Here is a global oil update. As a result of growth in Asia-Pacific gas reserves, investments in Canada’s oil sands and the dramatic increase of US shale reserves, worldwide oil and gas reserves increased in 2011. Worldwide oil reserves grew by 1% in 2011, while gas reserves rose by 4%. Oil and gas revenues experienced 27% growth in 2011.
Underpinning this growth was an increase in combined exploration and development spending of 19% in 2011 to US$384b.
The growth of gas reserves in Asia-Pacific is being aided by the activity in Australia which could emerge as the world’s biggest supplier of liquefied natural gas in the next decade. The better capitalized companies will continue to increase investment in LNG projects into 2013. Increased E&P spending overall will undoubtedly show greater worldwide reserve growth next year.