April 22, 2012
USGS Releases Global Estimate for Undiscovered, Technically Recoverable Conventional Oil and Gas Resources
"Excluding the United States, the world holds an estimated 565 billion barrels (bbo) of undiscovered, technically recoverable conventional oil; 5,606 trillion cubic feet (tcf) of undiscovered, technically recoverable conventional natural gas; and 167 billion barrels of undiscovered, technically recoverable natural gas liquids (NGL), according to a new assessment by the U.S. Geological Survey (USGS). The report includes mean estimates of undiscovered but technically recoverable conventional oil and gas resources in 171 geologic provinces of the world. These estimates include resources beneath both onshore and offshore areas. A fact sheet is available here. All of these numbers represent technically recoverable oil and gas resources, which are those quantities of oil and gas producible using currently available technology and industry practices, regardless of economic or accessibility considerations. This assessment does not include reserves – accumulations of oil or gas that have been discovered, are well-defined, and are considered economically viable. This assessment does not include the United States; however, the USGS is continuously assessing American domestic resources. More information on domestic assessments is available here."