Abstract
Recent studies suggest that the earth's crust may hypothetically hold 6,000 Billion Barrels of oil as its reserves, which also include 3,000 Billion Barrel un-recovered oil resource. However, owing to the complexities in geology associated with the reservoirs one can only indirectly get some inference about the quantum of reserves based on some probabilistic distribution. With 95% probability the world may touch ultimate recovery of 2,248 Billion Barrels. Owing to the non-encouraging scenario of oil production and likely higher cost of oil in future, may lead to search for alternative replacement to oil. The world gas reserves are estimated to the order of 10,000 Trillion Cubic Feet (TCF) out of which only 6,186 TCF are the proven reserves. The projected world natural gas consumption may reach to 158 TCF by 2030. This chapter provides an overview of present oil production, its consumption and future prospects.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Ahlbrand T. (2002) Future Petroleum Energy Resources of the World, International Geology Review, 44(12), 1092–1104.
Bentley R.W. (2002) Global Oil & Gas Depletion: An Overview, Energy Policy 30, 189–205.
EIA (2008) Annual Energy Outlook 2009 Early releases overview. Online http://www.eia.doe.gov. Accessed between June 2009 to April 2010.
EIA (2009) Annual Energy Outlook 2010 Early releases overview. Online http://www.eia.doe.gov Accessed between June 2009 to April 2010.
Gillette R. (1974) Oil and Gas Resources: Did USGS Gush Too High? Science 185, 27–130.
Gregory K. and Rogner H.H. (2004) Energy Resources and Conversion Technologies for the 21st Century, Mitigation and Adaptation Strategies for Global Change, 3(2–4), 171–230, December, 1998, DOI 10.1023/A:1009674820623.
Kawata, Y. and Fujita K. (2001) Some predictions of possible unconventional hydrocarbons availability until 2100, Presented at SPG Asia Pacific Oil and Gas Conference, Jakarta, Indonesia.
King H.M. (1973) Survey of World Energy Resources, Canadian Mining and Metallurgical Bulletin 66, 37–53.
Lyons W.C. and Plisga G.J. (2005) Standard Handbook of Petroleum and Natural Gas Engineering (2nd Edition). Elsevier Publication. Online version available at: http://knovel.com/web/portal/browse/display?_EXT_KNOVEL_DISPLAY_bookid=1233&VerticalID=0
Perry K., Lee J., and Holditch S.A. (2007) Unconventional gas reservoirs-Tight sands, Coal seams and shales, Working document of NPC global oil and gas study, pp 54.
Rogner H. (1997) An Assessment of World Hydrocarbon Resources, Annual Review of Energy and the Environment 22, 217–262, doi:10.1146/annurev.energy.22.1.217, online: Downloaded from http://www.arjournals.annualreviews.org.
Total (2006) Extra-Heavy Oil and Bitumen Reserves for the Future, The Know-How Series, pp. 28.
Wood J.H., Long G., and Morehouse D. (2004) World conventional oil supply expected to peak in 21st century, Offshore, 63, 90 (online version available at http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html).
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2011 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Thakur, N.K., Rajput, S. (2011). World’s Oil and Natural Gas Scenario. In: Exploration of Gas Hydrates. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-14234-5_2
Download citation
DOI: https://doi.org/10.1007/978-3-642-14234-5_2
Published:
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-14233-8
Online ISBN: 978-3-642-14234-5
eBook Packages: Earth and Environmental ScienceEarth and Environmental Science (R0)