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February 2, 2018

Nigeria tops countries with largest remaining deepwater oil reserves

Nigeria holds the top spot among the ten countries with the largest remaining crude oil and condensate deepwater reserves, with 5,038 million barrels expected to be economically recovered in the country.

By GlobalData Energy

Nigeria holds the top spot among the ten countries with the largest remaining crude oil and condensate deepwater reserves, with 5,038 million barrels expected to be economically recovered in the country. The US, Angola and Brazil follow with 4,739.3 million barrels, 4,495.8 million barrels and 3,524.7 million barrels respectively. GlobalData estimates that the top ten countries hold a total of 25,881.4 million barrels of economically recoverable oil reserves.

Top ten countries with remaining deepwater oil and condensate reserves

Source: GlobalData Upstream Analytics

GlobalData reports that over 84% of remaining reserves held by the top ten countries are represented by conventional oil at 21,728.4 million barrels. Oil reserves associated with conventional gas developments across the ten countries stand at 8% (2,079.5 million barrels). Close to 8% (2,073.5 million barrels) of remaining reserves are represented by heavy oil fields.

Ghana and Norway have the lowest break-even oil prices at $18 and $19 per barrel respectively, while Australia and the UK are the countries with the highest remaining break-even oil prices at $42 and $40 per barrel for deepwater developments.

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