McKelvey box - Revision history

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	[[Category:Done ~~2015~~-06-11]]		[[Category:Done 2019-02-17]]
	<onlyinclude>A '''McKelvey diagram''' or '''McKelvey box''' is a diagram that helps to explore the [[reserve vs ~~resource~~\|distinction between ~~resources~~ and reserves]] and the differences that can exist within these two broad categories.</onlyinclude> The amount of any ~~mineral~~ on the [[Earth]] can be explained and described in terms of their ~~[[resource]]s~~ and [[reserve]]s, ~~thus~~ it is important to understand what both mean in order to understand how much of this material is accessible and usable.<ref name="RE1">G.Boyle, B.Everett, S.Peake, J.Ramage. (May 29, 2015). ''Energy Systems and Sustainability: Power for a Sustainable Future'', 2nd Ed. Oxford, UK: Oxford University Press, 2012</ref>		[[category: Feb emergency upload]]
			<onlyinclude>A '''McKelvey diagram''' or '''McKelvey box''' is a diagram that helps to explore the [[reserve vs occurrence\|distinction between occurrences and reserves]] and the differences that can exist within these two broad categories.</onlyinclude> Reserves and occurrences are the parameters used to quantify a [[natural resource]]. The amount of any natural resource on the [[Earth]] can be explained and described in terms of their occurrence and [[reserve]]s, therefore, it is important to understand what both mean in order to understand how much of this material is accessible and usable.<ref name="RE1">G.Boyle, B.Everett, S.Peake, J.Ramage. (May 29, 2015). ''Energy Systems and Sustainability: Power for a Sustainable Future'', 2nd Ed. Oxford, UK: Oxford University Press, 2012</ref>

	A McKelvey diagram explores ~~resources~~ and reserves of different materials through the use of two distinct parameters~~. The first of these two parameters is the~~ '''~~degree~~ of certainty''' ~~we have~~ that a deposit actually exists.<ref name="RE1"/> If the deposit has been found and accessed, we know it exists to an extremely high degree of certainty. However, if the material is currently being surveyed for, the degree of certainty can be fairly low. The degree of certainty is based on information gained about the geological, physical, and [[chemical]] characteristics of a certain material and deposit including the grade or quality of the material, the amount of material in the deposit (or tonnage), ~~and~~ the location and depth of the material.<ref name="RE1"/>		A McKelvey diagram explores the occurrences and reserves of different materials through the use of two distinct parameters:
			*'''Degree of certainty:''' how certain it is that the deposit actually exists.<ref name="RE1"/> If the deposit has been found and accessed, we know it exists to an extremely high degree of certainty. However, if the material is currently being surveyed for, the degree of certainty can be fairly low. The degree of certainty is based on information gained about the geological, physical, and [[chemical]] characteristics of a certain material and deposit including the grade or quality of the material, the amount of material in the deposit (or tonnage), the location, and depth of the material.<ref name="RE1"/>

	~~The second parameter is the~~ '''~~profitability~~''' of the deposit.<ref name="RE1"/> This depends on the amount of money received for this material balanced against the costs of extraction. This parameter can vary widely with upgrades in technology, shifts in world prices, and the level of competition that exists for a certain ~~resource~~. Profitability decreases if the material must be transported long distances.		*'''Profitability''' of the deposit.<ref name="RE1"/> This depends on the amount of money received for this material balanced against the costs of extraction. This parameter can vary widely with upgrades in technology, shifts in world prices, and the level of competition that exists for a certain occurrence. Profitability decreases if the material must be transported long distances.

	These two parameters can be changed by other factors such as ownership and permissions needed to access the material. They can be limited by environmental factors such as location within areas that may be environmentally significant		These two parameters can be changed by other factors such as ownership and permissions needed to access the material. They can be limited by environmental factors such as location within areas that may be environmentally significant

	==Position on the Diagram==		==Position on the Diagram==
	In a McKelvey diagram, the two parameters explained above are used as axes or a box diagram. The ~~large~~ rectangle represents the entire existing quantity of the given ~~mineral~~, such as ~~coal~~.<ref name="RE2">Rocky Mountain Institute. (May 29, 2015). ''McKelvey Diagram'' [Online]. Available: http://www.rmi.org/RFGraph-McKelvey_diagram_for_coal_gas_resources</ref> The ~~certainty of existence of~~ a ~~certain~~ deposit ~~decreases as you move to~~ the right of the diagram ~~and profitability of~~ extracting the ~~resource decreases as you move down~~ the diagram.<ref name="RE1"/>		In a McKelvey diagram, the two parameters explained above are used as axes or a box diagram. The entire rectangle represents the entire existing quantity (occurrence) of the given natural resource, such as [[oil]] or [[natural gas]].<ref name="RE2">Rocky Mountain Institute. (May 29, 2015). ''McKelvey Diagram'' [Online]. Available: http://www.rmi.org/RFGraph-McKelvey_diagram_for_coal_gas_resources</ref> The less certain that a particular deposit exists, the further right that deposit sits on the diagram. The less profitable extracting that deposit is, the lower that deposit sits on the diagram.<ref name="RE1"/>

	[[File:~~mckelveybox~~.png\|400px\|framed\|center\|Figure 1. McKelvey box diagram.<ref>''Created internally by a member of the Energy Education team.</ref><ref name="RE1"/>]]		[[File:mckelvey upload.png\|400px\|framed\|center\|Figure 1. McKelvey box diagram.<ref>''Created internally by a member of the Energy Education team.</ref><ref name="RE1"/>]]

	The box at the upper left of the diagram represents the '''reserves''' of a certain ~~material~~. These ~~reserves~~ are ~~economically feasible~~ to recover and they are known to exist ~~with a high degree of certainty~~. The ~~bottom of this reserves~~ box ~~is bounded by~~ the ~~limit~~ of ~~commercial profitability~~.~~<ref name="RE1"/> Anything below this~~ is ~~no longer economically feasible to recover. The right hand side of the reserves box shows~~ the ~~limited degree~~ of ~~certainty of existence. Anything beyond this line hypothetically exists~~, but ~~is not known to~~ exist~~. A reserve must have materials that have been identified~~ and ~~have been deemed~~ profitable ~~under current conditions~~. This box can be split into smaller boxes using the '''3 P's of reserves''': proven, probable, and possible. Proven reserves have a high probability of being economically viable. Probable contains proven reserves, and has a medium probability of being economically viable. Possible reserves contain both proven and probable reserves and have a lower overall probability of being economically viable.<ref name="RE1"/>		The box at the upper left of the diagram represents the '''reserves''' of a certain natural resource. These are the deposits which are cost effective to recover and they are known to exist. The entire McKelvey box represents the '''occurrence''' of a certain natural resource. The occurrence is all the deposits of a particular natural resource (like oil, or natural gas, but also non-fuel resources like [[copper]]) that exist on Earth—discovered/undiscovered and profitable or not.

	~~Resources that have been identified but deemed uneconomic~~ or ~~unavailable are in~~ a ~~small~~ box on the ~~lower left hand side~~ of the ~~diagram~~. ~~These resources are known~~ as '''~~conditional resources~~'''.<ref name="RE1"/> ~~These materials may becomes reserves if conditions change.~~		The bottom of the reserves box is determined by whether or not a [[firm]] can make money from extracting that deposit.<ref name="RE1"/> Any deposit below this line is no longer economically feasible to recover. The right hand side of the reserves box comes from the limits of our knowledge of the deposits. Deposit beyond this line do exist, but there isn't as much confidence as to how much exists, or how hard it would be to extract. For a deposit to be considered a reserve it must have been shown to exist and have been deemed profitable under current conditions. This box can be split into smaller boxes using the
			'''3 P's of reserves''':<ref name="RE1"/>

	On the ~~right~~ hand side of the diagram are ~~the~~ '''~~hypothetical~~ resources'''~~, which are simply resources that are known about minimally or not at all, but could end up being economic when discovered~~.<ref name="RE1"/>		*Proven (1P): high probability of being economically viable
			*Probable (2P): contains proven reserves, and has a medium probability of being economically viable
			*Possible (3P): contains both proven and probable reserves and have a lower overall probability of being economically viable

			Deposits that have been ''identified'' but deemed ''uneconomic'' are in a small box on the lower left hand side of the diagram. These natural resources are known as '''conditional resources'''.<ref name="RE1"/> These deposits becomes reserves if they become profitable.

	Movement between these categories is ~~possible - a~~ conditional resource could become a reserve with improvements to technologies that could make the extraction economic. Conversely a reserve could become a conditional resource if more restrictions are put on the material or if the price of the material were to fall, making it less economically feasible. Successful exploration could bring hypothetical resources to either reserves or conditional resources.		On the right hand side of the diagram are the '''hypothetical resources''' which are deposits that are known about minimally or not at all, but could end up being economic when discovered.<ref name="RE1"/>

			Movement between these categories is possible—a conditional resource could become a reserve with improvements to technologies that could make the extraction economic. Conversely, a reserve could become a conditional resource if more restrictions are put on the material or if the price of the material were to fall, making it less economically feasible. Successful exploration could bring hypothetical resources to either reserves or conditional resources.

	==Use==		==Use==
	The McKelvey diagram is a useful way to classify ~~resources~~ to assess fuel availability. Although in theory the entire ~~resource base~~ can become reserves eventually, ~~however~~ that ~~means everything~~ that exists ~~must~~ be found and extracted economically. Understanding the outline of the diagram can be used to understand the ~~risk of~~ future [[coal]], [[oil]], and [[natural gas]] availability.<ref name="RE2"/>		The McKelvey diagram is a useful way to classify deposits to assess fuel availability. Although in theory the entire occurrence can become reserves eventually, that would never happen in practice. Everything that exists would have to be found and extracted economically. Understanding the outline of the diagram can be used to understand the future [[coal]], [[oil]], and [[natural gas]] availability.<ref name="RE2"/> Many people commonly confuse 'reserve' with the total amount of a natural resource that's available. This idea is closely related to the difference between [[renewable and sustainable energy]].

			==For Further Reading==
			*[[Renewable and sustainable energy]]
			*[[Fossil fuel]]
			*[[Fossil fuel formation]]
			*[[Fossil fuel extraction]]
			*[[Oil sands]]
			*[[Hydraulic fracturing]]
			*Or explore a [[http://energyeducation.ca/encyclopedia/Special:Random\| random page]]

	==References==		==References==

	{{reflist}}		{{reflist}}
	[[Category:Uploaded]]		[[Category:Uploaded]]

J.williams: 1 revision imported

2015-08-26T21:31:20Z

1 revision imported

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J.williams at 16:56, 12 August 2015

2015-08-12T16:56:50Z

New page

[[Category:Done 2015-06-11]]
<onlyinclude>A '''McKelvey diagram''' or '''McKelvey box''' is a diagram that helps to explore the [[reserve vs resource|distinction between resources and reserves]] and the differences that can exist within these two broad categories.</onlyinclude> The amount of any mineral on the [[Earth]] can be explained and described in terms of their [[resource]]s and [[reserve]]s, thus it is important to understand what both mean in order to understand how much of this material is accessible and usable.<ref name="RE1">G.Boyle, B.Everett, S.Peake, J.Ramage. (May 29, 2015). ''Energy Systems and Sustainability: Power for a Sustainable Future'', 2nd Ed. Oxford, UK: Oxford University Press, 2012</ref>

A McKelvey diagram explores resources and reserves of different materials through the use of two distinct parameters. The first of these two parameters is the '''degree of certainty''' we have that a deposit actually exists.<ref name="RE1"/> If the deposit has been found and accessed, we know it exists to an extremely high degree of certainty. However, if the material is currently being surveyed for, the degree of certainty can be fairly low. The degree of certainty is based on information gained about the geological, physical, and [[chemical]] characteristics of a certain material and deposit including the grade or quality of the material, the amount of material in the deposit (or tonnage), and the location and depth of the material.<ref name="RE1"/>

The second parameter is the '''profitability''' of the deposit.<ref name="RE1"/> This depends on the amount of money received for this material balanced against the costs of extraction. This parameter can vary widely with upgrades in technology, shifts in world prices, and the level of competition that exists for a certain resource. Profitability decreases if the material must be transported long distances.

These two parameters can be changed by other factors such as ownership and permissions needed to access the material. They can be limited by environmental factors such as location within areas that may be environmentally significant

==Position on the Diagram==
In a McKelvey diagram, the two parameters explained above are used as axes or a box diagram. The large rectangle represents the entire existing quantity of the given mineral, such as coal.<ref name="RE2">Rocky Mountain Institute. (May 29, 2015). ''McKelvey Diagram'' [Online]. Available: http://www.rmi.org/RFGraph-McKelvey_diagram_for_coal_gas_resources</ref> The certainty of existence of a certain deposit decreases as you move to the right of the diagram and profitability of extracting the resource decreases as you move down the diagram.<ref name="RE1"/>

[[File:mckelveybox.png|400px|framed|center|Figure 1. McKelvey box diagram.<ref>''Created internally by a member of the Energy Education team.</ref><ref name="RE1"/>]]

The box at the upper left of the diagram represents the '''reserves''' of a certain material. These reserves are economically feasible to recover and they are known to exist with a high degree of certainty. The bottom of this reserves box is bounded by the limit of commercial profitability.<ref name="RE1"/> Anything below this is no longer economically feasible to recover. The right hand side of the reserves box shows the limited degree of certainty of existence. Anything beyond this line hypothetically exists, but is not known to exist. A reserve must have materials that have been identified and have been deemed profitable under current conditions. This box can be split into smaller boxes using the '''3 P's of reserves''': proven, probable, and possible. Proven reserves have a high probability of being economically viable. Probable contains proven reserves, and has a medium probability of being economically viable. Possible reserves contain both proven and probable reserves and have a lower overall probability of being economically viable.<ref name="RE1"/>

Resources that have been identified but deemed uneconomic or unavailable are in a small box on the lower left hand side of the diagram. These resources are known as '''conditional resources'''.<ref name="RE1"/> These materials may becomes reserves if conditions change.

On the right hand side of the diagram are the '''hypothetical resources''', which are simply resources that are known about minimally or not at all, but could end up being economic when discovered.<ref name="RE1"/>

Movement between these categories is possible - a conditional resource could become a reserve with improvements to technologies that could make the extraction economic. Conversely a reserve could become a conditional resource if more restrictions are put on the material or if the price of the material were to fall, making it less economically feasible. Successful exploration could bring hypothetical resources to either reserves or conditional resources.

==Use==
The McKelvey diagram is a useful way to classify resources to assess fuel availability. Although in theory the entire resource base can become reserves eventually, however that means everything that exists must be found and extracted economically. Understanding the outline of the diagram can be used to understand the risk of future [[coal]], [[oil]], and [[natural gas]] availability.<ref name="RE2"/>

==References==
{{reflist}}
[[Category:Uploaded]]