World oil and gas reserves continue to increase, confirming that operators are able to replace reserves put into production with new discoveries, according to Italian oil major ENI’s 12th edition of its « World Oil and Gas Review ». ENI said its annual statistical review of the world oil and gas market showed that 2012 global reserves were 40 percent greater than those in 1995. During 2012, there was a two-percent increase in oil reserves with gas reserves increasing by 0.4 percent.
World oil production increased by 2.9 percent during 2012, thanks in part to the recovery of output from Libya as well as record production levels in Saudi Arabia. Production in Libya and Saudi Arabia was at historic highs, offsetting shortfalls in other countries – primarily Iran.
Meanwhile, there was a noteworthy increase in US production, which increased by 12 percent in a single year due to a significant development of tight oil. Also, thanks to gas associated with tight oil production, the US became the world’s top gas producer, overtaking Russia. Global oil consumption during 2012 increased by one percent, with growth concentrated in emerging markets.