World Oil Reserves –

The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves. All reserve estimates involve uncertainty, depending on the amount of reliable geologic and engineering data available and the interpretation of those data. The relative degree of uncertainty can be expressed by dividing reserves into two principal classifications— "proven" (or "proved") and "unproven" (or "unproved").Unproven reserves can further be divided into two subcategories—"probable" and "possible"—to indicate the relative degree of uncertainty about their existence.

Proven Reserves –
Proven reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology. Industry specialists refer to this as P90 (i.e., having a 90% certainty of being produced). Proven reserves are also known in the industry as 1P. Proven reserves are further subdivided into "proven developed" (PD) and "proven undeveloped" (PUD). PD reserves are reserves that can be produced with existing wells and perforations, or from additional reservoirs where minimal additional investment (operating expense) is required. PUD reserves require additional capital investment (e.g., drilling new wells) to bring the oil to the surface.

Unproven Reserves –
Unproven reserves are based on geological and/or engineering data similar to that used in estimates of proven reserves, but technical, contractual, or regulatory uncertainties preclude such reserves being classified as proven. Unproven reserves may be used internally by oil companies and government agencies for future planning purposes but are not routinely compiled. They are sub-classified as probable and possible. Probable reserves are attributed to known accumulations and claim a 50% confidence level of recovery. These reserves are also referred to in the industry as "2P". Possible reserves are attributed to known accumulations that have a less likely chance of being recovered than probable reserves. This term is often used for reserves which are claimed to have at least a 10% certainty of being produced ("P10"). Based on data from OPEC at the beginning of 2011 the highest proved oil reserves including nonconventional oil deposits are in Venezuela (20 % of global reserves), Saudi Arabia (18 %,of global reserves), Iran (9 %). The detailed numbers can be seen below –

.Here. The production portion (denominator) of the ratio is the amount of resource used in one year at the current rate. Reserve life years is calculated by – RPR = (amount of known resource) / (amount used per year) The reserve portion (numerator) of the ratio is the amount of a resource known to exist in an area and to be economically recoverable (proved reserves).

No details were offered of how any of the upgrades were arrived at. Iran raised its proven reserves by some 30% to 130 Gbbl (21×109 m3).2×109 m3) to 97 Gbbl (15. which are not provided with any form of audit or verification that meet external reporting standards.7×109 m3) to 92 Gbbl (14. Saudi Arabia raised its reported reserve number in 1988 by 50%. Iran denied accusations of a political motive behind the readjustment. In 1985–86.4×109 m3). There are doubts about the reliability of official OPEC reserves estimates. Clive Mather that reserves in Canada estimate it to actually be 2 Trillion barrels or more. .Many oil-producing nations do not reveal their reservoir engineering field data and instead provide unaudited claims for their oil reserves. Iraq is estimated to be the first oil reserve in the world with more than 360 billion barrels.6×109 m3). partly based on reserves levels. essentially 8 times more than Saudi Arabia. The numbers disclosed by some national governments are suspected of being manipulated for political reasons. In 2001–02. which advanced it to second place in reserves and ahead of Iraq. there have been dramatic increases in reported reserves among OPEC producers. the UAE almost tripled its reserves from 33 Gbbl (5. Kuwait increased its proven reserves from 67 Gbbl (10. attributing the increase instead to a combination of new discoveries and improved recovery. In 1983.[22] Since a system of country production quotas was introduced in the 1980s. Hence it is said by many experts including CEO of Shell Canada.

0×109 m3) of natural gas liquids in 25 geologically defined areas thought to have potential for petroleum. technically recoverable oil and 44 billion barrels (7. the Amerasia Basin. Of the estimated totals. and West Greenland–East Canada. More than 70% of the mean undiscovered oil resources was estimated to occur in five provinces: Arctic Alaska. This represented 13% of the expected undiscovered oil in the world.4×1010 m3) of undiscovered.In Middle East. It was further estimated that approximately 84% of the oil and gas would occur offshore. East Greenland Rift Basins. and the East Greenland Rift Basins. more than half of the undiscovered oil resources were estimated to occur in just three geologic provinces—Arctic Alaska. we can closely look at the oil reserves as – Prospective Resources A 2008 United States Geological Survey estimates that areas north of the Arctic Circle have 90 billion barrels (1. Amerasia Basin. . East Barents Basins.