Worldwide Report: World crude, gas reserves expand as production shrinks

Worldwide reserves of crude oil and natural gas increased in 2001. Crude oil and condensate reserves grew 3.7 billion bbl, following an increase of 12.3 billion bbl in 2000. Reserves of natural gas grew 3% to reach an all-time high for the second consecutive year.Based on Oil & Gas Journal estimates gathered from an annual survey of companies and government agencies, total world reserves of oil as of Jan. 1, 2002, are 1.03 trillion bbl. Worldwide reserves of gas are 5.45 quadrillion cu ft.OGJ also estimates that 2001 worldwide production of crude oil and lease condensate fell by 5% following an increase in output last year.Tracking changesThe published reserves figures rely on survey resp...

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