· ·

World’s oil and gas endowment – a new global estimate for conventional oil and gas resources

a-new-global-estimate-for-conventional-oil-and-gas-resources

The U.S. Geological Survey released a new global estimate for conventional oil and gas resources.  The USGS estimates that the undiscovered, conventional resources in the world total 565 billion barrels of oil (bbo), 5,606 trillion cubic feet (tcf) of natural gas, and 167 billion barrels of natural gas liquids. All of these numbers represent technically recoverable resources, which are those quantities of oil and gas producible using currently available technology and industry practices, regardless of economic or accessibility considerations. This new assessment is complete reassessment of the world since the last World Petroleum Assessment in 2000 by the USGS.

According to study, in the twelve years since the last assessment, the steady progress in technology now allows additional resources to be regarded as technically recoverable. The report includes mean estimates of resources in 171 geologic provinces of the world.  These estimates include resources beneath both onshore and offshore areas. These new estimates are for conventional oil and gas resources only.  Unconventional oil and gas resources, such as shale gas, tight oil, tight gas, coalbed gas, heavy oil, oil sands, may be significant around the world, but are not included in these numbers.

This assessment does not include undiscovered, conventional resources in the United States, which the USGS currently estimates holds 27 bbo and 388 tcf of natural gas onshore and in State waters.  Additionally, there are an estimated 81 bbo and 398 tcf of natural gas in the U.S. Outer Continental Shelf (OCS), according to the Bureau of Ocean Energy Management. The assessment results indicate that about 75 percent of the undiscovered and technically recoverable conventional oil of the world is in four regions: South America and the Caribbean (126 bbo); sub-Saharan Africa (115 bbo); the Middle East and North Africa (111 bbo); and the Arctic provinces portion of North America (61 bbo). Significant undiscovered, conventional gas resources remain in all of the world’s regions.

The Department of the Interior released a press release on this new assessment.

To learn more about this or other geologic assessments, please visit the Energy Resources Program website.

If you value what we do here, create your ad-free account and support our journalism.

Share:


Your support makes a difference

Dear valued reader,

We hope that our website has been a valuable resource for you.

The reality is that it takes a lot of time, effort, and resources to maintain and grow this website. We rely on the support of readers like you to keep providing high-quality content.

If you have found our website to be helpful, please consider making a contribution to help us continue to bring you the information you need. Your support means the world to us and helps us to keep doing what we love.

Support us by choosing your support level – Silver, Gold or Platinum. Other support options include Patreon pledges and sending us a one-off payment using PayPal.

Thank you for your consideration. Your support is greatly appreciated.

Sincerely,
Teo Blašković

$5 /month

  • Ad-free account
  • Clean user interface and fast browsing
  • Direct communication with us via chat and email
  • Suggest new features, content and applications
  • Early access to new apps and features

$50 /year

$10 /month

  • Ad-free account
  • Clean user interface and fast browsing
  • Direct communication with us via chat and email
  • Suggest new features, content and applications
  • Early access to new apps and features

$100 /year

$25 /month

  • Ad-free account
  • Clean user interface and fast browsing
  • Direct communication with us via chat and email
  • Suggest new features, content and applications
  • Early access to new apps and features

$200 /year

You can also support us on Patreon

support us on patreon

or by sending us a one-off payment using PayPal:


Commenting rules and guidelines

We value the thoughts and opinions of our readers and welcome healthy discussions on our website. In order to maintain a respectful and positive community, we ask that all commenters follow these rules:

  • Treat others with kindness and respect.
  • Stay on topic and contribute to the conversation in a meaningful way.
  • Do not use abusive or hateful language.
  • Do not spam or promote unrelated products or services.
  • Do not post any personal information or content that is illegal, obscene, or otherwise inappropriate.

We reserve the right to remove any comments that violate these rules. By commenting on our website, you agree to abide by these guidelines. Thank you for helping to create a positive and welcoming environment for all.

2 Comments

Leave a reply

Your email address will not be published. Required fields are marked *