The paradox of reserves

Alan PetzetChief Editor-Exploration and EconomicsReserves, revisions, and discoveries are important subjects to readers of Oil & Gas Journal.OGJ's survey of oil and gas reserves for the countries of the world has appeared in the last issue in December each year for many decades.Another company, IHS Group subsidiary IHS Energy, has assembled comparable country, regional, and global estimates of oil and gas resources and production for 11 years.The data show that liquid reserves revisions and new discoveries outpaced consumption during 1993-2002 in spite of declining exploration. IHS recently published a 10-year perspective in its 2003 World Petroleum Trends report. The report covers ex...

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