Oil and gas reserves, oil output rise in 1996

12/30/1996
Despite strong production gains and the absence of major discoveries, worldwide reserves of crude oil and natural gas increased in 1996. Reserves of crude oil rose by 11.4 billion bbl during the year, natural gas by 1l.6 tcf, according to Oil & Gas Journal estimates based on an annual survey of companies, government ministries, and other reporting authorities. The worldwide totals as of Jan. 1, 1997: 1.02 trillion bbl of crude oil and 4.95 quadrillion cu ft of gas. Average worldwide production of crude oil and lease condensate increased by 2.5% from its 1995 level to 63.38 million b/d, according to OGJ estimates. Reserves trends Trends are more important than totals in the OGJ re...
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