World's Top 23 Proven Oil Reserves Holders, Jan 1, 2012 -- OGJ

by David Rachovich

Estimated Proved Oil Reserves

Rank	Country	Proved reserves (billion  barrels), Jan 1, 2012	Proved reserves (billion barrels), Jan 1, 2011	Proved reserves (billion barrels), Jan 1, 2010	Share of total, Jan 1, 2012
1.	Saudi Arabia*^	264.5	260.1	259.9	17.4%
2.	Venezuela^+	211.2	211.2	99.4	13.9%
3.	Canada	173.6	175.2	175.2	11.4%
4.	Iran^	151.2	137.0	137.6	9.9%
5.	Iraq^	143.1	115.0	115.0	9.4%
6.	Kuwait*^	101.5	101.5	101.5	6.7%
7.	United Arab Emirates^	97.8	97.8	97.8	6.4%
8.	Russia	60.0	60.0	60.0	3.9%
9.	Libya^	47.1	46.4	44.3	3.1%
10.	Nigeria^	37.2	37.2	37.2	2.4%
11.	Kazakhstan	30.0	30.0	30.0	2.0%
12.	Qatar^	25.4	25.4	25.4	1.7%
13.	United States	20.7	19.1	19.1	1.4%
14.	China	20.4	20.4	20.4	1.3%
15.	Brazil	14.0	12.9	12.8	0.9%
16.	Algeria^	12.2	12.2	12.2	0.8%
17.	Mexico	10.2	10.4	10.4	0.7%
18.	Angola^	9.5	9.5	9.5	0.6%
19.	India	8.9	5.7	5.6	0.6%
20.	Ecuador^	7.2	6.5	6.5	0.5%
21.	Azerbaijan	7.0	7.0	7.0	0.5%
22.	Oman	5.5	5.5	5.5	0.4%
23.	Norway	5.3	5.7	6.7	0.3%
Top 23		1,463.5	1,411.7	1,299.0	96.1%
Rest of world		59.7	57.9	55.2	3.9%
World total		1,523.2	1,469.6	1,354.2	100%
Total OPEC**		1,112.9	1,064.8	951.3	73.1%

Notes: OGJ gathers estimates of proved reserves from an annual survey of official sources, including government agencies and ministries. Since most countries do not assess their reserves annually, many of the figures in the OGJ's latest report are unchanged from a year ago. OGJ's annual look at reported worldwide oil reserves shows an increase to 1.52 trillion bbl from 1.47 trillion in last year's survey. The bump in oil reserves is largely due to additions in the Middle East. Most of the reserves figures reported here for members of the Organization of Petroleum Exporting Countries are referenced from the organization's most recent annual statistical bulletin. Total oil reserves for OPEC are up almost 5% from a year ago. Increases include an 11% climb in Ecuador's reported oil reserves to 7.21 billion bbl and a 24% increase in Iraq's oil reserves to 143.1 billion bbl. OGJ has included Iran's updated reserves in the table this year - a 10% increase to 151.2 billion bbl. OGJ has not changed Venezuela's oil reserves from 211.17 billion bbl, although OPEC's annual review now reports that the country's oil reserves total 296.5 billion bbl. This figure would put the South American producer's reserves above those of Saudi Arabia, where oil reserves are now reported to total 264.52 billion bbl. [Please see BP statistics updated for Venezuela's proved oil reserves, below -- D.R.] Petroleos Mexicanos (Pemex) reported that as of Jan. 1, 2012, Mexico's estimated proved oil reserves totaled 10,161 million bbl, 60% of which is heavy crude, 29% is light crude , and the remaining 11% is extra-light crude. Offshore oil accounts for 69% of the reserves. Crude oil proved reserves in the United States total 20.682 billion bbl, according to estimates released on Nov 30, 2010, by the US Energy Information Administration, for 2009. Please read Marilyn Radler, "Worldwide Oil Production Steady in 2011; Reported Reserves Grow," OGJ, Dec. 5, 2011. 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.
*Excluding one-half of the reserves in the Neutral Zone.
^OPEC member.
**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. Rounding out the total OPEC reserves are the Kuwait-Saudi Arabia's Neutral Zone reserves of 5 billion bbl.
+Update: According to BP Statistical Review of World Energy, June 2012, Venezuela has 296.5 billion barrels of proved oil reserves (17.9% of the total), while Saudi Arabia -- 265.4 billion barrels (16.1%) at the end of 2011. In other words, Venezuela has surpassed Saudi Arabia as holder of the world's largest proven oil reserves, according to BP data.       

Sources: "Worldwide Look at Reserves and Production [Table]," Oil & Gas Journal, Dec, 2011; "Special Report -- Worldwide Look at Reserves and Production," OGJ, Dec 6, 2010.

(Please compare OGJ data above to BP data/BP Statistical Review of World Energy, June 2012. The BP statistics put the Russia's proved oil reserves at 88.2 billion barrels at the end of 2011, up from 86.6 billion barrels/revised figure at the end of 2010, vs. the OGJ figure of 60 billion barrels, above. Also, the BP statistics put the United States proved oil reserves at 30.9 billion barrels at the end of 2011, unchanged from a year ago. This compared to 20.7 billion barrels as reported by OGJ, above. Libya holds the world's 9th largest proven oil reserves and the largest proven oil reserves in Africa, followed by Nigeria, Algeria and Angola, according to OGJ, above. However, according to BP data, Angola has the third largest proved oil reserves in Africa, ahead of Algeria: 13.5 billion barrels vs. 12.2 billion barrels. Also, please see "World's Top 22 Proven Oil Reserves Holders, Jan 1, 2011 -- OGJ," "World's Top 23 Proven Oil Reserves Holders, 2007-2010 -- BP," "World's Top 15 Oil Net Exporters in 2011 vis-à-vis 2009," "World's Top 15 Natural Gas Proven Reserve Holders, Jan 1, 2012 -- OGJ," the world's largest oil and gas companies by the combined production volumes of oil and natural gas: "Mid 2012 Ranking of the World's Biggest Oil & Gas Companies -- Forbes," and the world's largest oil and gas companies by oil and gas reserves, oil and gas production, product sales and refinery distillation capacity, i.e. PIW rankings: "[Petroleum Intelligence Weekly Ranks World's Top 50 Oil Companies -- ] Suncor Up, ConocoPhillips Down in PIW`s New Top 50 Oil Rankings." Update: please sea my post "World's Top 23 Proven Oil Reserves Holders, Jan 1, 2013 -- OGJ." -- D.R.)