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65702
Sun, 06/14/2009 - 13:08
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https://oananews.org//node/65702
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UAE has netted $664bn in oil revenues
The UAE has pumped nearly 27.7 billion barrels of oil since it began commercial crude exports more than four decades ago, according to official data according to a report by "Emirates Business".
The output accounts for around nine per cent of the total 302 billion barrels pumped by Arab nations since they discovered oil half a century ago, showed the figures by Organisation of Arab Petroleum Exporting Countries (OAPEC).
The Kuwaiti-based OAPEC, which groups the UAE and 10 other Arab oil producers, gave no figures on revenue but at an average price of around $24 since 1965, the UAE has netted a total $664.8 billion (Dh2.43 trillion) from its oil sales.
This means its average annual oil export earnings stood at around $15bn in current prices, nearly $41m a day. Despite the large produced quantity, the UAE's proven oil reserves jumped from less than 35 billion barrels in early 1970s to 98.7 billion barrels at the start of 2009, OAPEC said in a study about Arab oil production and discoveries.
At that average price, the cumulative Arab oil income reached around $7.248trn, of which more than a third was earned by Saudi Arabia.
The report said Saudi Arabia, the world's dominant oil power, has pumped a cumulative 112.6 billion barrels since it began producing crude nearly 70 years ago. This means it has netted a staggering $2.688trn.
Kuwait, another Gulf oil heavyweight, produced nearly 40.8 billion barrels, worth around $979bn. Iraq's cumulative output totalled 33.8 billion barrels, fetching the conflict-battered country around $811bn.
OAPEC estimated the cumulative production at around 12.6 billion in Qatar and nearly 9.2 billion barrels in Oman. Outside the Gulf, it stood at 27.4 billion in Libya, 15.8 billion in Algeria, 11.1 billion in Egypt, 4.9 billion in Syria and 2.5 billion in Yemen. The rest was produced in Sudan and other countries.
The report showed the total Arab proven oil reserves increased by nearly 20 billion barrels to peak at 672.1 billion barrels at the beginning of 2009 compared with around 652.4 billion at the end of 2002.
Around four billion barrels of the increase came from Kuwait, while Saudi Arabia added nearly two billion barrels and Sudan about five billion barrels. There was also an increase of six billion barrels in Libya.
Despite an increase in global oil reserves, Arab states maintained their share of nearly 58 per cent of the world's crude wealth at the start of 2009.
Despite its minimal oil wealth, Bahrain emerged as the first Arab country to start producing crude oil in 1932. Iraq, which has the second largest oil wealth, was the first state in the region to discover oil in 1909 but production began in 1934.
The report showed Qatar began production in 1940 and Kuwait in 1946. The UAE and Oman were relatively new comers as they began pumping crude in 1965 and 1969 respectively. Outside the Gulf, Egypt was the first to begin oil production in 1914, followed by Algeria in 1956 and Libya in 1961.
According to the report, the real oil potential in the Arab region is far more than expected as there are massive deposits which cannot be reached by present technology besides nearly 175 billion of undiscovered oil.
It said discovered oil reserves in the Arab region have totalled around 974 billion barrels, including the present proven resources and those produced. "Assuming the recovery factor in Arab oil reserves at 35 per cent, the combined Arab oil reserves in place could be around 2,738 billion barrels," it said.
"This means around 1,809 billion barrels cannot be extracted by present technology… these reserves are nearly 645 billion barrels higher than the proven global crude resources. In case they are be extracted, it could be sufficient for the world energy needs for another 60 years." – Emirates Business 24|7
The output accounts for around nine per cent of the total 302 billion barrels pumped by Arab nations since they discovered oil half a century ago, showed the figures by Organisation of Arab Petroleum Exporting Countries (OAPEC).
The Kuwaiti-based OAPEC, which groups the UAE and 10 other Arab oil producers, gave no figures on revenue but at an average price of around $24 since 1965, the UAE has netted a total $664.8 billion (Dh2.43 trillion) from its oil sales.
This means its average annual oil export earnings stood at around $15bn in current prices, nearly $41m a day. Despite the large produced quantity, the UAE's proven oil reserves jumped from less than 35 billion barrels in early 1970s to 98.7 billion barrels at the start of 2009, OAPEC said in a study about Arab oil production and discoveries.
At that average price, the cumulative Arab oil income reached around $7.248trn, of which more than a third was earned by Saudi Arabia.
The report said Saudi Arabia, the world's dominant oil power, has pumped a cumulative 112.6 billion barrels since it began producing crude nearly 70 years ago. This means it has netted a staggering $2.688trn.
Kuwait, another Gulf oil heavyweight, produced nearly 40.8 billion barrels, worth around $979bn. Iraq's cumulative output totalled 33.8 billion barrels, fetching the conflict-battered country around $811bn.
OAPEC estimated the cumulative production at around 12.6 billion in Qatar and nearly 9.2 billion barrels in Oman. Outside the Gulf, it stood at 27.4 billion in Libya, 15.8 billion in Algeria, 11.1 billion in Egypt, 4.9 billion in Syria and 2.5 billion in Yemen. The rest was produced in Sudan and other countries.
The report showed the total Arab proven oil reserves increased by nearly 20 billion barrels to peak at 672.1 billion barrels at the beginning of 2009 compared with around 652.4 billion at the end of 2002.
Around four billion barrels of the increase came from Kuwait, while Saudi Arabia added nearly two billion barrels and Sudan about five billion barrels. There was also an increase of six billion barrels in Libya.
Despite an increase in global oil reserves, Arab states maintained their share of nearly 58 per cent of the world's crude wealth at the start of 2009.
Despite its minimal oil wealth, Bahrain emerged as the first Arab country to start producing crude oil in 1932. Iraq, which has the second largest oil wealth, was the first state in the region to discover oil in 1909 but production began in 1934.
The report showed Qatar began production in 1940 and Kuwait in 1946. The UAE and Oman were relatively new comers as they began pumping crude in 1965 and 1969 respectively. Outside the Gulf, Egypt was the first to begin oil production in 1914, followed by Algeria in 1956 and Libya in 1961.
According to the report, the real oil potential in the Arab region is far more than expected as there are massive deposits which cannot be reached by present technology besides nearly 175 billion of undiscovered oil.
It said discovered oil reserves in the Arab region have totalled around 974 billion barrels, including the present proven resources and those produced. "Assuming the recovery factor in Arab oil reserves at 35 per cent, the combined Arab oil reserves in place could be around 2,738 billion barrels," it said.
"This means around 1,809 billion barrels cannot be extracted by present technology… these reserves are nearly 645 billion barrels higher than the proven global crude resources. In case they are be extracted, it could be sufficient for the world energy needs for another 60 years." – Emirates Business 24|7
