The data series for total proved oil reserves does not necessarily meet the definitions, guidelines. Holding an estimated 70 billion barrels of remaining reserves, ghawar. Its based on the probability of finding reserves in certain geological areas. Between 1850 and 1891, world oil extraction rose dramatically from 300 million tons to 22. Top 10 companies on the basis of oil production and reserves holdings, 2004 25 figure 10.
Crude oil and lease condensate proved reserves rose by 12%,and natural gas proved reserves rose by 9% table 1. Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and. The remaining oil will be harder to find and will require the abilities of talented geologists. The status of world oil reserves is a contentious issue, polarised between advocates of peak oil who believe production will soon decline, and major oil companies that. An estimate of the amount of crude oil located in a particular economic region. Proved reserves of crude oil are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions. Reserves to production ratio of oil worldwide 2018 statista. When we look at oil reserves by country, according to world atlas using data from april 6, 2018, venezuela, saudi arabia, canada, iran and iraq are ranked as the top 5 countries with the biggest. This gives alberta the distinction of having the thirdlargest proven oil reserves in the world. Coal is the fastest growing fossil fuel and its large reserves would make it a popular candidate to meet the energy. Oil reserves are an estimate of how much oil can ultimately be recovered.
It is a smelly, yellowtoblack liquid and is usually found in underground areas called reservoirs. Guidelines for the evaluation of petroleum reserves and resources. This statistic depicts the volume of oil reserves in the gulf cooperation council in 2015, by country. It also assumes new types of technology will make it economically feasible to extract the oil.
This statistic shows the oil reserves to production ratio measured in years worldwide from 1980 to 2018. May 20, 2019 to identify the countries that control the worlds oil, 247 wall st. Distribution and quantitative assessment of world crudeoil reserves and resources by charles d. To identify the countries that control the worlds oil, 247 wall st. World oil production, by opec and nonopec countries, 2004 projected to 2030 26. Global oil and gas reserves study 1 study overview the global oil and gas reserves study is a compilation and analysis of certain oil and gas reserve disclosure information as reported by companies in their annual reports filed with the united states us securities. Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves.
World proved oil reserves, fact or fiction peak oil barrel. Baker iii institute for public policy, rice university amy myers jaffe is the wallace s. Based on data from bp, at the end of 2009, proved gas reserves were dominated by three countries. Rystad energy has published an interesting article claiming that the us has more oil reserves than saudi arabia if you include shale oil a new independent estimate of world oil reserves has been released by rystad energy, showing that the us now holds more recoverable oil reserves than both saudi arabia and russia. The caspian oil reserves the political, economic and environmental implications of black gold in the world market by alice j. The first is about the world of petroleum and the refining industry, the second is about natural gas and renewable sources. Previously, saudi arabia had always held the number one position. Guidelines for the evaluation of petroleum reserves and. Sep 16, 2019 this statistic shows the oil reserves to production ratio measured in years worldwide from 1980 to 2018. First, primary consumption of energy from oil is now reported in tonnes of oil equivalent where one tonne of oil is defined as 10 gcal gigacalories or 41. Proved reserves of crude oil as of january 1 of the report year are the estimated quantities of all liquids. This was the fuel that launched the industrial revolution and has continued to grow in use.
Wilson fellow in energy studies and director of the energy forum at the baker institute, as well as associate director of the rice energy program. The status of world oil reserves 4 about the authors amy myers jaffe wallace s. List of countries by proven oil reserves wikipedia. Though all charts in this post use the eia data, bp, the iea and virtually every other reporting agency in the world uses basically the same data. Albertas oil reserves compared to other countries it is an understatement to say that our provinces oil reserves are significant. China, which already has many of the worlds most polluted cities, was in 2007 building about two coalfired power plants every week. Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price. Some 70% of the worlds proven oil reserves is held in opec countries, providing its members with a key political tool. Global oil and gas reserves study 1 study overview the global oil and gas reserves study is a compilation and analysis of certain oil and gas reserve disclosure information as reported by companies in their annual reports filed with the united states us securities and exchange commission sec or in their publicly available annual reports. It is estimated that there may be 57 zj of oil reserves on earth although estimates vary from a low of 8 zj, consisting of currently proven and recoverable reserves, to a maximum of 110 zj consisting of available, but not necessarily recoverable reserves, and including optimistic estimates for unconventional sources such as oil sands and oil.
The united states of america is the top country by crude oil reserves in the world. A new independent estimate of world oil reserves has been released by rystad energy, showing that the us now holds more recoverable oil reserves than both saudi arabia and russia. Proven oil reserves by country 2020 2017 world military. Chad ranks as the tenthlargest oil reserve holder among african countries, with 1. The eia publishes annually a list of world proved reserves of crude oil. Estimates of world oil reserves and production figures are reported annually in four periodicals, namely the oil and gas journal ogj. Crude oil and natural gas proved reserves, yearend 2018. Todays map comes from and it uses data from the cia world factbook to resize countries based on the amount of oil reserves they hold. Proven oil reserves showcases the commercially available and theoretically recoverable oil reserves of a given.
However oil recovery factors from the estimate of reserves and oil in place of 17 200 fields world outside north america non frontier shows that there is a huge cloud where average cannot be estimated. Oil and natural gas resources and reserves have been prepared in accordance with the prms jointly published by the society of petroleum engineers, the world petroleum council, the american association of petroleum geologists and the society of petroleum evaluation engineers, as amended. During the period 20092018, opec member countries added 186. Numerous regulatory bodies around the world have developed regulations relating to the evaluation and external reporting of reserves. Global strategic petroleum reserves gspr refer to crude oil inventories or stockpiles held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis according to the united states energy information administration, approximately 4. Some governments explain the basis of their national reserves estimates but probably half to threequarters of the worlds oil is in countries where the oil sector is a. The spe oil and gas reserves committee ogrc released guidelines for application of the petroleum resources management system pdf in 2011. Worldwide proven oil reserves, by political risk 22 figure 8. Geological survey editorial standards and stratigraphic nomenclature. Distribution and quantitative assessment of world crude oil reserves and resources by charles d.
Visualizing the countries with the most oil reserves. Proven oil reserves is determined through geological and engineering processes to produce an estimated value of oil stocks in the ground. Proven oil reserves showcases the commercially available and theoretically recoverable oil reserves of a given country based on its recognized reservoirs. The status of world oil reserves 3 acknowledgments this essay is an excerpt from a longer monograph titled the status of world oil reserves and implications for the gulf published by the emirates center for strategic studies and research. Pdf the status of conventional world oil reserveshype or cause. As a result, germany found itself lagging behind and at the mercy of the global oil market. That conclusion comes from a new independent estimate from rystad energy, a norwegian. Proven oil reserves is valued through geological and engineering processes to produce an estimated value of oil stocks in the ground. Though all charts in this post use the eia data, bp, the iea and virtually every other reporting agency in. Opec member countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the. Petroleum reserves and resources are important to both companies and countries. Oil reserves must have the potential of being extracted.
In 2014, albertas remaining established oil reserves stood at 168. Worldwide proven oil reserves, by investment risk 24 figure 9. Iran, russia, and qatar, which together held nearly half the worlds proven reserves. The status of world oil reserves is a contentious issue, polarised between advocates of peak oil who believe production will soon decline, and major oil companies that say there is. Pdf the status of world oil reserves is a contentious issue, polarised between advocates of peak oil who believe production will soon decline, and. Proven oil reserves by country 2020 examination of the proven oil reserves of countries. The global rp ratio shows that oil reserves in 2018 accounted for 50 years of current production. Crude oil and natural gas proved reserves, yearend 2018 another year of stronger oil and natural gas prices increased 2018 oil and natural gas proved reserves in the united states to another alltime record level. A map of world oil reserves according to opec, january 2014 this is a list of countries by proven oil reserves. Oil petroleumor crude oilis a fossil fuel that is found in large quantities beneath the earths surface and is often used as a fuel or raw material in the chemical industry. An approach to the classification of potential reserve. Global strategic petroleum reserves gspr refer to crude oil inventories or stockpiles held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis. Below is a chart for all countries where data are available. The world has been told for a while now that the end of oil is fast approaching, and there has been much focus on the worlds oil reserves.
Oil reserves at the end of 2018 totalled 1730 billion barrels, up 2 billion barrels with respect to 2017. Distribution and quantitative assessment of world crudeoil. The status of conventional world oil reserveshype or. Wilson fellow in energy studies and director of the energy. The individual evaluator continues to be responsible for ensuring that the rules are fully met within a specific region or country. In 1980, the ratio of global oil reserves to production, measured in years, was 29. Oil reserves, billion barrels, 2020 country rankings. As of december 2019, crude oil reserves in the united states of america was 12,779. The top 5 countries also includes russian federation, saudi arabia, canada, and iraq. Distribution and quantitative assessment of world crude. Oct 27, 2016 this statistic depicts the volume of oil reserves in the gulf cooperation council in 2015, by country. For us, more than 50% of remaining oil reserves is unconventional shale oil.
Pdf versions and powerpoint slide packs of the charts, maps. Oil reserves denote the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil. Though nigeria crude oil reserves fluctuated substantially in recent months, it tended to decrease through january 2015 december 2019 period ending at 1,952 thousand barrels per day in december 2019. The organization for petroleum exporting countries reports that there are 1. Pdf the status of conventional world oil reserveshype. List of countries by natural gas proven reserves wikipedia. With 300,878 million barrels of proven reserves, venezuela has the largest amount of proven oil reserves in the world. In december 2019, crude oil reserves for nigeria was 1,952 thousand barrels per day. The status of world oil reserves is a contentious issue, polarised between advocates of peak oil who believe production will soon decline, and major oil companies that say there is enough oil to.
This is a list of countries by proven oil reserves. Vision 2040 global scenarios for the oil and gas industry 7 trends four trends were identified as determinant for the oil and gas industry when the years that separate us from 2040 are analyzed. Proven oil reserves by country 2020 global firepower. Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. Theres little doubt that renewable energy sources will play a strategic role in powering the global economy of the future but for now, crude oil is still the undisputed heavyweight champion of the energy world. An approach to the classification of potential reserve additions of giant oil fields of the world. Oil reserves must have the potential of being extracted under current technological constraints. Rystad energy has published an interesting article claiming that the us has more oil reserves than saudi arabia if you include shale oil a new independent estimate of world oil reserves has been released by rystad energy, showing that the us now holds more recoverable oil reserves than. The 221page document replaces the 2001 guidelines for evaluation of reserves and resources with content expanded to focus on using the 2007 prms to classify petroleum reserves and resources. The oil sand deposits in venezuela are similar to those in canada. Pdf the status of conventional world oil reserveshype or. This is a list of countries by natural gas proven reserves based on the world factbook when no citation is given.
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