The United States holds the top spot among the ten countries with largest remaining crude and condensate reserves, with 91.1 billion barrels expected to be economically recovered in the country. Saudi Arabia, Iraq, and Russia follow closely with 77.4 billion barrels, 71.8 billion barrels and 70.6 billion barrels, respectively.
GlobalData reports that over 70% of remaining reserves held by the top ten countries are represented by conventional oil at 348.9 billion barrels. Unconventional oil reserves across the ten countries stand at 9.2% (45.8 billion barrels), oil sands reserves stand at 6.7% (33.3 billion barrels), and heavy oil represents 4.5% (22.2 billion barrels) of all remaining reserves. Condensate from conventional and unconventional gas developments accounts respectively for 9.2% (45.6 billion barrels) and 0.4% (2.0 billion barrels) of reserves in the top ten countries.
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Over 77.1% of the countries’ remaining reserves, or 383 billion barrels, will be produced from onshore fields. The United Arab Emirates is the country with the lowest remaining break-even oil price at $3 per barrel for onshore developments, while Canada’s onshore projects have the highest break-even oil price at $31 per barrel.
Source: GlobalData Upstream Analytics
GlobalData estimates that shallow water developments will account for 14.1% or 70.3 billion barrels of remaining reserves. The United Arab Emirates has the lowest remaining break-even oil price at $4 per barrel for shallow water developments, while the United States has the highest break-even oil price at $32 per barrel.
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By GlobalDataFive of the top ten countries are expected to recover reserves from deepwater developments, representing 6.1% or 30.7 billion barrels of remaining reserves. China has the lowest remaining break-even oil price at $5 per barrel for deepwater projects and Canada has the highest break-even price at $60 per barrel.
GlobalData expects that ultra-deepwater developments will be responsible for 30.3 billion barrels of remaining reserves, spread between two countries. Ultra-deepwater projects in the United States and Brazil have a remaining break-even oil price of $33 and $37 per barrel, respectively.
