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oil reserves

Ecopetrol to invest $6.5 billion in exploration-production In 2014, the Colombia national oil company (NOC) Ecopetrol SA (Ecopetrol) has announced to invest more than $6.5 billion capital expenditure into exploration and production including the development of the East Cano Sur heavy crude oil field in Puerto Gaitan. Overall, Ecopetrol is planning to invest more than […]

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Chevron Rosebank to unlock one fifth of UK’s reserves Chevron and its partners Statoil from Norway, OMV from Austria and Dong Energy (Dong) from Denmark selected WorleyParson and its subsidiary Intecsea to perform the front end engineering and design (FEED) of the facilities to develop the offshore Rosebank project in UK. The Rosebank field is […]

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Definition Recoverable reserves are defined as the proportion of resources, here oil and gas, that can be technically, economically and legally possible to extract. The recoverable reserves may also be called proven reserves. Comments The recoverable reserves may be far different from the total resources called total Petroleum Initially-In-Place (PIIP). This Petroleum Initially-In-Place (PIIP) is an estimation resulting from exploration campaign […]

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Definition Proven reserves is an industry term that means oil or gas that has been discovered and could be produced with today’s technology. Comments The world consumes about 89 million barrels of oil per day, or 32.5 billion barrels per year. The industry describes a field as giant if it has more 500 million barrels of […]

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