Global reserves, oil production show small increases for 2005

Estimated worldwide oil and gas reserves increased slightly from a year ago, according to Oil & Gas Journal’s annual survey. In 2005, production of crude oil and lease condensate edged up nearly 1% from a year earlier.Click here to view the Worldwide Production Survey in pdf.(35 pages)Reserves estimates for crude oil and natural gas are both up 1.2% from last year’s survey (OGJ, Dec. 20, 2004, p. 18). Total proved oil reserves are now estimated at 1.292 trillion bbl, while the world’s gas reserves are 6.112 quadrillion cu ft.The share of the world’s oil reserves in member countries of the Organization of Petroleum Exporting Countries grew slightly from the prev...

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