• Entry
  • Reader's guide
  • Entries A-Z
  • Subject index

Reserves (Conditional, Hypothetical, and Proven)

The term RESERVES refers to the known and estimated amounts of resources (mineral or hydrocarbon) that remain for later exploitation. Oil reserves are specifically statements reporting calculations of the amount of petroleum existing in the world. Strictly speaking, the only oil reserves are those that have been pumped from the ground and are currently in a container vessel somewhere. The amount is measured in tons or barrels, a 19th-century measure still being used from the days when oil was shipped in wooden barrels. All other measures of reserves of oil that are still in the ground are estimates. The reason for this is because the oil that is still in the ground is hidden from view. However, the means for estimating the amount of oil ...

    • Loading...
    locked icon

    Sign in to access this content

    Get a 30 day FREE TRIAL

    • Watch videos from a variety of sources bringing classroom topics to life
    • Read modern, diverse business cases
    • Explore hundreds of books and reference titles