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Oil and Gas Reserves and Resources

Kazakhstan, home of the Tengiz Field

Oil reserves represent current and future value that can be quantified and compared among companies. However, while the absolute quantity of oil or oil equivalent tells a story, the more important figure is the Net Present Value (NPV) of the oil (which must be sensitized to different assumed long-term oil prices)

Bitumen in Canada

After declining from $50 a barrel earlier (as we predicted) in the year due to OPEC's unwillingness to commit to steeper production cuts and US shale oil production continuing to ramp up due to lower operating costs from improving technology and opportunistic hedging, the price of oil has rallied back