What is the distinction between undiscovered resources and proven reserves of crude oil, and what factors cause the amounts of each to change?
What will be an ideal response?
"The science of geology provides information about the probable locations and extent of ancient shallow seas. On the basis of their knowledge and their field experience, geologists make educated guesses as to where oil or natural gas may be located and how much may be found. These educated guesses are the world's estimated reserves. The estimates may be far off the mark, because there is no way to determine whether estimated reserves actually exist, except by exploratory drilling. (I)f exploratory drilling strikes oil, further drilling is conducted to determine the extent and depth of the oil field. From that information, a fairly accurate estimate can be made of how much oil can be economically obtained from the field. That amount then becomes proven reserves." If the economics of oil extraction change, then the amount of proven reserves can change.
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