• BP signs deal to drill five gas wells offshore Egypt

      The agreement comes as bp plans to increase production to 2.3-2.5 million boed in 2030 with the capacity to increase production out to 2035. It follows a successful exploration campaign in the first half of 2025 in which bp has made 10 discoveries including two in Egypt, where it completed...

  • Iraq Discusses Establishing Oil Pipeline from Basra to the Sultanate of Oman

    Iraq Oil Marketing Organization (SOMO) has signed memoranda of understanding with the Sultanate of Oman to facilitate the marketing of Iraqi oil. Company sources indicate that discussions are underway regarding the construction of a strategic pipeline to transport crude oil and products from Basra...

  • QatarEnergy Signs Long-Term Helium Supply Agreement with Germany’s Messier

    Helium is an essential component in many advanced fields and technologies, including MRI, semiconductor manufacturing, quantum computing, fiber optics, and space exploration.   Recently, QatarEnergy signed a long-term sale and purchase agreement with Germany’s Messier to supply 100...

  • Kuwait Considers Leasing 13 Pipelines to collect Up to $7 Billion

    Kuwait is OPEC’s fifth-largest oil producer. Currently, the Kuwait Petroleum Corporation (KPC) is studying leasing 13 pipelines for 25 years to finance a $65 billion investment plan covering all sectors of the company, from production to petrochemicals. This will allow the corporation to...

  • Oman: OQ Exploration and Production Looks to Unveil New Projects

    OQ Exploration and Production (a subsidiary of the Omani OQ Group) is the sole oil and gas operator owned by the Sultanate of Oman. The company’s total production in 2023 represented approximately 14% of the Sultanate’s total oil, gas, and condensate production. The company’s...

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Oil & Gas Prices of Today

Crudes $/B
Brent 65.82
WTI 62.17
OPEC Basket 70.48
Natural Gas $/MMBTU
Natural Gas (Nymex) 3.368

Primary Energy Resources (%)

2019
(Share)
2020
(Share)
Oil 33.0% 31.2%
Gas 24.2% 24.7%
Coal 27.0% 27.2%
Nuclear 4.3% 4.3%
Hydro 6.4% 6.9%
Renewables 5.0% 5.7%
Total Resources 100% 100%

Top 10 World Oil Reserves

Countries Oil (Billion bbl) % of World total R/P ratio (Years of lifetime)
Venezuela 304 17.5 *
S. Arabia 298 17.2 69
Canada 168 9.7 82
Iran 158 9.1 121
Iraq 145 8.4 83
Russian F. 108 6.2 26
Kuwait 102 5.9 93
UAE 98 5.7 67
USA 69 4.0 11
Libya 48 2.8 108
Notes:
  • - Proved reserves as of 1.1.2021 (BP Annual Statistical Review of 2021)
  • - * more than 500 years
  • - Reserves include gas condensates and NGL’s as well as crude oil

Top 10 World Gas Reserves

Countries N. Gas (Trillion   CF) % of World total R/P ratio (Years of lifetime)
Russia fed. 1321 19.88 56
Iran 1134 17.07 131
Qatar 871 13.11 139
Turkmanstan 480 6.71 309
USA 446 6.71 14
China 297 4.47 47
Venezuela 221 3.33 238
Saudi Arabia 213 3.20 53
UAE 210 3.16 95
Nigeria 193 2.91 109
Iraq 125 1.87 -
Azribejan 88 1.33 -
Australia 84 1.27 -
Canada 83 1.25 -
Algeria 81 1.21 -
Kazakhistan 80 1.20 -
Egypt 76 1.14 -
kuwait 60 0.09 -
Norway 51 0.08 -
Libya 51 0.08 -
Notes:
  • - Proved reserves as of 1.1.2021
  • - Source:BP Annual Statistical Review of 2021
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