U.S. Holds More Oil Than Saudi Arabia or Russia, Rystad Energy Says

[thackney]

U.S. Holds More Oil Than Saudi Arabia or Russia, Rystad Energy Says
http://www.bloomberg.com/news/articles/2016-07-05/u-s-holds-more-oil-than-saudi-arabia-or-russia-rystad-energy-says
July 5, 2016



For the U.S. more than 50 percent of the remaining oil reserves is in unconventional shale oil. Texas holds more than 60 billion barrels of shale oil according to the new data.

New data from Rystad distinguishes between reserves in existing fields, in new projects and potential reserves in recent discoveries and in yet undiscovered fields. An established standard approach is applied to all fields in all countries, said Rystad, which means reserves can be compared apples-to-apples across the world. Other public sources are based on official reporting from national authorities, which are in turn based on diverse and opaque standards, Rystad said.



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Note that this is essentially wishful thinking, not discovered oil.

[thackney]

http://www.rystadenergy.com/NewsEvents/PressReleases/united-states-now-holds-more-oil-reserves-than-saudi-arabia

[GrouchoTex]

I heard on the radio this morning that it was Texas Permian basin and New Mexico that held a lot of these reserves.

[IsailedawayfromFR]

Note that this is essentially wishful thinking, not discovered oil.

Well, the proved + probable has more than a 50% chance of being realized, so that is better than wishful thinking.

The rest is indeed much more certain not to be present than present.

[IsailedawayfromFR]

I heard on the radio this morning that it was Texas Permian basin and New Mexico that held a lot of these reserves.

On a definition sidenote, only a small portion of this oil is considered 'reserves'.  Most is what we call 'resources' or speculative.

[kidd]

“US oil reserves surpass those of Saudi Arabia and Russia”… Well, not really.

https://wattsupwiththat.com/2016/07/06/us-oil-reserves-surpass-those-of-saudi-arabia-and-russia-well-not-really/

While I have no doubt that the petroleum resource potential in these United States, onshore and offshore, is huge and probably surpasses that of Saudi Arabia and Russia, the word “reserves” has a specific definition...

...The Rystad Energy report is adding its estimate of undiscovered resources to its reserve estimate.

...Most estimates of undiscovered resource potential in the United States (onshore + offshore) are in the range of 400 billion barrels. If you count oil shales (different from shale oil) you can push the number up to 1.4 trillion barrels.  So, Rystad’s 264 billion barrels is actually a conservative estimate of reserves and resource potential.  The US has huge potential for future oil and gas discoveries, probably far greater than Saudi Arabia or Russia. However, those future discoveries aren’t reserves.