Worldwide reserves increase as production holds steady

Worldwide oil and gas reserves estimates have surged from a year ago. This is due to revisions and new data related to many countries' reserves figures. The biggest change is in the oil reserves figure now listed for Canada. This one change has drastically altered the percentage of oil reserves attributed to OPEC countries.Based on Oil & Gas Journal estimates and data gathered from an annual survey of government agencies and companies, total worldwide proved crude oil and condensate reserves as of Jan. 1, 2003, are 1.2 trillion bbl. Natural gas reserves are estimated at 5.5 quadrillion cu ft, up slightly from a year ago. Click here to enlarge imageOGJ estimates that 2002 worldwide pr...

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