GCC global oil reserves share to hit 70% in next few years

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A Saudi oil company official watches work at a rig. Photo – News.com.au

A report issued by Kuwait-based think tank said the Gulf countries’ global oil reserves share  is expected to grow to 70% from current 45% during the next couple of years.

Diplomatic Center for Strategic Studies (DCSS) findings showed the Gulf Cooperation Council (GCC) countries captured 25% of total world crude oil exports whereas retain 17% of world’s proven gas reserves. Based on earlier data compiled by Crescent Petroleum, the entire Gulf region, which comprises of the six countries of the GCC plus Iran and Iraq, hold 56% and 40% of the world’s conventional oil and gas proven reserves respectively.

Saudi Arabia holds 38.7% of global oil reserve, followed by Kuwait’s with 14.8%, the UAE with 14.3% and Qatar with 3.7%, the report noted.

Qatar has the lion’s share in terms of gas reserves with 46.3% of the global reserves, followed by Saudi with 14.5%, the UAE with 11.1%, Kuwait with 3.3% and Oman with a share of 1.7% of world gas reserves.

The report said that Saudi Arabia could continue oil supplies for the next 80 years at the current production levels being the biggest oil producer in the world thanks to its proven reserves of 264 billion barrels. Saudi Aramco has carried out a mega investment programme at a cost exceeding $ 100 billion and, consequently, increased production to 12.5 million barrels a day and plans to bring the production to 15 million barrels a day by 2015, the report disclosed.

Many energy analysts believe proven oil reserves in the GCC region are expected to increase due to advanced technologies in the oil and gas exploration industry. The report cited several engineering and geological studies that suggested the announcement of new oil discoveries in the GCC region is on the cards.

According to International Energy Outlook projections, world energy consumption is projected to increase over 50% by 2030 from 2008 figures. Fossil fuels (oil, gas and coal) will reportedly continue to supply much of the energy used worldwide.

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