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Debate about the extent of the worlds remaining oil reserves and their rate of depletion is ongoing, following a spate of shock devaluations of reserves by many oil majors.There is increasing pressure to include non-conventional oil in reserves, by far the largest being the Canadian oil or tar sands, and Venezuelan bitumen.

For a long time however they were recognised but were largely ignored. The technology needed to extract them was a late development and the cost of cleaning them environmentally was prohibitive. This has changed ? immense strides have been taken to resolve these problems..

This report, successor to ?The 4th Fossil Fuel?, examines the current debate about the definition and measurement of fossil fuel reserves and depletion, following a spate of devaluations of reserves by oil and gas majors. Historical definitions are examined and explained