Theoretical Oil (Undiscovered Oil) vs. Established Oil

Theoretical oil is oil that may exist, but has not yet been found and is not currently producing. It is commonly referred to as “undiscovered oil” and is estimated to be much larger than current estimates of recoverable oil reserves. Theoretical oil generally remains completely untouched, requiring costly and lengthy exploration, drilling and development processes before it can be extracted and sold. Established oil, on the other hand, is oil that has been found and is currently being produced and sold. This can include both conventional and unconventional sources, such as shale oil and oil sands, that have already been tapped by the industry. While established oil may require additional work to maintain current production levels, it typically doesn't require the same level of exploratory and development efforts that are required for theoretical oil.