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Monday, Sep 16, 2013

Around the globe there are nearly 1.4 trillion barrels of oil equivalent (boe) reserves in conventional undeveloped oil and gas fields according to Wood Mackenzie’s latest upstream outlook.  This includes nearly 1.1 trillion boe of "technical reserves" – a term Wood Mackenzie uses for reserves for which there are no firm development plans in place.

“Over half of these discoveries which we classify as ‘good technicals’, are potentially economic under our current price assumptions.  These have an indicative collective value of ca. US$760 billion” explains David Highton, Principal Analyst of Upstream Research at Wood Mackenzie.

The region with the most valuable portfolio of good technicals overall is the Middle East, followed closely by Latin America and North America. “The massive undeveloped resources of the Middle East (367 bnboe) lead the way,” notes Highton.  “These include the undeveloped volumes in the super-giant North/South Pars gas field which extends between Qatar and Iran in the Persian Gulf.  Combining both countries' share, this is the largest single technical reserve in the world.”

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