World Petroleum Reserves
Most number of petroleum reserves of the World are located in the Middle East. It produces 664bbls of crude oil from the total World's production of crude oil, which is around 1,000 bbls. When 664 bbls of the gulf countries' production is excluded, Africa, North and South America, Europe and the Far East produce the balance.
It is estimated, if the rate of oil consumption today (84.1 mbls per day) were prevailing for another 32 years, the crude oil reserves that presently exist would dry out. According to research, proven reserves of unused crude oil have more than 800 billion barrels while undiscovered crude oil amounts to about 1.2 trillion barrels.
Three types of petroleum reserves were categorized and they are called proved reserves, indicated reserves and possible reserves. Proved reserves are the types that have been estimated to have certain amount of oil barrels within the estimated economic and operating procedures. Therefore, proved reserves have not included synthetic liquids that may come in future with the advancement of technologies such as oil shale or other oil production that come due to new investments and researches.
Indicated reserves are the reserves that are believed to be giving certain amount of crude oil in the future due to ongoing investments and new implementation. The World has placed huge investment on this type of indicated reserves and many oil enhancement projects are in progress on these reserves worldwide. The reserves that are demarcated as possible oil contained places are called possible reserves. These places have 50 percent or less probability to have crude oil.
As at the end of 2007, proved reserves of North America produced 69.3 million barrels while South and Central America produced 111.2 million barrels. The total crude oil of Europe and Eurasia was 143.7 million barrels and Middle East proved petroleum reserves produced the largest quantity of crude oil 755.3 million barrels. Africa produced 117.5 million barrels while Asia Pacific proved petroleum reserves produced 40.8 million barrels.
Some major countries that have Proved Petroleum Reserves are the United States, Canada, Mexico, Argentina, Brazil, Colombia, Ecuador, Peru, Trinidad, Tobago, Venezuela and South & Central America and European countries include: Azerbaijan, Denmark, Italy, Kazakhstan, Norway, Romania, the Russian Federation, Turkmenistan, the United Kingdom, Uzbekistan while Middle East countries include, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, Syria, the United Arab Emirates and Yemen.
Australian Oil Gas Corporation
There are many different corporations and businesses that are part of the oil and gasoline industry. We take for granted how fuel gets to our service stations and homes. It's a massive operation that begins with finding the oil. The Australian Oil and Gas Corporation is one company...