What is the difference between oil in place and oil reserves?

Oil initially in place (OIIP) is the amount of crude oil first estimated to be in a reservoir. Oil initially in place differs from oil reserves, as OIIP refers to the total amount of oil that is potentially in a reservoir and not the amount of oil that can be recovered.

Where are Canada’s oil reserves?

Oil is a powerful and versatile source of Canadian energy that will be a part of the global energy mix for decades to come. Canada has about six billion barrels of remaining oil reserves located outside the oil sands, found primarily in Alberta, Saskatchewan and offshore Newfoundland and Labrador.

Where are the world’s most important reserves of oil shale?

The world’s largest oil shale reserves are in the United States, Brazil, and Russia.

How much oil shale is there compared with the rest of the world?

It is estimated that there are at least 8 trillion barrels of oil shale resource around the world (6). Countries are ranked according to the respective volumes of oil shale resource in place. The United States’ oil shale resources surpass all other countries with an estimated 6 trillion barrels of resource in place.

Where is America’s oil reserves?

Emergency crude oil is stored at the Strategic Petroleum Reserve (SPR) in underground salt caverns at four major oil storage facilities in the Gulf Coast region of the United States, two sites in Texas (Bryan Mound and Big Hill), and two sites in Louisiana (West Hackberry and Bayou Choctaw).

Does Pakistan have shale oil?

Pakistan holds sizeable shale gas reserves of 105 trillion cubic feet (Tcf), according to the EIA’s Technically Recoverable Shale Oil and Shale Gas Resources report published in 2013, and the Pakistani government has provided investment incentives for shale gas development.

How long will US shale oil reserves last?

At our current consumption rate of about 20 million barrels a day, the Strategic Petroleum Reserve would last only 36 days if we were faced with a situation where the oil had to be released all at once (however, only 4.4 million barrels a day can be withdrawn, extending our supply to 165 days).