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- W173173635 abstract "This chapter discusses the implications of changing oil prices on resource evaluations. A large number of researchers have attempted, in the last few decades, to evaluate the amount of oil and gas that would be ultimately recoverable from the overall resource base. Throughout the rest of the world, the number of oil wells drilled was only a fraction of the United States. Although the percentage has gradually decreased during the past 15 years, the number of oil wells drilled in the United States still amounted to nearly 75% of all oil wells drilled in 1973 and increased again to more than 80% in 1974, with more than 21,000 holes drilled versus 5000 holes in the rest of the world. The amount of oil proved by each one of these few wells, however, was about 30 to 60 times greater than in the United States and showed a tendency to increase even further. The percentage of crude that was actually recovered from a deposit increased but little as secondary recovery techniques became firmly established during the fifties, yielding cumulative recovery factors of about 34% at a cost of well below 50 cents/barrel, which, at the going prices of the time, was equivalent to the value of about 0.2 barrels of crude." @default.
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- W173173635 date "1977-01-01" @default.
- W173173635 modified "2023-09-26" @default.
- W173173635 title "IMPLICATIONS OF CHANGING OIL PRICES ON RESOURCE EVALUATIONS" @default.
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- W173173635 doi "https://doi.org/10.1016/b978-0-08-021735-2.50016-1" @default.
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