Oil and gas reserves denote discovered quantities of crude oil and natural gas from known fields that can be profitably produced/recovered from an approved development. Oil and gas reserves tied to approved operational plans filed on the day of reserves reporting are also sensitive to fluctuating global market pricing. The remaining resource estimates (after the reserves have been accounted) are likely sub-commercial and may still be under appraisal with the potential to be technically recoverable once commercially established. Natural gas is frequently associated with oil directly and gas reserves are commonly quoted in barrels of oil equivalent (BOE). Consequently, both oil and gas reserves, as well as resource estimates, follow the same reporting guidelines, and are referred to collectively hereinafter as oil & gas.
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👉 Oil reserve in the context of United Arab Emirates
The United Arab Emirates (UAE), also known simply as the Emirates, is a country in West Asia, situated at the eastern end of the Arabian Peninsula. It is a federal semi-constitutional monarchy made up of seven emirates, with Abu Dhabi serving as its national capital. The UAE borders Oman to the east and northeast, and Saudi Arabia to the southwest; it shares maritime borders with Qatar and Iran in the Persian Gulf, and with Oman in the Gulf of Oman. As of 2024, the UAE has an estimated population of over 10 million; Dubai is the country's largest city. Islam is the majority religion and Arabic is the official language; English is the most spoken language and the language of business.
The present-day United Arab Emirates is located within the historical region of Eastern Arabia, which was oriented to maritime trade and seafaring. The Portuguese arrived in the region around 1500 and set up bases on the territory while waging wars against the Persians. After their expulsion, the Dutch controlled the straits and established global maritime dominance. By the 19th century, with pearling becoming a major economic activity, piracy became rampant in the gulf, prompting British intervention; local sheikhdoms formed a pact with the United Kingdom to create the Trucial States, a British protectorate that was effectively shielded from attempted Saudi and Omani suzerainty. The Trucial States remained under British influence until full independence as the United Arab Emirates in 1971. Zayed bin Sultan Al Nahyan, ruler of Abu Dhabi and the country's first president (1971–2004), oversaw rapid development of the Emirates by investing revenues from newly found oil into healthcare, education, and infrastructure.
Oil reserve in the context of Texas oil boom
The Texas oil boom, sometimes called the gusher age, was a period of dramatic change and economic growth in the U.S. state of Texas during the early 20th century that began with the discovery of a large petroleum reserve near Beaumont, Texas. The find was unprecedented anywhere in its size and ushered in an age of rapid regional development and industrialization that has few parallels in U.S. history. Texas quickly became one of the leading oil-producing states in the U.S., along with Oklahoma and California; soon the nation overtook the Russian Empire as the top producer of petroleum. By 1940 Texas had come to dominate U.S. production. Some historians even define the beginning of the world's Oil Age as the beginning of this era in Texas.
The major petroleum strikes that began the rapid growth in petroleum exploration and speculation occurred in Southeast Texas, but soon reserves were found across Texas and wells were constructed in North Texas, East Texas, and the Permian Basin in West Texas. Although limited reserves of oil had been struck during the 19th century, the strike at Spindletop near Beaumont in 1901 gained national attention, spurring exploration and development that continued through the 1920s and beyond. Spindletop and the Joiner strike in East Texas, at the outset of the Great Depression, were the key strikes that launched this era of change in the state.