Laurent Pirolli

Conventional Oil and Gas

The characteristics of the major types of conventional oil and gas and the means by which they are produced are described briefly. Over the last decade technology-driven developments, primarily in the United States, have put, in our opinion, shale gas and tight oil into the conventional category, so they are also included. Estimates of the remaining reserves, along with historical estimates derived from authoritative sources, are summarised with projections and comments concerning the contentious concept of peak oil and gas. The discussion also includes the liquefaction of natural gas which we speculate will, in the future, be the transportation fuel of choice. The preference towards all forms of natural gas arises from the requirement to reduce emissions of CO2 and the resulting global warming in a socially and economically viable manner without recourse to a step-change in the infrastructure associated with transportation and energy supply. Thus global warming and carbon mitigation are briefly discussed.