Where are the largest oil reserves? Arctic Ocean?

    • Where are the largest oil reserves? Arctic Ocean?

      Before commenting, some terms:
      Proven oil reserves
      Unporoven oil reserves
      Proven natural gas deposite
      Unproven natural gas deposits

      Apparently, one of the largest oil reserves is in the Arctic Ocean - 90 billion barrels. Large, you think.
      It is also estimated that about 30% of the unproven natural gas deposits of the world could also lie beneath the ice.

      The race : Russia is planning nuclear ice breakers. Are the other countries near enough to this technology? It is vital for success in the Arctic region.
      The dispute in this region could increase not just because of the oil reserves but also because of the new shipping lanes that are likely to develop if the arctic ice melts.

      Who owns it all or part : The countries around the Arctic region are actively looking at the United Nations Convention of the Law of the Sea (1982).

      Similar disputes will be also seen in other parts of the world as there are large proven and unpoven oil deposits in quite a few parts of the world.
    • Iraq could have largest oil reserves in the world

      Further to what you have said....

      Here is what Timesonline.com has to say on May 20th, 2008 :

      Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

      The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

      The Iraqi Government has yet to approve a national oil law that would allow foreign companies to invest. Mr Salih said that the delay was damaging Iraq’s ability to profit from oil output, robbing the country of potentially huge revenues. With oil selling for more than $125 dollars a barrel and demand rising, Mr Salih is frustrated that Iraq still struggles over the establishment of a regulatory framework. “There is a real debate in the Government and among political leaders about the type of oil management structures we should have. I am for liberalising this sector and allowing the private sector to come in to develop these vast resources.”

      BP, Exxon Mobil, Chevron, Royal Dutch Shell and Total have been queuing for rights to exploit Iraqi reserves. Mr Salih confirmed that Iraq was negotiating the outlines of two-year deals with some of the companies. He was optimistic that a draft law could be approved in the near future.

      More reading at : business.timesonline.co.uk/tol…ources/article3963637.ece

      It is understood that there are unproven resources around Philipines and South Atlantic also. Anybody has any info on these places?

      World Oil and Gas News
    • Iraq reopens its oil reserves

      Speaking of oil reserves :

      It is now nearly 6 years since since the US-led invasion in Iraq. Now Iraq has started re-opening its oil reserves to foreign companies.

      The country has begun a round of bidding for some of its largest oil and natural gas fields. Understand that the deals will be awarded by June.

      My thoughts : With the oil prices at around $40 now, will companies take the risk unless they see a huge rise in oil prices? Notg many companies, I think.

      Comments, anyone?
    • USGS claims Venezuela sits on Earth’s largest oil reserves

      Venezuela may have just become the center of an energy-starved world.

      The Orinoco Belt, situated squarely underneath the South American nation, may hold some 513 billion barrels of crude oil, according to a new report by the U.S. Geological Survey (USGS).

      That's twice the size of Saudi Arabia's oil reserves, placing Venezuela firmly atop the list of oil-rich nations.

      The timing of the USGS announcement is striking. On Jan. 28, international firms will take part in an auction for contracts to drill in the Orinoco Belt. The deadline for auction registration was Jan 18, according to industry publication Petroleum World. Results will be announced on Feb. 10.

      However, the USGS did not make an estimate of how much oil is actually recoverable. The Orinoco Belt's reserves are typically thick and tar-like, with some patches difficult to reach with current drilling technology.

      The above is a part extract from <link removed>

      Worldoils Notes : Oil Drilling Jobs