October 31, 1975 - Gerald R. Ford Presidential Library and Museum

ecovery techniques. Initial proved reserve estimates are normally lower
than final reserve estimates due to definitions. Virtually all secondary
and tertiary projects improve recovery. Thus, revisions to reserves
constitute a large portion of the annual increases. Since a discernible
trend was not apparent from the data, FEA assumed that the average for
the past 29 years (1.17 billion barrels per year) will be added as revisions
in each of the next 10 years.
Results
Results of this analysis, shown in Table 23 and the illustration
that follows, indicate that crude oil productive capacity in 1985 will
approximate 1975 production.
Table 23--CRUDE OIL PRODUCTIVE CAPACITY PROJECTION
FROM YEAREND 1974
(Million Barrels)
Proved reserves
Excluding
New Field,
North Slope North Slope
New Pool, and Dai ly
Year of Alaska of Alaska Revisions Extensions Total Average
1975 2753 2 125 92 2972 8.14
1976 2478
3 237 175 2893 7.90
1977 2230 164 337 249 2980 8.16
1978 2007 438 426 315 3186 8.73
1979 1807 548 506 373 3234 8.86
1980 1626 548 577 426 3177 8.68
1981 1463 548 641 473 3125 8.56
1982 1317 548 697 514 3076 8.43
1983 1185 548 748 552 3033 8.31
1984 1067 548 793 585 2993 8.18
1985 960 548 834 614 2956 8.10
48
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