"In 2008, the global oil reserves had kept going up slowly, up by 0.8% to 183.864 million tons compared with 2007. The natural gas reserves had held the line of 175.16 trillion cubic meters for successive two years and increased by 1.11% to 177.11 trillion cubic meters in 2008. The growth of global oil and gas reserves mainly attributed to that OPEC had improved the reserve evaluation on Libya and Republic of Venezuela.
From the part of the regions, the oil and natural gas reserves in the west hemisphere grew rapidly, up by 3.59% and 5.58% respectively. The oil and natural gas reserves in Republic of Venezuela sustained fast growth trend, increased by 14.18% and 2.80% respectively. The oil reserve growth in Republic of Venezuela was from ultra heavy oil. According to the statistics from PDVSA, the oil reserves reached to 13.613 billion tons by the end of 2008 in Republic of Venezuela, including 7.969 billion tons of ultra heavy oil, exceeding 1.685 billion tons compared with the estimation in 2007.
The oil reserves in West Europe reduced sharply by 10.5% in 2007 and successively down by 4.6% in 2008 as well as the natural gas down by 4.9% in 2007 and 1.9% in 2008. The oil and gas reserves in Denmark, France, Germany and Great Britain cut down rapidly.
The oil reserves in Asia Pacific decreased by 1% but up by 3.62% of the gas reserves. The yields in Indonesia dropped and it had planned to withdraw from OPEC in January, 2009.
The oil reserves in Middle East slightly turned down by 0.31% and the natural gas reserves up by 1.68%. OPEC increased the natural gas reserves in Iran by 4.58% and decreased the oil reserves by 1.63%.
The oil and gas reserves in Africa grew a bit, and the oil reserves in Libya were rose by 5.3%.
So far, there have been about 20 oil-producing countries in Africa, the yields of Nigeria, Algeria, Angola, Egypt and Libya accounting for 85% of the total oil yields in Africa. By 2010, the proportion of the African oil yields in the total oil yields in the world will enhance from 11% in 2007 to 20%.
The oil in Africa, accounting for 7% of the proved oil reserves in the world, cannot substitute the crude oil in Middle East, but there is huge oil exploitation potential in Africa. Africa regions not only have abundant proved unexploited oil and gas resources but also have the huge potential of the discovery of world new oil and gas fields.
In the process of economic globalization, Africa endeavors to perfect the investment environment and has obtained obvious achievements in the field of importing foreign capital in the oil exploitation. The global large oil enterprises are speeding up the oil and gas resource exploitation in Africa and further global cooperation has been made in African oil walks, the oil exploration on land and offshore is further developed and the proved reserves are increased gradually. The oil yields in Africa have step into fast growth phase.
The oil exploration, exploitation and investment were increased sharply and obtained substantial benefits in Africa oil concentrated regions, including North African oil-producing areas, Guinea Gulf oil-producing areas in West Africa, East Africa, South Africa, Horn of Africa and hinterlands of Africa.
At present, Chinese proved oil resources are about 42% and 58% of exploitative oil resources need proving. According to the global general division standard, the prove degree between 30 to 60 percent belongs to the development period of high deposits. Therefore, there is huge oil exploration potential in China. The proved natural gas deposits in China reach to 2.6 trillion cubic meters with substantial exploitative deposits. According to the global general standard, it is predicted that the exploitative deposits will reach to 7 to 10 trillion cubic meters and can be exploited for 90 years and China belongs to the abundant resource country in the world. There exists huge potential for the natural gas exploitation.
In the early 1990s, under the driving forces of the economic globalization and the deficiency of domestic oil resources, Chinese oil industry began to take road of developing overseas investment and developing the oil resources abroad. With more than 10-year development, China has established many oil exploitation bases in Africa and South America etc.
More following Information can be obtained in this report:
- Present Situations of Global and Chinese Oil and Gas Exploration Industry
- Factors Affecting the Development of Global and Chinese Oil and Gas Exploration Industry
- Variation Trends of Global Oil and Gas Reserves
- Government Policies of Chinese Oil and Gas Exploration Industry
- Overseas Investment Distribution of Chinese Oil Enterprises
- Influences of Global Financial Crisis on Global and Chinese Oil and Gas Exploration Industry
- Development Trends of Global and Chinese Oil and Gas Exploration Industry
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