TEL : +971 (6) 5727000
Gulf Region
The Gulf Region, including the six member countries of the Gulf Co-operation Council (GCC), namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE in addition to Iran and Iraq, possess some 60.6% and 40.8% of the world’s conventional oil and gas proved reserves, (BP 2008 Statistical Review), with huge additional amounts of unproved and undiscovered reserves. The United Arab Emirates holds the world’s fifth largest oil and gas reserves.
Region |
Oil Reserves |
Gas Reserves |
||
|
Thousand Million BBls |
|
Trillion Cubic Metres |
|
Americas |
180.5 |
14.6 |
15.71 |
8.9 |
Europe & Eurasia |
143.7 |
11.6 |
59.41 |
33.5 |
Middle East–of which |
755.3 |
61.0 |
73.21 |
41.3 |
(Gulf Region) |
749.9 |
60.6 |
72.38 |
40.8 |
Africa |
117.5 |
9.5 |
14.58 |
8.2 |
Asia Pacific |
40.8 |
3.3 |
14.46 |
8.2 |
Total World |
1237.9 |
100 |
177.36 |
100 |
| Source: British Petroleum (BP)2008 Statistical Review | ||||
In 2007 the Gulf Region produced some 24.4 million barrels of oil per day, and 33.4 billion cubic feet of gas per day; accounting for over 30% of world oil and Natural Gas Liquid (NGL) production, 11.7% of gas production, and 25.7% of Liquefied Natural Gas (LNG) trade.
According to International Energy Outlook projections (IEO2008), world energy consumption is projected to increase by 50% from 2005 to 2030, and fossil fuels (oil, gas and coal) will continue to supply much of the energy used world wide. World crude oil demand is expected to grow from 83.6 million barrels per day in 2005 to 112.5 million barrels per day in 2030. To meet the projected increase in this demand, total crude oil supply in 2030 will need to be some 28 million barrels per day higher than the 2005 levels, and the Gulf region will need to supply nearly half of this additional demand.
