The Implications of the Current Petroleum Reserves in Developed and Developing Nations
International Journal of Energy and Power Engineering
Volume 4, Issue 2, April 2015, Pages: 16-23
Received: Jan. 23, 2015; Accepted: Feb. 6, 2015; Published: Feb. 16, 2015
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Authors
Isaac Festus O., Department of Mechanical Engineering, Delta State Polytechnic, Ogwashi-Uku, Delta State, Nigeria
Emereje Peter O., Department of Mechanical Engineering, Delta State Polytechnic, Ogwashi-Uku, Delta State, Nigeria
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Abstract
We have seen that reserves are those quantities of petroleum claimed to be commercially recoverable by application of development projects to known accumulations under defined conditions and it must satisfy four criteria which must be: discovered through one or more exploratory wells, recoverable using existing technology, commercially viable and remaining in the ground. These conditions have actually be met by some oil producing countries but how long will they rely on it to maintain a stable economic growth and development. No matter the trillion of barrels of oil stored by most countries in the world especially Nigeria will still not guarantee continuous growth in economic stability since the rate of usage is far more than that of discovery. This paper was able to bring to the notice of everyone that petroleum reserves are very advisable to all developed and developing countries in order to guarantee a partial stable economic growth and development. Experience shows that initial estimates of the size of newly discovered oil fields are usually too low. As years pass, successive estimates of the ultimate recovery of fields tend to increase. The term reserve growth refers to the typical increases in estimated ultimate recovery that occur as oil fields are developed and produced. We are currently in an energy crisis. Fossil fuels are the lifeblood of our society and for many others around the world. Our supply has a finite end, which may make some countries to make friend with those they hate. The countries in the Middle East as we can see from Fig. 3 have the highest oil reserves in the world and as such every country wants to make friend with them in case of acute shortage. Despite this, fossil fuels will run out one day and it is important to find other means of getting the energy we need to continue our society as we know it.
Keywords
Petroleum Oil Reserves, Estimation Techniques, World Reserves Growth, Fossil Fuels, OPEC Countries, TOE
To cite this article
Isaac Festus O., Emereje Peter O., The Implications of the Current Petroleum Reserves in Developed and Developing Nations, International Journal of Energy and Power Engineering. Vol. 4, No. 2, 2015, pp. 16-23. doi: 10.11648/j.ijepe.20150402.11
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