Resources and future supply of oil (original) (raw)

This paper examines global oil resources and the future global oil supply/demand balance. The paper builds upon several comprehensive databases designed during the work and considerable efforts have been made to review what must be considered the most reliable data. Global oil resources have been investigated on three levels; country, company and field levels.Although no decisive conclusions or quantitative assessments can be made with respect to the global oil resource base, remaining resources appear to be sufficient to meet demand up to 2030 as projected in the 2006 (and 2007) world energy outlook by the IEA. Significant resources have already been discovered beyond proven reserves, many prospective regions remain to be fully explored and there are vast volumes of recoverable unconventional oil. However, it is also concluded that global supply of oil probably will continue to be tight, both in the medium term as well as in the long term mainly as a consequence of above-ground fac...