Proven oil reserves are estimated at 166.7 billion (109) tons at the beginning of 2008, 1.3% more than the figure at the same time in 2007. The change is small and is indicative of the fact that not many specific studies have been done and that there have not been any major discoveries either. Reserves in the hands of the OPEC countries rose by 2.7% due partly to Angola’s entry into the club. As for some years now, Western Europe is the area where reserves have fallen most in the world (about 10%), whilst South America and the Middle East are the areas with the largest increase.

There are of course no great changes in the group of leading oil reserve countries. Topping the list of countries with the largest reserves is Saudi Arabia, with 264.3 billion (109) barrels, followed by Canada (178), Iran (138), Iraq (115), Kuwait (101), Abu Dhabi (92), Venezuela (87), Russia (60), Libya (42), Nigeria (36) and Kazahkstan with 30 billion barrels of oil.

With reference to America, of particular note is Brazil’s vigorous activity following determination of its oil and natural gas reserves, which have excellent prospects, particularly in the offshore basins. The new deposit at Tupi, discovered recently, may contain 8,000 million barrels of crude, which is equivalent to 60% of Western Europe’s oil reserves. China’s energy consumption continues to rise, in parallel with its Gross Domestic Product. Although coal is still the mainstay of its energy mix (and will remain so), China is making efforts to diversify its portfolio in the medium and long term. The IEA forecasts for 2030 (World Energy Outlook 2007. China and India insights. OECD) stated that natural gas would rise from a 2.4% share in 2005 to 5.2% in 2030, at an annual growth rate of 6.4%. Nuclear energy would increase at 5% a year.

This country is also striving to make its energy system more effective, particularly in electricity generation. In July, it announced it had saved 8.5 million tonnes of coal by shutting down obsolete thermal power stations. Its leaders have set a target of reducing contaminating emissions by 10%. According to the Dutch Environmental Evaluation Agency, in 2006 China’s carbon dioxide emissions exceeded those of the USA.

As in the two years prior to 2007, drilling activity in the search for new oil and natural gas deposits has continued rising because attractive prices had been achieved. However, increased costs are resulting in a slower rate of increase in drilling than in previous years.