Natural Gas Natural gas prices have fluctuated because of variable supply. New pipelines from Alaska may solve some of this problem.
Reserves and Resources Reserves are known sources that are extractable with current technologies at current prices. Resources include sources not currently being exploited because of cost and sources not yet discovered.
Oil and Gas Units Gbo billion barrels of oil. G stands for Giga. Used for global and US oil resources TCF trillion cubic feet. Used for global and US natural gas resources.
Example Problem 1 US annual oil consumption equals 7.2 Gbo. Express this value in millions of barrels per day. US Oil consumption = 7.2x10 9 bbl/ 365 days = 20 million bbl/day (11 million bbl day imported)
Global Oil and Gas Reserves, Resources, Consumption Oil Reserves 1,000 Gbo Resources 1,700 Gbo Consumption 28 Gbo Natural Gas Reserves 5,500 TCF Resources 10,000 TCF Consumption 90 TCF
US Oil and Gas Reserves, Resources, Consumption Oil Reserves 22 Gbo Resources 98 Gbo Consumption 7.2 Gbo Natural Gas Reserves 180 TCF Resources 710 TCF Consumption 23 TCF
Global Oil Resources Saudi Arabia26% Iraq11% Iran10% Kuwait10% UAE 6% Russia 5% Venezuela 5% Nigeria 3% Libya 3% China 3% Mexico 2% United States 2%
Global Oil Production Saudi Arabia12% United States11% Russia10% Iran 5% Mexico 5% Norway 5% China 4% Venezuela 4% Canada 4%
Global Natural Gas Resources Russia29% Iran16% Qatar13% Saudi Arabia 4% UAE 3% United States 3% Algeria 3% Nigeria 3% Venezuela 3% Iraq 2%
Global Natural Gas Production Russia23% United States22% Canada 7% United Kingdom 4% Algeria 3% Netherlands 3% Indonesia 3%
Example Problem 2 Assuming constant level of consumption, estimate the lifetime of US oil resources Lifetime = 98 Gbo / 7.2 Gbo/year = 14 years Assuming constant level of consumption, estimate the lifetime of global oil resources Lifetime = 1700 Gbo / 28 Gbo/year = 60 years What is wrong with these assumptions?
When will worldwide conventional oil production peak?