Illustration of relation between proved reserves, economically & technically recoverable and original oil in place.

Here is a graphic that shows how the different categories of oil and gas relate to each other.

From most certain to least certain and then the total:

  • Cumulative production to date
  • Proved reserves
  • Economically recoverable resources
  • Technically recoverable resources
  • Remaining oil and natural gas in-place
  • Original oil and natural gas in-place

 

Courtesy of U.S. Energy Information Administration.

This illustration is from Technically Recoverable Shale Oil and Shale Gas Resources, from the U.S. Energy Information Administration.

Hat tip: The Million Dollar Way

Update: If you have any passing interest in what I say about the energy industry or oil or North Dakota, you really, really should be reading The Million Dollar Way regularly. If you landed here from the gracious shout-out over at MDW you already knew that. Mr. Oksol’s writing at that blog has provided a large portion of the learning I’ve gained on energy issues.

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