Worldwide reserves grow; oil production climbs in 2003

Oil & Gas Journal's new assessment of worldwide reserves shows an increase over previous estimates, with the bulk of the increase from a single country. Click here to enlarge imageBased on OGJ estimates and an annual survey of government agencies and companies, total worldwide proved crude oil and condensate reserves as of Jan. 1, 2004, are 1.27 trillion bbl. This marks nearly a decade—with the notable exception of the post-collapse reporting year of 1999—of consecutive annual increases in global reserves estimates (Table 1).The new natural gas reserves estimate is 6 quadrillion cu ft, also up from the previous estimate.Production of crude oil and condensate increased 4% ...

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