A reserve status report
Report# HC3 - 433
December 1, 2013
Depletion: A determination for the world's petroleum reserve
An exergy analysis employing the ETP model
Petroleum is a primary energy source; its other uses have only minor commercial value. It therefore follows that to be an energy source
petroleum must be capable of providing sufficient energy to support its own production system (extraction, processing and distribution).
Thus, the total specific (per unit) energy needed to complete the process can not exceed its own specific exergy. Entropy production
(a Second Law mandate) in the petroleum production system (PPS) requires that a point will to be reached when the production energy
required to drive the process forward becomes equal to its specific exergy. It can be shown that this breakeven point for petroleum
production occurs when the cumulative production curve approaches its top abscissa. This point represents the maximum theoretical
volume of petroleum that can ever be extracted for use as an energy source. The total production energy (ETP) is therefore a function
of the cumulative production function (CPF) and the entropy production of the PPS. The entropy production of the PPS is derived through
the solution of the Entropy Rate Balance Equation for Control Volumes. The ETP function generated is an accurate predictor of historic
and future petroleum prices, production, and the depletion status of the world's petroleum reserve.