Around the world there are nearly 1.4 trillion barrels of oil equivalent (boe) reserves in conventional undeveloped oil and gas fields according to Wood Mackenzie's latest upstream outlook. This includes nearly 1.1 trillion boe of "technical reserves" - a term Wood Mackenzie uses for reserves for which there are no firm development plans in place. "Over half of these discoveries which we classify as 'good technicals,' are potentially economic under our current price assumptions. These have an indicative collective value of US$760 billion" explained David Highton, principal analyst of Upstream Research at Wood Mackenzie.
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