In the guide below, we discuss the world’s fossil fuel resources i.e. coal, oil, and natural gas.
We outline how much of each might be left, when we might run out, and other relevant information relating to remaining resources.
Summary – The World’s Fossil Fuel Resources
The information in the guide below is a summary of the information found in three separate guides we’ve already put together on the world’s remaining coal, natural gas and oil resources and reserves.
You can access those guides here:
How Much Coal Is Left In The World, & When Will We Run Out?
How Much Oil Is Left In The World, & When Will We Run Out?
How Much Natural Gas Is Left In The World, & When Will We Run Out?
In those guides, we outline information relating to:
– The remaining resources and reserves, and reserve trends over time
– Potentially undiscovered resources
– Unconventional resources (for oil and natural gas)
– Which countries have the largest reserves
– Total production, and production trends over time
– Which countries produce the most
– Total demand & consumption
– Whether we are running out of each resource in the short term, and what factors might impact our ability to extract and use resources in the medium to long term
– When we might run out of each resource
– What might happen if we start running out of each resource
– Recent reports on shortages for each resource
– How we might manage each resource more sustainably
– Potential substitutes for each resource
How Much Fossil Fuels Are Left On Earth? – Resources, & Reserves
First, Understand That Total Resources Can Be Split Into Sub Categories
Total resources can be split into the following sub categories:
– Undiscovered resources (vs discovered resources)
Undiscovered resources converted into reserves once they are discovered, and then assessed as economically feasible to extract with today’s technology and processes
– Proven reserves
– Unconventional resources (vs conventional resources)
Unconventional resources are applicable to both oil and natural gas – we explain them in deeper detail in those guides
There’s typically a lot more discovered and undiscovered resources than there is proven reserves at any one point in time.
Total Coal
– Resources
One report indicates that global resources of coal total almost 20,000 Gt (which was mostly hard coal, but also included lignite)
– Reserves
One report indicates that confirmed coal reserves world-wide at the end of 2019 totalled 1,077 Gt (which was mostly hard coal, but also included lignite)
Overall, some reports and charts show that world proven coal reserves have increased over the last decade from the year 2010 to the year 2020
Oil
– Resources
The total amount of oil resources that are yet to become proven reserves are estimated into the hundreds of billions of barrels according to some reports.
This number does not include unconventional oil resources, which would be additional to this estimated amount
– Reserves
One report indicates that the total world reserves of crude oil including lease condensate reserves was 1662 billions of barrels in 2020
Overall, some charts and reports indicate that world proven oil reserves have increased from the year 1990 to the year 2020
Natural Gas
– Resources
Total undiscovered technically recoverable natural gas resources are estimated into the thousands of trillions of cubic feet
This number does not include unconventional natural gas resources, which would be additional to this estimated amount
Some estimates indicate there could be 8.3 times as much unconventional gas resources as conventional gas resources – a significant amount more
– Reserves
In the year 2020, total world dry natural gas reserves were 7257 trillion cubic feet according to one report.
These reserves are in addition to undiscovered technically recoverable natural gas resources, and unconventional natural gas resources
Overall, some charts and reports indicate that total world proven natural gas reserves may have increased from the year 1980 to the year 2020
When Will We Run Out Of Fossil Fuels? … How Many Years Worth Of Fossil Fuels Are Left?
It’s worth noting that estimates for the number of years worth of any fossil fuel left are not definitive.
They are estimates, and can change each year as variables like proven reserves, production, and consumption/demand change.
But, some estimates for the main fossil fuels might be:
Coal
There’s a range of estimates of how much coal we have left on a global scale, ranging anywhere from 30 years up to 150 years worth of coal
However, there’s also separate estimates of how many years worth of coal each individual country has left based on their current proven reserves, and their current production rate
One report indicates that the US for example might have over 300 years worth of coal left, according to some reports
Oil
There’s a range of estimates of how much oil we have left on a global scale, ranging anywhere from 30 years up to 53 years worth of oil
However, there’s also separate estimates of how many years worth of coal each individual country has left based on their current proven reserves, and their current production rate
One report indicates that Venezuela for example might have up to 1578 years worth of oil production in reserve
The US’ estimates are different, and we outline them in the oil guide
Natural Gas
There’s a range of estimates of how much natural gas we have left on a global scale, ranging anywhere from 30 years up to 52.8 years worth of natural gas
However, there’s also separate estimates of how many years worth of natural gas each individual country has left based on their current proven reserves, and their current production rate
One report for example indicates that Russia for example might have up to 77 years worth of oil production in reserve
Why We Might Not Run Out Of Mined Resources Like Coal, Oil & Natural Gas Anytime Soon
Some of the factors that can impact our ability to extract and use resources into the future can include, but aren’t limited to:
– Annual demand and consumption
– Annual production
– Investment in production, and increasing production capacity
Countries can invest in production to increase production capacity to meet demand, however, there may sometimes be limitations to this
– Investment in exploration and discovering currently undiscovered resources
– Whether or not unconventional resources are used for production
– Whether proven reserves are increasing, decreasing, or staying stable over the medium to long term
– The development and introduction of new extraction processes and technology that allows previously inaccessible, or previously economically unfeasible resources to be extracted
– Prices of resources
The higher the prices, the more resources that can be extracted at a higher extraction cost
The Amount Of Resources & Reserves Left Worldwide vs Access To These Resources For Individual Countries
It’s worth mentioning that just because the world has a certain amount of resources or reserves left, it does not ensure that all countries have access to these resources
Countries with abundant domestic reserves and production may have greater access to certain resources when they need them – assuming these countries are using these resources domestically, and aren’t exporting most of their resources to other countries
On the other hand, net importers and countries with lower domestic supplies and production may struggle to meet local demand at specific times
This is just one general example though.
Sources
1. https://www.bettermeetsreality.com/how-much-natural-gas-is-left-in-the-world-when-will-we-run-out/
2. https://www.bettermeetsreality.com/how-much-oil-is-left-in-the-world-when-will-we-run-out/
3. https://www.bettermeetsreality.com/how-much-coal-is-left-in-the-world-when-will-we-run-out/
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