Petroleum Reserve/Resource Classification and Definitions
Article from: OGEL 4 (2004), in Economic and Commercial Context for Oil, Gas and Energy Law
Triggered by the recent increases in the price of crude oil, the debate regarding the level of world oil reserves and capacity to meet future energy demand has taken on a new impetus. As others have observed, part of the problem in assessing the true situation with respect to reserves of oil and gas is the lack of consistent application of terminology. This is partly due to the fact there are a large number of definitions of reserves in use around the world and partly because of inconsistencies in the interpretation of those definitions. The situation is not helped by commentators ...