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OAPEC Secretariat General held the 23
rd
Forum on the Fundamentals of Oil and Gas
Industry, from 4 to 7 October 2015, at its headquarters in the State of Kuwait. The event was
attended by a group of petroleum specialists and lecturers from OAPEC member countries.
They presented a series of invaluable lectures and scientific papers on all petroleum industry’s
relevant topics ranging from the basics of oil and gas production and exploration, to petroleum
downstream industries (refining and petrochemicals), petroleum transportation, as well as,
current and future developments in the petroleum markets, environmental issues, climate
change, and petroleum media.
The scientific papers presented at the forum provided some important conclusions on the
petroleum industry; most important of which stressed the close connection between the oil
and gas sector and the development process in the Arab countries by using them as a source
of energy and raw material in various economic sectors and for domestic consumption; as
well as, being the source of revenues spent on economic and social development.
The forum also underscored the leading position of Arab countries in terms of oil reserves.
By the end of 2014, Arab countries’ oil reserves have been estimated at about 713 billion
barrels, representing about 55.2% of the world’s reserves. Saudi Arabia tops the countries
with reserves of more than 265 billion barrels, followed by Iraq, Kuwait, and the UAE. By
the end of 2014, Arab countries’ natural gas reserves were estimated at about 54.2 trillion
cubic meters, representing about 26.8% of the world’s reserves.
In spite of the huge reserves of the Arab countries, which account for more than half of the
world’s proven reserves, their production rate is relatively modest, as Arab countries crude
oil production reached about 22.9 million barrels/day, representing 31.2% of the world’s total
of 73.4 million barrels/day. Commonwealth countries produced about 17% of the world’s
daily production of the same year, while their reserves represent no more than about 9% of
the world’s reserves.
The forum also reviewed unconventional oil and gas production. There are currently four
countries worldwide producing shale oil and/or gas in commercial quantities; namely the
USA, China, Canada, and Argentina. On Arab countries’ level, KSA and Algeria have plans
to produce gas from unconventional resources.
Editorial
The 23
rd
Forum on the Fundamentals of Oil and Gas Industry:
Current Developments in the World and Arab Energy Industry