Gulf oil reserves to last 100 years: UAE Minister

Jan 6 : Oil reserves of the Persian Gulf countries would last nearly a century at current production level, United Arab Emirates Minister of Energy Mohammed Bin Dhaen Al Hamli said today.

“The proven oil reserves of the Middle East region is currently estimated at nearly 700 billion barrels of oil, which constitute around 65 per cent of total world proven reserves. And the proven natural gas reserves are assessed at 72 trillion cubic metres, or 40 per cent of total world proven reserves,” he said at the first roundtable of Asian oil producers and consumers here.

“These reserves would last for nearly 100 years in the case of oil and more than 150 years in case of natural gas, at current production levels. Meanwhile, world averages do not exceed 45 years for oil and around 55 years for natural gas respectively,” he said The Middle East region currently produces about 22 million barrels per day of crude oil and has additional production capacity of 2-3 million barrels per day.

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