The latter could become very important reserves when new processes for in situ extraction through gas to liquid technology can be implemented.
They do not include high sea deposits nor permafrost, remnant oil in exhausted fields, heavy oil, tar sands nor distant stranded gas deposits. Such reserves are defined as those fields that can be economically exploited by conventional methods. The world oil consumption is 30 Gbbl/year, and according to Hubbert´s curve, conventional oil reserves will last about 50 years. But now, could it be that the abrupt fall in oil prices indicates that transnational companies do not want to continue investing in difficult oil exploration?Īn explanation that could be the most accurate one is that the fall in oil prices was due to the economic crisis stemming from the financial problems of the mortgage banking system in the more developed countries.
Until not long ago, high oil prizes were attributed in part to the need of transnational enterprises that exploit oil to make large investments for the exploration of difficult oil, that which is located in places of difficult access (high seas or the permafrost).
