Oil + gas math

THE EDITOR: The Ryder Scott Report shows ten years' gas reserves remaining for TT.

Students in secondary school with potential oil and gas ambitions, please take this into consideration. We need to comprehend fully the difference between proven, possible and probable.

If a reserve's resources can be recovered using current technology but is not economically profitable, it is considered technically recoverable, but cannot, I say again cannot, be considered a proven reserve.

Reserves less than 90 per cent recoverable but more than 50 per cent are considered probable reserves and below 50 per cent are possible reserves.

The current oil price is is US$55.17 per barrel. Natural gas is US$2.57 per MMBTU. The advent of shale gas needs to be factored in the equation.

Are we clear? The oil age will end long before the world runs out of oil.

AV RAMPERSAD

Princes Town