Estimated Proved Oil" Reserves 2011-2014
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.
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%
|
14.
|
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.
|
Mexico
|
10.1
|
10.3
|
10.4#
|
10.4
|
0.6%
|
18.
|
Angola^
|
9.1
|
10.5
|
9.5
|
9.5
|
0.6%
|
19.
|
Ecuador^
|
8.2
|
8.2
|
7.2
|
6.5
|
0.5%
|
20.
|
Azerbaijan
|
7.0
|
7.0
|
7.0
|
7.0
|
0.4%
|
21.
|
Norway
|
5.8
|
5.37
|
5.32
|
5.7
|
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%
|
|
"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.
**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.
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