TOTAL WORLD 0.4%
European Union 25 # -9.0%
European Union 27 # -8.9%
OECD -2.2%
OPEC 11 0.2%
OPEC 12 0.7%
Non-OPEC £ -0.5%
Former Soviet Union 3.9%
we might be facing a much higher rate
USA -0.013
Canada -0.015
Philippines -0.019
Egypt -0.024
Japan -0.037
Peru -0.039
Finland -0.040
China Hong Kong SAR -0.043
Turkey -0.047
Iceland -0.055
Kuwait -0.104
Azerbaijan -0.107
Indonesia -0.119
If the price of gas goes down will this not reduce the recoverable reserve?
The Review reports proved oil reserves of 1,333.1 billion barrels at the end of 2009, including Canadian oil sands under active development and an upward revision in official Venezuelan reserves. Global reserves are sufficient to meet 2009 production for 45.7 years. On the same basis, reserves of gas are sufficient for 62.8 years and coal for 119 years.
Precedent offers little encouragement. At last year's launch of BP's review, Mr Hayward said: 'Our data confirms that the world has enough proved reserves . . . to meet the world's needs for decades to come.'
'Confirms'. 'Decades to come'. These are hugely confident assertions, rooted in a cultural consensus across a broad and powerful peer group. Mr Hayward added, in an aside that now seems poignant, that any constraints on production would be 'human, not geological.'"
mcgowanjm wrote:...believe anything that... BP ...puts out.
pops wrote:If you have a better, comprehensive source I'd be happy to see it - especially one showing all the "real" numbers.
The case of Yemen (production dropping by 40% over the past 10 years while reported reserves increased by 35% in the same period) shows you how thrustworthy these numbers are. Not to mention venezuela which increased it reserves by 200% while production is plummeting.
I've said before on a couple of threads that jumping to conclusions about OPEC reserve numbers is risky business.
The story is complicated and you need to peel off a few layers of the onion before you can really tell what is going on.
BP Statistical Review of World Energy, 2011
Mark Finley of BP America discusses the 2011 study on world energy.
Event Description
For 60 years, the BP Statistical Review of World Energy has provided high-quality, objective and globally consistent data on world energy markets. The review is one of the most widely respected and authoritative publications in the field of energy economics and is used for reference by the media, academia, world governments and energy companies. A new edition is published every June.
Mark Finley is the general manager of global energy markets for BP America in Washington, D.C. He is responsible for BP's coverage of global energy markets as well as the annual BP Statistical Review of World Energy. He previously served as a senior member of BP's economics team in London and Washington, D.C. Finley has more than 20 years of private and public sector experience as an energy economist. He is a Phi Beta Kappa graduate of the University of Michigan (economics) and holds graduate degrees from Northwestern University (economics) and The George Washington University (finance).
KEY PEOPLEAmy Myers Jaffe
Kenneth B. Medlock III
Mark Finley
PROGRAMSEnergy Forum
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