Repsol Says Global Oil Reserves Will Cover 40 Years of Needs

Repsol YPF SA, Spain’s biggest oil producer, said existing global oil reserves will meet supply needs for 40 years while gas reserves will last for 60 years.

New areas of exploration such as offshore blocks in Brazil and Siberia will add to future reserves, Nemesio Fernandez Cuesta, general director of upstream at Madrid-based Repsol, said today at a conference in the Spanish capital.
Global oil and gas discoveries may post the biggest decline this year since 1992, Sanford C. Bernstein & Co. said in a report yesterday.

Bloomberg