At current usage rates we will exhaust the proved reserves in a few decades.

FORBES: A Shield Against The Next Oil Shock

Firms that had used unrealistically low cost estimates for extracting oil from ageing fields have suddenly been bailed out of trouble by the price rise, which makes extraction viable, and thus reserves proved, even at a higher cost.

ECONOMIST: Oil companies

Since 1999 Encore has boosted production by an average 24% and its proved reserves by 20% at a time when the rest of the industry has been flat to slightly down in both key categories in the U.S., according to research firm John S. Herold.

FORBES: Down and Dirty

In an exclusive interview with Forbes, CFO Almir Barbassa sought to dispel those fears, noting they expect total proved reserves to hit 30 million barrels soon, as they work on improving refining capacity to feed a Brazilian market in which demand has grown at about 10% per year.

FORBES: Petrobras: Massive Discoveries And The Case For Downstream