The Oil Reserve Oil Reserves Essay - 1813 Words

Proven oil reserve is the portion of oil in a region that can be technically and economically recoverable under certain political conditions. It is possible for a resource of billions of barrels to result in zero proved reserves, which was the case of Venezuela with the heavy oil in the Orinoco Belt that was expensive to extract and refine. With over 298 billion barrels of proven reserves, Venezuela is recognized as the country with the highest oil reserves in the world. There have been discovered huge sand deposits, similar to those in Canada, but they are less viscous than Canada’s, so those oil sands in Venezuela can be extracted by using conventional methods, which has an advantage over Canada’s due to its requirements for extraction and lower costs. OPEC Member Venezuela is the fifth larger member of the Organization of the Petroleum Exporting Countries (OPEC) by oil production. In early 2016, OPEC countries were increasing their oil output, and Venezuela was producing only 2.15 million barrels of crude oil per day, which was their weakest pace since 2012. Venezuela’s financial situation has caused a shrink on oil production, and a severe food shortage. Among OPEC member nations, Saudi Arabia completely overpowers every other country for about 30%, which means that its oil industry is more efficient and cost effective than Venezuela, even though its proven oil reserves are less than Venezuela’s. Extraction Process †¢ Economical and technological efficiency The LatinShow MoreRelatedVenezuela s Oil Reserves1043 Words   |  5 Pagescountries like Brazil, Guyana and Colombia.Venezuela’s oil reserves amounts to 95% of the country s exports revenue. In terms of GDP, 25% of revenue stems from the oil and gas sector. As of today, Venezuela holds oil reserves of 298 bbl which is the largest of any country in the world as we know it. Venezuela was able to storm ahead of countries like Saudi Arabia, Iran ,Canada and Iraq in terms of oil reserves due to the discoveries of huge residue of oil sands deposit. Also, Venezuela’s Orinoco tar sandsRead MoreThe Depletion of Kuwaiti Oil Reserves2116 Words   |  8 PagesDepletion of Kuwaiti Oil Reserves Background Kuwait is one of the 12 members of the OPEC countries, the Organization of Petroleum Exporting Countries. According to the organization, these members produce about 81 percent of the total oil produced in the world. In the recent past, there have been rumors about the country not producing as much oil as it is proving that it does (Cobb, 2012). It cannot be said with certainty whether or not the oil reserves of Kuwait are depleting, however, this subjectRead MoreMW corp Essay1432 Words   |  6 Pagesregarding the possible acquisition of MW Petroleum from Amoco to Apache. MW Petroleum Corporation is a wholly owned subsidiary of Amoco Corporation which has its own reserves, management team and with full ownership in geologic and engineering data. MW Petroleum, a free-standing exploration company that was even as large as some of independent oil companies. It operated exploration and development for well, approximately working interests in 9,500 wells in 300 production areas. The grow th of MW was veryRead MoreMw Petroleum-Case Solution 2 Essay1615 Words   |  7 Pagesregarding the possible acquisition of MW Petroleum from Amoco to Apache. MW Petroleum Corporation is a wholly owned subsidiary of Amoco Corporation which has its own reserves, management team and with full ownership in geologic and engineering data. MW Petroleum, a free-standing exploration company that was even as large as some of independent oil companies. It operated exploration and development for well, approximately working interests in 9,500 wells in 300 production areas. The growth of MW was veryRead MoreMineral Materials Present in Kazakhstan848 Words   |  3 Pagescommercial activities of the Turkish companies, in Kazakhstan in recent years, rapid production of goods and services have begun to turn. The United States and the United Kingdom, countries such as Kazakhstan , the investment of these countries, in terms of oil and gas industry, power and mining sectors, such as Construction s ector are concentrated in the Turkish companies operating in Kazakhstan to date carried out by contracting services is estimated to be over 2 billion US Dollars. The agricultural sectorRead MoreEssay on How Oil Prices are Established1367 Words   |  6 PagesHow Oil Prices are Established Did you realize that at our current consumption of crude oil and at our current status of known reserves, we have approximately 40 years of reserves remaining? This is a startling fact when we take into account all the products that are produced from refined crude oil or from its by-products. Many people are aware of the price increases they feel at the gas pump, but has anyone ever considered the cost or investment put forth in finding new reserves? Under the rightRead MoreOil, The Natural Resources Of The World Essay1552 Words   |  7 PagesToday, in the year 2016, when you hear the term oil what do you think? Vegetable Oil? Olive Oil? Car Oil? Well these are all just types of oil. Oil is a thick, black liquid that comes from the ground and is used in making various products according to the Merriam Webster. This is the simplest definition of oil; most people already knew this. But, what people really don’t know is where this resource actually came from and how it was foun d to be begin with. When these questions are asked people willRead MoreBenefits and Drawbacks of Countries Dependent on Oil and Gas Essay851 Words   |  4 Pagesnatural resources like oil and gas are unevenly distributed across the world (Stutz, 2007). This essay will explain where the majority of oil and gas is located. Thereafter, the focus will be on the benefits and drawbacks of countries that are dependent on oil/gas. Finally, a conclusion will be given which sums up the most important factors. Allocation Oil/Gas The majority of the oil reserves are located in the Middle East. An estimate of 65% of the total worldwide reserves is situated in this regionRead MoreIndividual Global Crises Are the Result of a Failing Global System747 Words   |  3 Pagesreached peak oil, and states that even BP’s data shows we reached a peak in 2004 followed by a few years of plateau and we are now in the beginning of a descent. Shafiee and Topal (2009) created a model for estimating the depletion of fossil fuels. With their model they have calculated that oil, coal, and gas reserves will be exhausted in approximately 35, 107 and 37 years, respectively. We are already beginning to suffer the economic consequences of the world’s declining fossil fuel reserves, with aRead MoreThe Crisis Of The Global Oil Crisis1638 Words   |  7 PagesThe global oil prices have fallen sharply since the second half of 2014, which has led to a series of economic problems. Oil prices have been stable from 2010 until mid-2014, remaining at around $110 a barrel (BBC News). However, prices showed a sharp decline since June 2014 and have been more than halved now (BBC News). Brent Crude oil is priced below $50 a barrel and US crude is dipped down to below $48 a barrel now (BBC News). Oil prices shock is making the whole oil industry straggling. In particular