Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

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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