Thread: New Oil Find
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      04-14-2008, 09:04 AM   #23
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Originally Posted by Neurorad View Post
There is oil in them thar hills!

I'm stating clearly that there is no 'new' oil find.

We've just changed our defininition of 'oil reserves' because the existing, known 'unconventional' oil sources can now be counted as 'economically accessible' with the high price of oil.

Edit - 'economically accessible' is what the USGS calls 'technically recoverable'.

Edit #2 - 'undiscovered oil' means calculated estimates of volumes, a misleading term
Can you point me to a reference for your assertion that USGS equates "technically recoverable" with "economically accessible?" Everything I read shows them to be two distinct analyses.

For example, this is taken from a USGS publication concerning AMWR:

Figure 4. Schematic graph illustrating petroleum volumes and probabilities. Curves represent categories of oil in assessment. An example of how one reads this graph is illustrated by the blue and orange lines projected to the curve for economically recoverable oil. There is a 95-percent chance (i.e., probability, F95) of at least volume V1 of economically recoverable oil, and there is a 5-percent chance (F05) of at least volume V2 of economically recoverable oil.
Sidenote 3:

In-place resources.—The amount of petroleum contained in accumulations of at least 50 MMBO without regard to recoverability.

Technically recoverable resources.—Volume of petroleum representing that proportion of assessed in-place resources that may be recoverable using current recovery technology without regard to cost.

Economically recoverable resources.—That part of the technically recoverable resource for which the costs of discovery, development, and production, including a return to capital, can be recovered at a given well-head price.
I believe the press release issued last week referred only to an increased estimation of technically recoverable resources.

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