Persian Gulf nations’ oil and gas reserves to rise 50 %
The Middle East is home to a significant percentage of global oil reserves, which have seen a considerable increase
following recent exploration results. Estimates indicate that during early 2002, Saudi Arabia alone accounted for
over 260 bn barrel of the world's oil reserves of 975.15 bn barrel. Iraq was estimated to have about 112.50 bn barrel
while the UAE and Kuwait followed closely with 97.80 and 96.50 bn barrel respectively.
Other Gulf countries like Qatar and Oman were estimated as having 15.21 and 5.51 bn barrel respectively.
Moreover, it is well known that the Gulf states and neighbouring Iraq and Iran control nearly 35 % of the world's
total recoverable natural gas reserves. Their reserves are also expected to surge by more than 50 % with expected new
discoveries, according to a UAE study. The UAE, its five partners in the GCC and Iraq and Iran have over 844 tcf of
associated and non-associated gas.
According to recent US projections, undiscovered gas reserves in the Gulf are estimated as 306 tcf, nearly 25 % of the world's total gas wealth.
The figures were released by the organizers of the 11th Arab Oil and Gas Show, the international exhibition for the
oil, gas and petrochemical onshore and offshore industries serving the Arab Gulf states that will be held in Dubai
October 19-22, 2003. The biennial show is supported by the UAE Ministry of Petroleum and Mineral Resources.
"The Arab Oil and Gas Show is the biggest and oldest such event targeting the Gulf and attracts local and international suppliers showcasing the latest in petroleum equipment as well as over 4,000 front-line experts who know their oil business and are on the look-out for new technology and improved solutions," said David Domoney, managing director, IC&E, the organizer of the conference.