SPECIAL REPORT: Oil production, reserves increase slightly in 2006

Worldwide oil and gas reserves rose in 2006 as oil production posted a small increase from a year earlier, according to Oil & Gas Journal’s annual worldwide survey of production and reserves. Remaining oil reserves still exceed estimated cumulative production.Reserves estimates for oil are up 2% from the previous survey, while gas reserves estimates are 1% greater (OGJ, Dec. 19, 2005, p. 20). Total proved crude and condensate reserves stand at 1.317 trillion bbl, and proved natural gas reserves are 6.18 quadrillion cu ft.The volume of oil reserves held by members of the Organization of Petroleum Exporting Countries moved up slightly from the previous survey, but OPEC’s est...

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