Unconventional oil reserves across the top 10 countries* stand at 9.2 per cent (45.8 billion barrels), oil sands reserves stand at 6.7 per cent (33.3 billion barrels), and heavy oil represents 4.5 per cent (22.2 billion barrels) of all remaining reserves, according to GlobalData, a leading data and analytics company.
The United States holds the top spot among the 10 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.
Shallow water developments allow water developments will account for 14.1 per cent 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.
Over 77.1 per cent 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.
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.
*Top ten countries = US, Saudi Arabia, Iraq, Russia, Canada, Kuwait, Iran, UAE, Brazil and China.by