Petroleum Africa
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Monday, December 18, 2017
Global Data has tabulated the reserves held by countries around the world. According to its latest report,unconventional oil reserves across the top 10 countries stand at 9.2% (45.8 billion barrels), oil sands reserves stand at 6.7% (33.3 billion barrels), and heavy oil represents 4.5% (22.2 billion barrels) of all remaining reserves.
Coming in at the top of the list of countries with the largest remaining reserves is the United States. The country holds the top spot with remaining crude and condensate reserves, with 91.1 billion barrels expected to be economically recovered in the country. Saudi Arabia, Iraq, and Russia follow closely with 77.4 billion barrels, 71.8 billion barrels and 70.6 billion barrels, respectively.
The GlobalData report said that of the remaining reserves shallow water developments will account for 14.1%, or 70.3 billion barrels. The UAE has the lowest remaining break-even oil price at $4 per barrel for shallow water developments, while the US has the highest break-even oil price at $32 per barrel.
Over 77.1% of the countries’ remaining reserves, or 383 billion barrels, will be produced from onshore fields. The UAE is also the country with the lowest remaining break-even oil price at $3 per barrel for onshore developments, while Canada’s onshore projects have the highest break-even oil price at $31 per barrel.
GlobalData expects that ultra-deepwater developments will be responsible for 30.3 billion barrels of remaining reserves, spread between two countries. Ultra-deepwater projects in the UAE and Brazil have a remaining break-even oil price of $33 and $37 per barrel, respectively.
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