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SPECIAL REPORT: Oil, gas reserves inch up, production steady in 2007
12/24/2007
Worldwide oil and gas reserves grew marginally from a year ago, and oil production declined slightly during 2007, according to Oil & Gas Journal’s annual survey.New estimates of worldwide oil reserves total 1.33 trillion bbl, up 1.1% from previous estimates (OGJ, Dec. 18, 2006, p. 20). Gas reserves estimates total 6.185 quadrillion cu ft, nearly unchanged.Oil reserves held by the Organization of Petroleum Exporting Countries are up a bit, as Angola’s inclusion boosted the group’s share of the world’s reserves. Angola joined OPEC at the beginning of the year. But total gas reserves held by OPEC members edged lower.OGJ’s estimates of proved reserves are com...
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