Global Energy Reserves
Proved oil reserves are those that can be extracted with reasonable certainty under existing conditions using existing technology. Global proved oil reserves are estimated at approximately 1,300 billion barrels (210×109 m3). This corresponds to roughly 43 cubic miles, or 43 CMO. At the current rate of use, this would last about 40 years. Technological advances, new discoveries, and political changes will likely lead to additional proved oil reserves in the future. Concurrently, the International Energy Agency predicted in its 2005 World Energy Outlook that the annual consumption will increase by 50% by 2030. Coal and natural gas currently provide 1.42 CMO of energy per year. Global reserves of these fossil resources are as follows:
- Natural gas reserves total 42 CMOs (69 years at current consumption)
- Coal reserves total 121 CMOs (150 years at current consumption)
- Additionally, there are large, albeit uncertain, amounts of tar sands, shale gas, and other unconventional fossil sources
Read more about this topic: Cubic Mile Of Oil
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