Abstract:

Oil reserve is defined as an estimate of how much oil can ultimately be recovered. This broad definition is also called oil in place. It includes undiscovered or "yet to find" reserves. It's based on the probability of finding reserves in certain geological areas. It also assumes that new types of technology will make it economically feasible to extract the oil. Nigeria oil and gas reserves have increased to 37 billion barrels. It can also be said that reserves are those quantities of petroleum claimed
to be commercially recoverable by application of development projects to known accumulations under defined conditions and it must satisfy four criteria which must be: discovered through one or more exploratory wells, recoverable using existing technology, commercially viable and remaining in the ground. These conditions have actually be met by some oil producing countries but how long will they rely on it to maintain a stable economic growth and development. No matter the trillion of barrels of oil stored by most countries in the world especially Nigeria will still not guarantee continuous growth in economic stability since the rate of usage is far more than that of discovery. This paper brings to the notice of everyone the current petroleum reserves for some developed and developing countries which will guarantee them a partial stable economic growth and development. Experience shows that initial estimates of the size of newly discovered oil fields are usually too low. As
years pass, successive estimates of the ultimate recovery of fields tend to increase. The term reserve growth refers to the typical increase in estimated ultimate recovery that occurs as oil fields are developed and produced. We are currently in an energy crisis. Fossil fuels are the lifeblood of our society and for many others around the world. Our supply has a finite end, which may make some countries to make friend with those in the Middle East due to high oil reserves. See Tables 1 and 2. Despite these reserves, fossil fuels will run out one day and it is important to find other means of getting the energy we need to continue our society as we know it. That is the renewable sources of energy.