Word: oils
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Dates: during 1970-1979
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...Another oil optimist, Bernardo Grossling, a researcher with the U.S. Geological Survey, puts the range of recoverable oil at anywhere from 2,500 billion bbl. to 6,000 billion bbl. His argument: the potential of countries in Asia, Africa and Latin America is "staggering...
...others sharply dispute the optimists. Rand's Nehring argues that for all the recent exploratory activity, the world's reserves can really be significantly increased only by additional recovery from known fields and by further discoveries of "supergiant" fields containing at least 5 billion bbl. of oil. The 33 known fields in this class account for more than half the world's oil reserves, but discoveries of new supergiants have dropped off. In the 1970s the oil companies have turned up only two fields with such potential: in Mexico and on the Iraq-Iran border...
...Rand Corp.'s vision of ample reserves for some decades ahead but big trouble after that is echoed by many other researchers. Trying a novel approach to assessing the world's reserves, Pierre Desprairies, head of the French Petroleum Institute, recently polled 28 leading oil companies and individual experts on how much oil they thought was economically recoverable at a cost of $20 per bbl., which is about $6 above the going price. The consensus, he reported, was that "the reservoir of oil is large and full"-about 2,000 billion bbl. But there was also general concern...
...date have been sunk in just one country: the U.S. As recently as 1976, nearly 90% of all drilling activity was still concentrated in the U.S. and Canada, even though these nations account for only 14% of the world's estimated reserves. While the debate between the oil optimists and pessimists remains unresolved, it is clear that there is much more room for new exploration...
...describing oil reserves, "proven" is one of the few universally accepted definitions. It generally refers to the minimum amount of oil that can be recovered from known reservoirs under existing economic and operating conditions...