Reserves increase in 2008

The higher crude oil and natural gas prices of the first half of 2008 brought about record drilling activity which brought about an increase in crude oil and natural gas reserves worldwide.

As the industry responded to record-high prices, production increased worldwide by 1.1 percent.
New estimates of world’s oil reserves total 1.34 trillion barrels, up 10.5 billion barrels from a year ago, according to the Dec. 22 edition of the Oil & Gas Journal. The latest estimates of gas reserves total 6.254 quadrillion cubic feet, up 68.67 trillion cubic feet from 2007.
“The increases in total oil and gas reserves comes in large part as a result of higher estimates from Libya and Venezuela, as reported by the Organization of Petroleum Exporting Countries,” the story said. “OPEC also reported larger gas reserves and small oil reserves from Iran.”

“Most of the additions to Venezuela’s reserves are the result of additions of extra-heavy oil,” the story continued. “The country’s reserves at the end of 2007 stood at 99.377 billion barrels, including 58.174 billion barrels of extra-heavy crude, according to PDVSA (the national oil company of Venezuela).”

The world’s oil reserves have been increasing each year since the bust of 1998 and 1999. In 2000, the world’s oil reserves were 1.016 trillion barrels. Since then, crude oil reserves have increased almost one-third (31 percent), and natural gas reserves have increased one-fifty (22 percent).

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