The Oil Drum

12 comments on So, if I grow a crack under my neighbors fence, is it still my oil?

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step back on November 7, 2005 - 2:26am

Bubba,
Those were not my definitions.
I still have no clear idea what a "reserve" is,
let alone what a "proven" reserve is.

Those definitions were plucked from the identified sites, ... obviously with a little spin added by meaux.

From an oil man's point of view, what is a "proven reserve" and how clearly does it tell us whether the unseen but alleged oil "down there" actually is there and actually is recoverable in an "economic" sense?

It seems to me that the plucked definitions are hardly definitions at all, just new mud water tossed on top of old mud water so as to make the situation crystal murky.

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Bubba on November 7, 2005 - 9:33am

So that will be the focus of a future post of mine. What are reserves and when you see a number what should it tell you.

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“Data always beats theories. 'Look at data three times and then come to a conclusion,' versus 'coming to a conclusion and searching for some data.' The former will win every time.”

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