Economic aspects associated with the classification of crude oil reserves // Analysis

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Logically, since oil is a non-renewable natural resource, it is essential that we can quantify how much oil is in existence in the oil fields that exist worldwide, however not all the oil that is in existence in the oil fields can be exploited, which is why the oil found in the subsoil has several classifications based on the recovery capacity to be exploited commercially.

In the competitive market and of the large economies worldwide that base their economy on their oil reserves, it is a duty to be able to quantify their oil reserves, for example, a country that has large oil reserves can have an advantage over the rest of the countries that interact with the rest of the world trade.

Of all natural resources, oil and natural gas are the most lucrative and profitable businesses, so planning based on future reserves can give an indication of the future preparedness required to be able to produce a given oil reserve.

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The probability in statistical terms indicates the possibility of occurrence of an event, if we extrapolate this situation to the oil and natural gas reserves found in the different subsoil deposits worldwide, we are left with the probability of being able to extract the oil found in the deposits and exploit them commercially, which will be the starting point for classifying the oil reserves.

In this range of occurrence there is a classification of oil reserves basically divided into three ranges:

  • Proven reserves, with 90% probability of being exploited.

  • Proven + probable reserves, with a 50% probability of being exploited.

  • Proven + probable + possible reserves, with a 10% chance of being exploited.

Conclusion

In this range of classification of reserves and based on the world economic importance, I can comment that my country Venezuela has the largest proven oil reserves in the world belonging to the Orinoco Oil Belt, although this large oil reservoir, mostly extra-heavy oil, represents a great economic opportunity of income for our country.

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However, a current economic recovery is needed to be able to initiate plans and projects for the exploitation of this oil based mostly on research plans, new technologies and a development that allows exploiting this oil in a sustainable way and with less impact on the environment.



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