Term
| How long does the formation of natural gas take? |
|
Definition
| thousands possibly millinos of years |
|
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Term
| What were the natural gas price spikes in 1970s and 2000 indications of? |
|
Definition
| that we are running out of natural gas which is estimated to still be in the gorund |
|
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Term
| What is unconventiaonal gas? |
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Definition
| Unconventional gas does not exist in these conventional reservoirs and it takes another form or is present in a peculiar formation that makes the extraction different from conventional resources |
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Term
| What does the total natural gas resource base include? |
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Definition
| the entire volume of natural gas contained and trapped in the earth, before any is extracted and produced (includes estimations of ALL of the natural gas that is, or was trapped in the earth); a lot of it is non-recoverable |
|
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Term
| What are recoverable resources? |
|
Definition
| the subset of the total resource base that is thought to be technically recoverable |
|
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Term
| How are recoverable resources divided? |
|
Definition
| discovered and undiscovered recoverable resources |
|
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Term
| What are discovered recoverable resources? |
|
Definition
| Those in known locations and they include current production, all past production, as well as the gas that is remaining to be produced |
|
|
Term
| What are undiscovered resources? |
|
Definition
| those deposits that have not been pinpointed, but are generally expected to exist based on geologic conditions |
|
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Term
| Can reservoir locations have both economically recoverable and economically unrecoverable resources? |
|
Definition
|
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Term
| What are the two main categories of reserves? |
|
Definition
| Proved reserves and other reserves |
|
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Term
| What are proved reserves in natural gas? |
|
Definition
| with "reasonable certainty" that they can be recovered today or in near future with current technology and $; 90% probability that the natural gas recovered from those reserves will exceed the amount that is estimated beforehand to be recoverable |
|
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Term
| What are producing proved reserves? |
|
Definition
| those reservoirs that are currently being produced |
|
|
Term
| How are proved non-producing reserves broken down? |
|
Definition
1. Proved undeveloped reserves
2. Proved developed non-producing reserves |
|
|
Term
| What are proved undeveloped reserves? |
|
Definition
| those where no well has been drilled, but for which there is still relatively certainty surrounding the amount of natural gas they contain |
|
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Term
| How much technically recoverable natural gas is in the US? |
|
Definition
1,747 Tcf = trillion cubic feet OR
1.7 x 10e12 cubic feet |
|
|
Term
| What is included in the 1.7 x 10e12 cubic feet of technically recoverable natural gas in the US? |
|
Definition
| undiscovered, unproved and unconventional natural gas; proved reserves makes up a very small proportion of the total recoverable natural gas resources in the US |
|
|
Term
| Out of 1.7 x 10e12 cubic feet of total natural gas resources in the US, how much of it is UNproved? |
|
Definition
| 1.4 x 10e12 (80% of resource estimates are unproved) |
|
|
Term
| What happened with US proved natural gas resources? |
|
Definition
|
|
Term
| How much potential natural gas resources are in the US (probable resources, possible resources, and speculative resources) |
|
Definition
|
|
Term
| What is happening with the proved natural gas reserves in the US? |
|
Definition
| Not a whole lot is changing |
|
|
Term
| What will happen if the additions to proved reserves in a given year are larger than the subtractions production? |
|
Definition
| Then proved reserves will increase and vice versa |
|
|
Term
| Which 3 states have the most natural gas proved reserves? |
|
Definition
| Texas, Wyoming, New Mexico |
|
|
Term
| What are the world proved natural gas reserves? |
|
Definition
estimates world proved
natural gas reserves to be around 6,254 Tcf |
|
|
Term
| Where is most of the world natural gas reserves? |
|
Definition
Most of the reserves are located in the Middle East with 2,549 Tcf or
41% of the world total |
|
|
Term
| Europe and USSR natural gas reserves |
|
Definition
And Europe and the Former U.S.S.R. have 2,020 Tcf or 32% of total
world reserves |
|
|
Term
| What are the top 5 countries in natural gas reserves? |
|
Definition
Middle East
Eurasia
Afria
Asia
North America |
|
|
Term
| How much natural gas does the Middle East have? |
|
Definition
| 2,549 trillion cubic feet |
|
|
Term
| What's going on with natural gas in western europe? |
|
Definition
|
|
Term
| Which 3 countries have the most natural gas reserves? |
|
Definition
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