OGJ Newsletter

10/11/2010
GENERAL INTEREST — Quick TakesOil, gas reserves increase in 2009, IHS saysWorldwide oil and gas reserves climbed 3% in 2009 as capital spending declined, IHS Herold reported Oct. 4 in its 2010 Global Upstream Performance Review. The analyst found that the worldwide upstream investments of 224 oil and gas companies decreased 23% last year to $378 billion.During 2009, both oil and gas reserves grew for the first time since 2005, and production increased 1%, driven by a 2.2% increase in natural gas output.Oil reserves, up 3% to 164 billion bbl, reversed a 2-year decline driven mainly by positive reserve additions but also by extensions and discoveries in Canadian oil sands and South an...
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