Proven reserves are defined as oil recoverable at current prices.
Price goes up, more oil becomes economically viable to pump out of the
Also, new discoveries are not almost zero in the last 28 years.
New technologies allow recovery of oil that was unobtainable -- and
undetectable -- with older methods. Technology has been in full-gallop
since about 1860, with, thankfully, no end in sight.
Plus, deepwater is the new frontier; new discoveries there are abundant
(where politics allow...).
They can now go as deep as 40,000 ft, eight-times as deep as BP's ill-fated
Maybe they were lucky with one or two very big finds. Plus I agree
iwth Shaun, discoveries aren't just about zero.
Maybe they used different techniques to reevaluate how much they
(Originally they would send skin divers down with long tape measures,
but when they went to smaller diameter pipe, they couldn't do that
anymore. I don't know how they do it now.
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