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The international energy situation > Oil > Evolution of proven reserves
Evolution of proven reserves

In early 2010 proven oil reserves were estimated at around 173 billion (109) plans, approximately 1% more than at the same time a year earlier.

New estimates in certain specific countries were the main cause for this increase, according to the annual Oil and Gas Journal report into proven reserves.

New estimates for Australia, for example, represent a 120% increase on the previous predictions, with figures of 67% for Qatar and a rise of 27% in China.

In order of importance, the biggest estimated reserves are, from the top down, located in Saudi Arabia, Canada, Iran, Iraq and Kuwait.

Reserves in the territory of the OPEC countries account for 75.6% of global oil stocks.
PROVEN OIL RESERVES (109 Tm) (1)
 
Area
  • North America
  • Central and South America
  • Western Europe
  • Eastern Europe (2)
  • Africa
  • Middle East
  • China and India
  • WORLD TOTAL
  • OPEC
  • % OPEC/WORLD
1985
  • 5,6
  • 11,9
  • 3,4
  • 8,0
  • 7,4
  • 54,3
  • 5,2
  • 95,8
  • 64,8
  • 67,6
1990
  • 5,3
  • 17,2
  • 2,0
  • 8,1
  • 8,0
  • 89,5
  • 6,7
  • 136,8
  • 105,1
  • 76,8
1995
  • 4,7
  • 18,5
  • 2,2
  • 8,1
  • 8,3
  • 89,4
  • 6,1
  • 137,3
  • 104,7
  • 76,3
2000
  • 4,3
  • 17,0
  • 2,7
  • 9,0
  • 10,0
  • 91,5
  • 5,9
  • 140,4
  • 109,1
  • 77,7
2005
  • 6,3
  • 16,1
  • 2,3
  • 16,6
  • 15,5
  • 100,7
  • 5,4
  • 162,9
  • 122,4
  • 75,1
2009
  • 8,1
  • 19,2
  • 1,7
  • 17,5
  • 16,6
  • 102,0
  • 5,6
  • 170,7
  • 129,8
  • 76,0
2010
  • 7,9
  • 19,5
  • 1,7
  • 17,5
  • 16,9
  • 103,0
  • 6,6
  • 173,0
  • 130,8
  • 75,6
2010 (%)
  • 4,6
  • 11,3
  • 1,0
  • 10,1
  • 9,8
  • 59,5
  • 3,8
  • 100,0
  • 75,6
  •  
(1) Data for start of each year.
(2) Includes the Commonwealth of Independent States, CIS

Source: BP Statistical Review of World Energy and Oil and Gas Journal. Prepared by Sedigas.

2009 was a year of major discoveries in deep waters, as had in part occurred during 2008. These major discoveries serve to underpin future reserves, while in May 2009 the US Geological Institute published a report stating that the Arctic Polar Circle contains 30% of the natural gas and 13% of the oil yet to be discovered in the world.

It should be pointed out that some specialists query whether actual production can be increased in the short and medium terms above the historic maximums of recent years, claiming that the major oil fields have already reached their production peak. There are also those who suggest that the reserve data published involve evident uncertainties and that the actual figures could be lower.

It is in any case known that the investment which will be required over the coming years in order at least to maintain the level of proven reserves will be huge, and will be possible only with relatively high prices.
  • BBGE
    UNIÓN FENOSA
  • Foto
    ENDESA
Annual Report 2.009: Sedigas - The Spanish Gas Association