Oil reserves totaled 1.258 trillion barrels at the end of 2008, compared with a revised 1.261 trillion barrels a year earlier, BP said in its annual Statistical Review of World Energy.

oil_reserves

BP Plc said on Wednesday that the global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China. Oil reserves totaled 1.258 trillion barrels at the end of 2008, compared with a revised 1.261 trillion barrels a year earlier, BP said in its annual Statistical Review of World Energy. The world has enough reserves for 42 years at current production rates, BP said.

Saudi Arabia’s reserves, the world’s largest, stood at 264.1bn barrels, little changed from 264.2bn a year earlier, BP said. The Middle East as a whole holds 754.1bn barrels, compared with 755bn barrels last year. Including Canadian oil sands deposits of 150.7bn barrels, total global reserves stood at 1.409 trillion barrels, the BP report stated.

The British energy major made an upward revision in its global oil reserves of 23.1bn barrels for 2007, with the largest increases in OPEC members Venezuela and Angola.

BP said that the estimates in the report are a combination of official sources, OPEC data and other third-party estimates. Oil reserves include gas condensates and natural gas liquids, as well as crude oil.

source: Indiainfoline

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