Special Report: Oil, gas reserves rise as oil output declines

12/21/2009
New estimates for Australia, China, and Turkmenistan have resulted in an increase in reported worldwide oil and gas reserves, according to Oil & Gas Journal's annual survey of proved reserves.The world's oil reserves total 1.35 trillion bbl, up from 1.34 trillion in last year's survey (OGJ, Dec. 22, 2008, p. 20). Total gas reserves are 6.6 quadrillion cu ft, up almost 355 tcf from those reported a year ago.The recession-driven drop in global oil demand in 2008 and 2009 led to a decline in this year's worldwide oil production. OGJ estimates that worldwide oil production this year will fall 3% from 2008 to average 70.5 million b/d.In 2008, global oil production averaged 72.8 million b/d...
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