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Page added on October 7, 2013
ENI: World Oil, Gas Reserves Continue to Increase
World oil and gas reserves continue to increase, confirming that operators are able to replace reserves put into production with new discoveries, according to Italian oil major ENI’s 12th edition of its “World Oil and Gas Review”.
Eni said its annual statistical review of the world oil and gas market showed that 2012 global reserves were 40 percent greater than those in 1995. During 2012, there was a two-percent increase in oil reserves with gas reserves increasing by 0.4 percent.
World oil production increased by 2.9 percent during 2012, thanks in part to the recovery of output from Libya as well as record production levels in Saudi Arabia. Production in Libya and Saudi Arabia was at historic highs, offsetting shortfalls in other countries – primarily Iran.
Meanwhile, there was a noteworthy increase in US production, which increased by 12 percent in a single year due to a significant development of tight oil. Also, thanks to gas associated with tight oil production, the US became the world’s top gas producer, overtaking Russia.
Global oil consumption during 2012 increased by one percent, with growth concentrated in emerging markets.
5 Comments on "ENI: World Oil, Gas Reserves Continue to Increase"
Arthur on Mon, 7th Oct 2013 7:47 pm
That’s why TheOilDrum called it a day…
Today on the Dutch 8 pm news: Holland is the last European country coming out of recession.
ABCNews: http://tinyurl.com/peejth2
Housing prices are stabilizing, transactions on the increase and headhunters are calling again. Even Greece has bottomed out.
J-Gav on Mon, 7th Oct 2013 9:46 pm
Good Lord Arthur! Why do you allow yourself to be hoodwinked by the likes of ENI, ABC News and Rigzone? Anybody who’s “bottomed out” has only done so to set themselves up for a new bottom in a couple of years. In our financially corrupted system, it’s mathematically impossible for it to be otherwise. Wake up man and smell the methane (that’s likely to be what sinks the Netherlands, by the way).
Arthur on Mon, 7th Oct 2013 10:00 pm
J-Gav, I am not denying that we are facing a peak-carbon crisis at some point, but it is going to materialize a little later than we all anticipated.
BillT on Tue, 8th Oct 2013 1:55 am
Arthur, the EU is in deep trouble and you actually believe the government cool aid is fact. Greece is about to beg for their 4th handout and their people are about to revolt and ‘all is well’? You might want Europe to be ok and prosperous again, but those days are way over.
Winter is fast approaching and who still controls most of Europe’s heat? Russia. Who controls Europe’s money flow? The US. Exports are dropping, even from Germany. And Mother Nature has many tricks up her sleeve for you as she does for the rest of the world.
No, Europe is NOT recovering any more than the US is recovering. They are joined at the hip financially and both are in intensive care and not expected to survive.
Dave Thompson on Tue, 8th Oct 2013 5:03 am
Remember that little war a while back something about a real bad guy in lybia. He was so terrible and woe to the world he must be overthrown for the will of the people he must be relieved of power. Oh yea and it had nothing to do with gold for the Oil? “World oil production increased 2.9% thanks in part to the production brought back on line from LYBIA”?…………hhhhmmmmmmmm.:-)