• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 7 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 hours And now, hybrid electric locomotives...
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 hours World’s Biggest Battery In California Overheats, Shuts Down
  • 3 days Los Angeles to Open Five New Natural Gas Plants to Avoid More Outages.
  • 1 hour The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 7 hours The Painful Death of Coal
  • 7 mins Ozone layer destruction driving global warming
  • 22 hours China Sees Opportunity As Venezuela’s Oil Industry Hits Rock Bottom
Oil Prices Climb On Shocking OPEC Report

Oil Prices Climb On Shocking OPEC Report

Oil prices climbed on Monday…

BP: Oil Bust Had Little Effect On Global Oil And Gas Reserves

Proved oil reserves remain sufficient to meet more than 50 years of global production; the North American Shale Revolution added 15% technically recoverable oil and gas resources

The substantial decline in the value of crude oil at the end of 2014 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its 2016 Statistical Review of World Energy Wednesday. Proved oil reserves fell 2.4 billion barrels, or 0.1%, in 2015, marking only the second time reserves have decreased in the 65 years the company has produced the annual review.

Global proved oil reserves in 2015 were 1,697.6 billion barrels. That number represents a 24% increase over the last decade, and is enough to meet 50.7 years of global production, BP said in its report.

BP’s chief economist, Spencer Dale, said investment in oil and gas fell $160 billion in 2015, roughly 25%, and could fall further this year. Dale sees investment declining an additional $50 billion in 2016 as the world oil price continues to slowly recover.

“You’ll have to go back to the late 1970s to see such a sharp fall in investments,” Dale told reporters.

Even with the steep decline in investment, production still increased 3.2% to 91.67 MMBOPD driven by U.S. shale oil production, as well as Iraq and Saudi Arabia. BP estimates that the shale revolution in North America increased technically-recoverable oil and gas resources by 15%.

Brazil recorded the largest decline with proved reserves falling by 3.2 billion barrels, while Norwegian proved reserves grew by 1.5 billion barrels. On a regional basis, South & Central American reserves have the highest reserves-to-production ratio among those included in BP’s review at 117 years.

(Click to enlarge)

Source: BP

OPEC countries continue to hold the largest share (71.4%) of global proved reserves, with the Middle East holding 47.3% of total global oil reserves. North America’s share of global reserves has grown to 14% in 2015 from 11.3% in 1995, but is down 2.3% from 2005.

(Click to enlarge)

Source: BP

Natural gas shows the same trend

BP’s analysis found that natural gas reserves fell by 0.1% in 2015 as well. Global proved natural gas reserves declined 0.1 trillion cubic meters to 186.9 Tcm. This amount of natural gas is still enough to meet global production for 52.8 years, the company said. The Middle East region holds the largest proved reserves (42.8% of the global total), and has the highest reserves-to-production ratio at 129.5 years.

(Click to enlarge)

Source: BP

“This is truly the age of plenty,” Dale said.

By Oil & Gas 360.com 

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News