Total reserves, production climb on mixed results

Marilyn RadlerSenior Editor-EconomicsWith the inclusion of some large oil reserves in Africa and a boost in Venezuela, Oil and Gas Journal's annual look at reported worldwide reserves shows an increase to 1.47 trillion bbl from 1.35 trillion bbl in last year's survey (OGJ, Dec. 21, 2009, p. 18). Natural gas reserves now total 6.6 quadrillion cu ft, up less than 1% from a year ago.While some members of the Organization of Petroleum Exporting Countries late this year have reported additions to reserves, the newer figures are not included in OGJ's totals, as there is still room for discussion regarding the politics involved in reserves estimates as they relate to output targets within the or...

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