Estimating untapped petroleum reserves has always been a quantitative business issue of concern to me. Investors in energy companies make decisions based on estimated reserves, yet these numbers are little more than a guess.
The following quote would appear to be a major development in the petroleum industry:
"The U.S. Geological Survey said Tuesday that Alaska holds less oil and natural gas onshore at the National Petroleum Reserve and in nearby state waters than previously thought.
The agency now estimates that the area, on and near land in Alaska's North Slope owned by the U.S. government, holds 896 million barrels of conventional, undiscovered oil, about 10% of the amount the agency predicted was there in 2002." bold added
Sweet, Cassandra, 2010. U.S. cuts estimates of untapped alaska reserves. The Wall Street Journal, Oct. 27.
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