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The AAPG/Datapages Combined Publications Database

AAPG Bulletin

Abstract


Volume: 36 (1952)

Issue: 8. (August)

First Page: 1673

Last Page: 1674

Title: Oil Discovery--Past, Present, and Future: ABSTRACT

Author(s): P. R. Schultz

Article Type: Meeting abstract

Abstract:

Current alarm concerning the ability of the petroleum industry to satisfy the liquid fuel requirements of the United States is unwarranted. Unfortunately, information released by the industry in the past has been misinterpreted so as to indicate that the potentiality of the nation is reaching a critical

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point. Correct interpretation of industry statistics reveals that large quantities of oil still remain to be discovered and that improved technologies will permit the finding and development of this oil at costs only moderately above current experience.

Decreasing discovery rates indicate that a rapidly increasing exploratory effort will be necessary to bring forth the new reserves, but with available data it is impossible at this time to forecast any exhaustion in petroleum supplies. If geologists do not maintain a satisfactory discovery rate, the petroleum engineers are ready to expand secondary recovery projects at only moderate price increases.

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Copyright 1997 American Association of Petroleum Geologists