Brazil holds the top spot among the top ten countries with the largest remaining recoverable ultra-deepwater oil reserves, with 20,462 million barrels expected to be economically recovered in the country. The US, Angola and Nigeria follow with 8,426 million barrels, 1,797 million barrels, and 1,602 million barrels respectively. GlobalData estimates that the top ten countries hold 35,182 million barrels of economically remaining recoverable ultra-deepwater reserves.
GlobalData reports that over 96% of remaining recoverable reserves held by the top ten countries are represented by conventional oil at 33,818 million barrels. Heavy oil reserves across the ten countries stand at 1.3% (627 million barrels), associated oil from conventional gas fields represents 2.5% (880 million barrels).
About 35,000 million barrels will be produced from top ten countries from ultra-deepwater developments. Nigeria has the highest remaining break-even oil price at $69 per barrel for ultra-deepwater reserves followed by Mexico with the second highest break-even oil price at $62 per barrel. The US has the lowest remaining break-even oil price among the top ten countries with $27 per barrel followed by Cote d’Ivoire with $29 per barrel.
Top Ten Countries With Remaining Recoverable Ultra-Deepwater Reserves
Source: Upstream Analytics © GlobalData