Oil and gas reserves

Oil and gas reserves refer to the quantities of crude oil and natural gas that are economically recoverable from the Earth. These reserves are classified into proven reserves, which are certain to be extracted with current technology and prices, and probable reserves, which are less certain but still likely. Companies seek to explore and develop these reserves for energy production. Understanding these reserves is crucial for energy policy, market dynamics, and environmental considerations, as they directly influence fuel availability, economic stability, and the transition to alternative energy sources.