BP Boosts Saudi, U.S. Oil Reserves Estimates

June 11, 2019

BP raised its estimates of Saudi and U.S. crude oil reserves at the end of last year by 12% and 22%, respectively, in its benchmark 2019 Statistical Review of World Energy.

Saudi proved oil reserves were revised to 297.7 billion barrels at the end of 2018 from 266.2 billion barrels in last year's report.

The increase came after the Kingdom started reporting separately oil, gas and natural gas liquids (NGL) reserves, BP Chief Economist Spencer Dale told reporters.

NGLs were previously included in gas reserves, Dale said, which as a result declined to 208.1 trillion cubic feet from 283.8 trillion cubic feet in 2017.

Oil reserves for the United States, which became the world's top producer in 2018, were upgraded to 61.2 billion barrels from 50 billion barrels at the end of 2017, according to the report.

Overall global reserves were little changed at 1,729.7 billion barrels, roughly the equivalent of 50 years of the world's current demand.

(Reporting by Ron Bousso; editing by David Evans)

Categories: Shale Oil & Gas


Current News

Timor Resource to Drill 5 Wells in Timor-Leste

Saudi Aramco Pursues IPO Planning Despite Attack

Saudi Aramco Pursues IPO Planning Despite Attack

Middle East Risks Keep Oil Prices High

Middle East Risks Keep Oil Prices High

Transborders Joins Forces with Osaka Gas

Transborders Joins Forces with Osaka Gas

BP Awards Caspian ACG Contracts

BP Awards Caspian ACG Contracts

Senvion to Sell Assets to Siemens Gamesa

Senvion to Sell Assets to Siemens Gamesa

Oil Price Spike after Saudi Attack Temporary

Oil Price Spike after Saudi Attack Temporary

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week