Source: adapted from M. Simmons (2008), www.simmonsco-intl.comTypes
of Oil and Gas ReservesOil reserves come in two forms:
Conventional. Oil that comes in liquid form
which is transportable and possible to refine. It represents the
form that is the most desirable to extract since it is of high
quality.
Unconventional. Oil that comes in other
forms that is much more difficult to extract, let it be in deep
waters or as oil shale, and of lower quality.
The availability of oil resources is correlated with market price
and technology, but like many resources, quality (often measured in level
of concentration) is inversely proportional with quantity. High quality
oil and gas resources have mostly been tapped leaving more marginal
resources such as tar sands and gas shale to be considered. Still,
extracting low quality resources is an expensive and technically intensive
endeavor.
