"The average size of an oil discovery can vary greatly, but a common estimate for a major oil field is around 3 million barrels of oil equivalent (boe)
Here's a more detailed breakdown:
Major Fields:The 1,331 major fields (including the 370 giants), each with EURs of 100 million bbl or more, contain a combined 1.314 trillion bbl or 94% of the total discovered oil.
Median Field Size:The median field size for the non-U.S. rest of the world is about 3 million bbl.
Giant Fields:Giant fields, which are those with recoverable reserves of 500 million barrels or more, account for a significant portion of the world's known oil.
Large Fields:There are approximately 1,000 known large oil fields that initially contained between 50 million and 500 million barrels."
PCL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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