FINANCIAL NEWS

Arab oil, natural gas deposits grow over past 5 years despite exports

29 Jun 2011

(MENAFN) The proven oil resources of Arab nations increased from 679 billion five years ago to almost 683 billion barrels by 2011, despite exporting almost 40 billion barrels during this period, Emirates 24/7 reported.

Libya experienced the greatest increase in oil reserves, from 41.4 billion to 46.4 billion, Organization of Arab Petroleum Exporting Countries (OAPEC) figures showed. Although the UAE increased oil production, the country’s reserves remained constant at 97.8 billion barrels.

Arab countries increased their gas resources from 52.06 trillion cubic meters in 2006 to 54.6 trillion cubic meters by 2011, even though the region exported more than two trillion cubic meters in that period. Discoveries of natural gas reserves in Saudi Arabia and Egypt account for most of the increase. The UAE’s reserves also increased to 6,081 bcm by the end of last year from 6,040 bcm five years ago.

OAPEC Arab countries, which include UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Iraq, Libya, Algeria, Egypt and Syria, controlled 57.5 percent of global oil resources at the end of last year. The region now holds over 28 percent of the world’s natural gas deposits.

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