World Oil Reserves Sufficient for 42 Years

Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China. File photo

The world has enough oil reserves for 42 years at current production rates.

This was announced Thursday in a report of British Petroleum Ltd, Bloomberg.com wrote.

"Fossil fuels will remain the dominant source of energy well into the future", British Petroleum Ltd Chief Executive Officer (CEO), Tony Hayward, said at a presentation in London.

Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China, according to BP Plc.

Oil reserves totaled 1,258 trillion barrels at the end of 2008, compared with a revised 1,261 trillion barrels in 2007, BP said in its annual Statistical Review of World Energy Tuesday.

"Declines in Russia, Norway, China and other countries offset increases in Vietnam, India and Egypt," BP said on its Web site.

BP Ltd and other oil companies are struggling to replace reserves as access to deposits becomes harder, and older fields in places like the UK and Mexico are depleted.

Russia passed a law in 2008 that limits foreign ownership in some of the country's biggest energy and metals deposits.

Middle East countries, which hold 60% of global reserves, restrict access for international companies.

 

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