economically recoverable oil. Reserves may be for a well, for a reservoir, for a field, for a nation, or for the world. Different classifications of reserves are related to their degree of certainty. The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves. The ratio of producible oil reserves to total oil in place for a given field is often referred to as the recovery factor. Recovery factors vary greatly among oil fields. The recovery factor of any particular field may change over time based on operating history and in response to changes in technology and economics. The recovery factor may also rise over time if additional investment is made in enhanced oil recovery techniques such as gas injection, surfactants injection, water-flooding,[1] or microbial enhanced oil recovery. Proven reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology. Industry specialists refer to this as P90 (i.e., having a 90% certainty of being produced). Proven reserves are also known in the industry as 1P.

See also: Commodity prices

See also: Commodities market

yearreserveschange
19800NA
19810NA
19820NA
19830NA
19840NA
19850NA
19860NA
19870NA
19880NA
19890NA
19900NA
19910NA
19920NA
19930NA
19940NA
19950NA
19960NA
19970NA
19980NA
19990NA
20000NA
20010NA
20020NA
20030NA
20040NA
20050NA
20060NA
20070NA
20080NA
20090NA
20100NA
20110NA
20120NA
20130NA
20140NA
20150NA

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