New estimates boost worldwide oil, gas reserves

Larger estimates for Venezuela have increased worldwide oil and gas reserves from previous estimates, according to Oil & Gas Journal’s annual survey of proved reserves. Worldwide oil production declined slightly in 2007. But preliminary estimates indicate that worldwide crude and condensate production increased 1.1% this year, spurred by robust demand in late 2007 and early 2008, and record high oil prices that peaked in July.New estimates of the world’s oil reserves total 1.34 trillion bbl, up 10.5 billion bbl from those reported a year ago (OGJ, Dec. 24, 2007, p. 22). The latest estimates of gas reserves total 6.254 quadrillion cu ft, up 68.67 tcf from those reported a y...

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