popular articles

Oil: The ten powers with the largest reserves

Oil, the world's major source of energy, generates geopolitical tensions. Venezuela has the largest reserves, followed by Saudi Arabia, but renewable energies are threatening this dominance. Middle Eastern countries play a key role in this industry.

Please share:

Oil has been at the heart of international relations and geopolitical tensions, such as the invasion of Kuwait in 1990, since its emergence in the XIXᵉ century. Controlling production and marketing is an issue of international power. Indeed, oil is the world’s leading energy source, accounting for 31.6% in 2018. This energy, used for fuel, electricity, factories, fertilizers and plastics, is omnipresent in our society.

While global reserves are increasing every year, with 244.6 Gt in 2019 according to BP, consumption is falling. The emergence of renewable energies is tending to reduce the use of fossil fuels. Oil accounted for 11,377 million tonnes of CO2 in 2017.

Venezuela as world leader

With 300 billion barrels of proven reserves, or 17.5% of world reserves, Venezuela has the world’s largest oil reserves. The latter is made up of several oil sands deposits, such as the Orinoco, which are difficult and costly to exploit. The country acquired this position in 2011, after overtaking Saudi Arabia. A founding member of OPEC, Venezuela operates this business through state-owned Petroleos.

Saudi Arabia’s ephemeral downgrading

While the country was the world benchmark in terms of oil reserves for several decades, it has lost its leading position to Venezuela. Saudi Arabia currently has 269 billion barrels, or a fifth of the world’s reserves. The country could, however, regain its top spot. The state-owned audi Arabian Oil Company is expected to increase its exploration activities in the near future, in order to surpass Venezuela’s oil reserves.

Numerous Canadian oil sands deposits

In third place, Canada has 171 billion barrels. This reserve is 95% dependent on oil sands deposits in the province of Alberta, which are costly to exploit and have a significant environmental impact. These sites are a key factor in the growth of our liquid fuel supply. These resources are exploited by Petro-Canda, whose main shareholder is Suncor Energie Inc. and other Canadian subsidiaries of multinational companies.

The Middle East at the heart of OPEC

By monopolizing the fourth, fifth and sixth places, Iran, Iraq and Kuwait are important OPEC members. Each has reserves of 158 trillion barrels, 143 trillion barrels and 104 trillion barrels respectively.

Countries plagued by political unrest

Iran and Iraq, however, have seen their oil production and exploration slow due to the sanctions imposed by Western countries. Not least because of Iran’s nuclear activities, and Iraq’s Gulf wars. What’s more, both countries have experienced political turmoil and war. However, both countries have numerous sites, unlike Kuwait, where around 70% are located in the Burgan field, the world’s second-largest oilfield.

largest oil reserves
Percentage breakdown of the world’s proven oil reserves at the end of 2015, based on data from the BP Statistical Review © Connaissance des Énergies.

Oil production by state-owned companies

Oil reserves and operations in Iraq, Iran and Kuwait are managed by state-run national companies. These are the National Iranian Oil Company, the National Iraq Oil Company and the Kuwait Oil Company.

Siberian reserve wins seventh place

With its oil reserves in the Siberian plains, Russia has 80 billion barrels of reserves. Thanks to the growing exploration of Arctic waters and ice, the country’s ranking is set to rise. Lukoil is Russia’s largest state-owned oil producer and operator.

The third largest in the Middle East in the United Arab Emirates

By owning the Zakum field, the United Arab Emirates has 98 billion barrels of oil reserves, guaranteeing it eighth place in the ranking. Over 90% of reserves are held by Abu Dhabi, followed by Dubai and Sharjah. The country operates these sites through state-owned Saudi Aramco.

Libya and Nigeria, African leaders

Ninth and tenth in terms of hydrocarbon reserves, Libya has the largest oil reserves in Africa, and Nigeria is Africa’s biggest oil producer. Each owns 48 billion barrels and 37 billion barrels. However, these two countries still have plenty of potential for exploration.

While oil production in Niger is managed by the state-owned Nigerian National Petroleum Corporation, Libyan production is managed by private companies. They are ENI, with its main shareholder Cassa Depositi e Prestiti, Total with its main shareholder BlackRock and the Russian state-owned company Rosneft.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
Portugal’s Galp expects a production surge in Brazil driven by the offshore Bacalhau field, in partnership with Sinopec, Equinor and ExxonMobil.
Portugal’s Galp expects a production surge in Brazil driven by the offshore Bacalhau field, in partnership with Sinopec, Equinor and ExxonMobil.
North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.
The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
Indonesia Energy announces a ramp-up in its oil assets with a 60% increase in proven reserves and confirms a strategic shift toward gradual energy diversification.
Indonesia Energy announces a ramp-up in its oil assets with a 60% increase in proven reserves and confirms a strategic shift toward gradual energy diversification.
SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.
SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.
Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.
Valeura Energy has completed eight wells on Block B5/27 in the Gulf of Thailand, securing stable output and preparing a new investment phase at the Nong Yao field.
Shell recognised Mecpec Trading for its 2023 fuel sales growth and contribution to Singapore's distribution network, with a 23% increase in total volume delivered.
Petroecuador suspended activities at its Esmeraldas refinery following a fire, with no injuries reported, while an investigation is under way to assess the damage.
Petroecuador suspended activities at its Esmeraldas refinery following a fire, with no injuries reported, while an investigation is under way to assess the damage.
Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.
Petróleos Mexicanos (Pemex) plans to eliminate over 3,000 non-union positions as part of a comprehensive restructuring initiative aimed at significantly reducing operational costs.
TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
TotalEnergies has started production at Mero-4, raising the total capacity of the Mero field to 770,000 barrels per day via five offshore units off the coast of Brazil.
Falling oil prices strain shareholder returns as supermajors weigh high dividends against cash flow stability.
Economically fragile Venezuela awaits a critical U.S. decision on renewing oil licenses granted to multinationals, a crucial issue that could significantly affect its recent economic recovery and financial stability.
Economically fragile Venezuela awaits a critical U.S. decision on renewing oil licenses granted to multinationals, a crucial issue that could significantly affect its recent economic recovery and financial stability.
Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
Nigerien authorities instruct the local arm of China National Petroleum Corporation to repatriate expatriates who have held positions for over four years, citing violations of local content requirements and economic sovereignty.
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.
German asset manager Union Investment has excluded TotalEnergies from its sustainable funds over allegations of human rights violations linked to the EACOP oil project in Uganda, further complicating its international financing.
Iraq has signed a deal with China’s Geo-Jade and Hilal al-Basra to develop an integrated project combining oil, refining and electricity in the country’s south.
US commercial crude oil inventories rose by 1.3 million barrels last week, defying market expectations, according to data published by the US Energy Information Administration.
US commercial crude oil inventories rose by 1.3 million barrels last week, defying market expectations, according to data published by the US Energy Information Administration.
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims. ##
As Venezuelan elections approach concerning the oil-rich disputed Essequibo territory, Guyana emphasizes increased vigilance, citing risks to its energy and territorial sovereignty amid Caracas' claims. ##
GATE Energy and HD Hyundai Heavy Industries have signed a memorandum of understanding to jointly pursue international offshore contracts, combining engineering, construction and commissioning capabilities.
GATE Energy and HD Hyundai Heavy Industries have signed a memorandum of understanding to jointly pursue international offshore contracts, combining engineering, construction and commissioning capabilities.

Advertising