Oil Reserves Increasing, Gas Reserves In Decline Says Eni Report

Oil reserves increased in 2015 and gas reserves recorded a decline, according to Eni’s 15th World Oil and Gas Review published Thursday.

The annual statistics report on world reserves, production and consumption of oil and gas showed that oil output set another yearly record growth (+2.9 percent), driven by the Middle East and North America. Among the top ten producers, Iraq showed the biggest rise and the USA, the largest producer, kept growing for the seventh year in a row. Geopolitics still affect the production of Libya, Syria and Yemen, the report stated.

World oil demand grew by 2 percent, one of the biggest increases in recent years, stimulated by the rapid fall in oil prices that began in the second half of 2014, the report said.

In 2015, world gas production increased by 1.6 percent, driven by USA and Iran (+5 percent each). In Europe, Norway had a strong production increase (+8 percent), whereas European Union output continued to decline (-8.5 percent). In Russia, after the previous year’s decline, grew its output by 1.3 percent.

Gas demand started to rise again in 2015 (+1.7 percent against -0.2 percent in 2014) with a strong increase in some emerging markets (MENA +4.8 percent) but also in mature areas like North America (+2.2 percent) and Europe (2.2 percent). Asia stopped its continuous growth as a consequence of a slowdown in China (+3.1 percent vs +9.4 percent in 2015) and a strong decline in Japan and South Korea (-6.0 percent and -8.8 percent, respectively), due to the restart of nuclear plants and an increasing role for coal and renewables in power.

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