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CHAPTER TWO
Developments of Energy Resourrces
2. Oil and Natural Gas Reserves
Estimates indicate a rise in oil reserves in 2012, nevertheless, such
estimates declined in some countries.
2- 1 Oil Reserves:
World oil reserves were estimated at 1256.6 billion barrels in 2012,
with a slight increase of 1% from 2011 estimates of 1244.7 billion
barrels, that is an increase of about 11.9 billion barrels. These figures
exclude non-conventional resources such as tar sand and shale oil
in Canada. They also exclude the bitumen and very heavy oils in
Venezuela.
2-1-1 OAPEC Members and Other Arab Countries
Oil reserves of OAPEC or non- OAPEC Arab countries remained
with no significant change in 2012 comparing to 2011. Oil reserves
of OAPEC members was estimated at about 700 billion barrels,
while total Arab oil reserves reached 714 billion barrels. It is notable
that Iraqi oil reserves declined from 2010 estimates of 142.3 billion
barrels to 141.4 billion barrels in 2011, and 141.35 billion barrels
in 2012. On the contrary, Libyan oil reserves increased from 47.1
billion barrels in 2009, to 48 billion barrels in 2011, and to 48.01
billion barrels in 2012.
It is important to emphasize that Arab countries oil reserves estimates
include the previous estimates of the Sudan reserves, no official figures
indicate the accurate reserves after the official separation of South
Sudan. Many sources affirm that nearly 75% of Sudan reserves are
within the South Sudan territories, which leads initially to consider
Sudan oil reserves at 1.68 billion barrels, thus, Arab countries combined
reserves could be about 712.5 billion barrels.
