Thursday, December 26, 2013

World's Top 23 Proven Oil Reserves Holders, Jan 1, 2014 -- OGJ

by David Rachovich
Estimated Proved Oil" Reserves 2011-2014
Rank
Country
Proved reserves
(billion barrels), Jan 1, 2014
Proved reserves
(billion barrels), Jan 1, 2013
Proved reserves (billion  barrels), Jan 1, 2012
Proved reserves
(billion barrels), Jan 1, 2011
Share of total, Jan 1, 2014
1.
Venezuela^
297.7
297.6
211.2
211.2
18.1%
2.
Saudi Arabia*^
265.9
265.4
264.5
260.1
16.2%
3.
Canada
173.2
173.1
173.6
175.2
10.5%
4.
Iran^
157.3
154.6
151.2
137.0
9.6%
5.
Iraq^
140.3
141.4
143.1
115.0
8.5%
6.
Kuwait*^
101.5
101.5
101.5
101.5
6.2%
7.
United Arab Emirates^~
97.8
97.8
97.8
97.8
5.9%
8.
Russia
80.0
80.0
60.0
60.0
4.9%
9.
Libya^
48.5
48.0
47.1
46.4
2.9%
10.
Nigeria^
37.1
37.2
37.2
37.2
2.3%
11.
United States
31.8
28.95#
20.7
19.1
1.9%
12.
Kazakhstan
30.0
30.0
30.0
30.0
1.8%
13.
Qatar^
25.2
25.4
25.4
25.4
1.5%
12.
China
24.4
23.7#
20.4
20.4
1.5%
15.
Brazil
13.22
13.15
14.0
12.9
0.8%
16.
Algeria^
12.2
12.2
12.2
12.2
0.7%
17.
Norway
11.3
 10.9#
5.32
5.7
0.7%
18.
Mexico
10.1
10.3
10.4#
10.4
0.6%
19.
Angola^
9.1
10.5
9.5
9.5
0.6%
20.
Ecuador^
8.2
8.2
7.2
6.5
0.5%
21.
Azerbaijan
7.0
7.0
7.0
7.0
0.4%
22.
India
5.65
5.48
  5.6#
5.7
0.3%
23.
Oman
5.5
  5.5
5.5
5.5
0.3%
World total
1,644.5
1,639.4#
  1,520.1#
1,469.6
100.0
Total OPEC**
1,200.8
1,199.7#
1,112.9
1,064.8
73.0%

Notes: The published reserves figures rely on survey responses and official updates released by individual countries, which are not provided every year in many cases. OGJ changes its estimate for a particular country only when it receives evidence that a change is in order. Therefore, in a given reserves summary, a year-to-year change may not necessarily reflect a change that applies to the calendar year alone. By yearend 2011, the US had 29 billion bbl of proved oil reserves, a 15% increase from the 25 billion bbl in 2010, according to the US Energy Information Administration. Proved reserves of US gas rose by 31.2 tcf in 2011 to a new record high of 348.8 tcf. According to the EIA, record increases in proved oil and gas reserves in 2011 were attributable to horizontal drilling and hydraulic fracturing in shale and other tight formations, as well as higher oil prices. In 2011, Texas had the largest increase of 1.8 billion bbl, resulting mostly from ongoing development in the Permian and Western Gulf basins in the western and south-central parts of the state. North Dakota registered the second-largest increase, 771 million bbl, driven by development activity in the Williston basin. Combined, North Dakota and Texas contributed to two thirds of the net increase in total US proved oil reserves in 2011.  Please read Conglin Xu and Laura Bell, "Worldwide reserves, oil production post modern rise", OGJ, Dec. 2, 2013. Proved/proven oil reserves - Generally taken to be those quantities that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions.
"Crude oil and condensate.  
*Excluding one-half of the reserves in the Neutral Zone.
^OPEC member.
~Including Abu Dhabi – 92.2, Dubai – 4.0, Sharjah – 1.5 and Ras al-Khaimah – 0.1.
**OPEC has a total of 12 member countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The OPEC total excludes reserves of 5 billion bbl from the Kuwait-Saudi Arabia's Neutral Zone.
#Revised figure.

Sources: "Worldwide Look at Reserves and Production [Table]," Oil & Gas Journal, Dec. 2, 2013; and previous reports.http://img2.blogblog.com/img/icon18_edit_allbkg.gif