The long-run situation seems risky, because the world is running through its easily discovered reserves.
The EIA was estimating discovered reserves of natural gas, while the USGS was looking at undiscovered reserves yet to be found.
Brazil holds recently discovered oil reserves that could be far larger than ours, and as we seek to increase secure-energy supplies, we look forward to developing a strategic energy partnership.
Foreign oil companies have also come under heavy criticism in Angola, where Chevron (now ChevronTexaco (nyse: CVX - news - people )) discovered offshore reserves in the late 1960s.
All these oil company moves are disguised with explanations like we are buying US Shale Oil instead, yet an examination of US total discovered Oil reserves shows it accounts for less than 1% of the worlds oil, more importantly most of the so called buying is not buying it options to buy 6 months or more from now.
Reports suggest Moscow could consider buying interests in recently discovered offshore gas reserves.
But unlike Petrobras, which has discovered huge new offshore reserves at home recently, Petronas faces declining domestic output.
The market value of an oil firm might go up if large oil reserves are discovered in the land it owns.
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They recently discovered significant new oil reserves, and we can share American technology and know-how with them as they develop these resources.
Roland Phelps of Galantas thinks over 3m ounces of gold reserves could be discovered in that period: not much by the standards of big gold-producing nations, but enough for a tidy niche industry.
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Faced with insecure gas supplies from Egypt, Israel must now move with haste to develop the massive reserves of natural gas recently discovered offshore.
Chinguetti was discovered in 2001, and has proven and probable reserves of about 120 million barrels of oil.
But, in 1967, American drillers working for Texaco discovered that two miles beneath the jungle floor lay abundant reserves of crude oil.
Large reserves of natural gas and possibly oil have been discovered off its southern coast, which would bring a bonanza in three to five years.
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