Fossil Fuel Reserves
Fossil fuels are abundant in many regions of the world and they are in sufficient quantities to meet expected increasing demands. However, most of them are still classified as resources and not yet as reserves. This distinction is important as it reflects the likelihood that the fossil fuels will be brought to the market. Resources are those volumes that have yet to be fully characterised, or that present technical difficulties or are costly to extract, for example where technologies that permit their extraction in an environmentally sound and cost- effective manner are still to be developed. Reserves are those volumes that are expected to be produced economically using today's technology; they are often associated with a project that is already well-defined or ongoing. As the more accessible, conventional supplies are exhausted, so more technically demanding resources will need to be exploited
Source: Various