The Hubbert peak theory says that for any given geographical area, from an individual oil-producing region to the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve. It is one of the primary theories on peak oil.
Oil reserves denote the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil. Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price. Reserves may be for a well, a reservoir, a field, a nation, or the world. Different classifications of reserves are related to their degree of certainty.
The Bakken Formation is a rock unit from the Late Devonian to Early Mississippian age occupying about 200,000 square miles (520,000 km2) of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba. The formation was initially described by geologist J.W. Nordquist in 1953. The formation is entirely in the subsurface, and has no surface outcrop. It is named after Henry Bakken, a farmer in Tioga, North Dakota, who owned the land where the formation was initially discovered, during drilling for oil.
As of 2007, the proven oil reserves in Mexico were 12.4 billion barrels. The US Energy Information Administration estimated Mexican proved reserves to be 10.3 billion barrels as of 2013.
Although there are numerous oil companies operating in Canada, the majority of production, refining and marketing is done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies. However more recent changes, possibly mergers or a stronger showing in the price of oil could mean a few of the oil sands producers are underrepresented; this is because Canadian companies are increasingly dependent on production from that source, which is hurt severely when oil prices decline below 50 to 60 dollars a barrel since costs per barrel traditionally exceed $28 and non-upgraded bitumen produces 1.7 fewer barrels per metric ton than West Texas Intermediate oil. A few of the larger companies don't show up in the Forbes list because its ranking system takes many different factors into account. Syncrude and Irving Oil are also leaders in the Canadian industry, with Syncrude being the top producer of oil sands crude and Irving Oil operating the largest oil refinery in the country. Also, based on the price paid for a 9% share in Syncrude Canada Ltd by Sinopec the company could be worth as much as US$50 billion. Canadian oil company profits quickly recovered from the financial crisis; In 2009 they were down 90% but in 2010 they reached $8.4 billion; Helping profits is the smaller price gap between West Texas Intermediate oil ($85/bbl) and Western Canadian heavy crude ($65/bbl) with the price of upgraded synthetic oil surpassing WTI when supply falls. The two largest are 2 of the 11 most valuable Canadian companies. 2,412 oil and gas companies are based in Calgary, Alberta alone.
The Brădești oil field is an oil field located in Păușești, Vâlcea County. It was discovered in 1970 and developed by Petrom. It began production in 1971 and produces oil. The total proven reserves of the Brădești oil field are around 100 million barrels (14×106tonnes), and production is centered on 3,500 barrels per day (560 m3/d).
Tight oil is light crude oil contained in petroleum-bearing formations of low permeability, often shale or tight sandstone. Economic production from tight oil formations requires the same hydraulic fracturing and often uses the same horizontal well technology used in the production of shale gas. While sometimes called "shale oil", tight oil should not be confused with oil shale, which is shale rich in kerogen, or shale oil, which is oil produced from oil shales. Therefore, the International Energy Agency recommends using the term "light tight oil" for oil produced from shales or other very low permeability formations, while the World Energy Resources 2013 report by the World Energy Council uses the terms "tight oil" and "shale-hosted oil".
The Ioana gas field natural gas field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2015 and will produce natural gas and condensates. The total proven reserves of the Ioana gas field are around 653 billion cubic feet (18.7 km³), and production is slated to be around 110 million cubic feet/day (3.1×106m³) in 2015.
The Eugenia oil field on the continental shelf of the Black Sea was discovered in 2010 and developed by Sterling Resources. It was scheduled to begin producing oil in 2015. The total proven reserves of the Eugenia oil field are around 120 million barrels (16.5×106tonnes), and production is centered on 5,000 barrels per day (790 m3/d).
The Eugenia South oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2015 and will produce oil. The total proven reserves of the Eugenia South oil field are around 18.5 million barrels (2.6×106tonnes), and production is centered on 800 barrels per day (130 m3/d).
The Mihaela oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2015 and will produce oil. The total proven reserves of the Mihaela oil field are around 91 million barrels (12.8×106tonnes), and production is centered on 3,500 barrels per day (560 m3/d).
The Karazhanbas Oil Field is an oil field located in Mangystau Province in Kazakhstan. It was discovered in 1984 and developed by CITIC Resources. The oil field is operated and owned by CITIC Resources. The total proven reserves of the oil field are around 135 million barrels (18×106tonnes), and production is centered on 18,600 barrels per day (2,960 m3/d).
The Şiviţa oil field is an oil field located in Tulucești, Galați County. It was discovered in 1958 and developed by Petrom. It began production in 1968 and produces oil. The total proven reserves of the Şiviţa oil field are around 20 million barrels (2.7×106tonnes), and production is centered on 250 barrels per day (40 m3/d).
The A-T oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2018 and will produce oil. The total proven reserves of the A-T oil field are around 53 million barrels (7.5×106tonnes), and production is centered on 2,000 barrels per day (320 m3/d).
The B-T oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2018 and will produce oil. The total proven reserves of the B-T oil field are around 20 million barrels (2.8×106tonnes), and production is centered on 1,000 barrels per day (160 m3/d).
The C-T oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2018 and will produce oil. The total proven reserves of the C-T oil field are around 25 million barrels (3.5×106tonnes), and production is centered on 1,000 barrels per day (160 m3/d).
The D-T oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2018 and will produce oil. The total proven reserves of the D-T oil field are around 20 million barrels (2.8×106tonnes), and production is centered on 1,000 barrels per day (160 m3/d).
The Luceafărul gas field natural gas field located on the continental shelf of the Black Sea. It was discovered in 2013 and developed by Sterling Resources. It will begin production in 2018 and will produce natural gas and condensates. The total proven reserves of the Luceafărul gas field are around 104 billion cubic feet (3 km³), and production is slated to be around 50 million cubic feet/day (1.4×106m³) in 2018.
The Gîsca oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2015 and will produce oil. The total proven reserves of the Gîsca oil field are around 21 million barrels (2.9×106tonnes), and production is centered on 1,000 barrels per day (160 m3/d).
The Cobza oil field is an oil field located on the continental shelf of the Black Sea. It was discovered in 2010 and developed by Sterling Resources. It will begin production in 2015 and will produce oil. The total proven reserves of the Cobza oil field are around 113 million barrels (15.5×106tonnes), and production is centered on 3,000 barrels per day (480 m3/d).
