Oil and gas reserves of the Middle East and North Africa |
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| Authors: | D. Champlon C. Girard T. Daubignard |
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| Affiliation: | The authors are with the Economics Department, Institut Francais du Pétrole, 1&4 Avenue de Bois-Préau, BP 311, 92506 Rueil Malmaison Cedex, France. |
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| Abstract: | A quantitative estimate of the petroleum reserves of the Middle East and North Africa is presented and analysed in terms of the region's ability to meet current market demand for a sweet light crude. Costs of Middle East production are compared with those of other oil-producing regions. With an average costs of US$4/bbl, the Middle East has both the largest oil reserves and the lowest cost oil in the world. While new and improved technology of exploration and production may lessen this price advantage in the future, it will not eliminate it. Because of these two factors, the Middle East will continue to play an important role on the world energy stage well into the next century. |
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