The Energy Information Administration (EIA) has explained that crude oil and natural gas resources are the estimated oil and natural gas volumes that might be produced at some time in the future. The volumes of oil and natural gas that will ultimately be produced cannot be know ahead of time. Resource estimates change as extraction technologies improve, markets evolve and oil and natural gas are produced.
According to the EIA, the uncertainty in estimated volumes declines across the resource categories based on the relative mix of facts and assumptions used to create the estimates. Oil and gas in-place estimates are based on fewer facts and more assumptions, while proved reserves are based mostly on facts and fewer assumptions...............................................Full Article: Source
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