Australia would know a thing or two about that too with their offshore gas projects.
Indeed. The Gorgon gas discovery was made in 1981. It sat essentially idle due to lack of technology to economically develop / market to sell for over 20 years. First production isn't until next year, and even then the vast majority of it will be sold as LNG to the rising economies of Asia.
There is a distinct difference between resource and reserve in oil & gas terms. a resource is oil and gas in the ground that cannot be economically developed or for which there is no reasonable development plan. Reserves encompass oil & gas which can be economically accessed and produced. There are different classifications of reserves based on the certainty with which it will be produced, which is regulated by the SEC for publicly traded companies.
This post was edited on 7/25 at 10:19 pm