The World Has More Oil And Gas Than Anyone Thought

The EIA has upgraded its estimates of worldwide oil reserves by 11% thanks to shale.

It also boosted its shale gas estimates 10%, and combined with earlier U.S. results, said there’s now 47% more known amounts of gas reserves.

The agency had never fully studied worldwide shale oil deposits, but now estimates in additional 313 billion barrels’ worth of shale or tight oil compared, with 2011 estimates mostly focused on the U.S.

Here’s the full comparison between prior estimates and the new report: 

comparison

The agency added results from new gas formations in a host of countries. Basically everyone got upgraded except Asia. Canada and Argentina added the greatest boost to their respective regions. Here’s the full worldwide regional ex-U.S., which actually went up 15%.

gas countries

And here are your new league shale tables (with estimates of the Advanced Resources Institute, which co-write the new study, in parantheses) — oil:

shale oil

And gas:

shale gas

On Friday, BP economist said global oil markets are oversupplied.

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