World’s proven oil reserves at end 2006 edge lower-BP

The world’s proven oil reserves at the end of 2006 stood at 1.208 trillion barrels, fractionally lower than 1.209 trillion at the end of 2005, BP Plc (BP.L: Quote, Profile , Research) said on Tuesday in its Statistical view of World Energy.

The one billion-barrel reduction reflects in part a decline in Norway’s reserves, which fell to 8.5 billion from 9.6 billion.

A BP official also said the overall 2006 figure could be revised once more data was available and that the original figure for 2005 had been 1.200 trillion barrels until an upward revision after more countries published reserve data.

Reserves in top oil producer Saudi Arabia rose to 264.3 billion barrels from 261.4 billion.

Reuters