There is nearly 1 trillion more cubic feet of recoverable natural gas around the world than previously thought according to a new USGS World Resource Petroleum Project report out today.
“By looking at the amount of oil and gas this is exactly the kind of information for long and medium term planning,” said USGS Director Marsha McNutt in a brief press conference call. She added that governments will use the information to look at “what will be the infrastructural needs and environmental impacts.”
In terms of gas, look for that development impact in the arctic and East Africa according to McNutt.
But, the real money is still in oil and the new report has big news in that arena too. Previous report from 2000 showed the largest recoverable oil reserves in the former Soviet Union and the Middle East. But the new report show the largest oil reserves are closer to home and in poor countries. Sub-Saharan Africa; Caribbean and South America regions are both ranked higher than the Middle East and Soviet Union.
Now, countries in Africa and South America that were previously considered resource poor, could be seen as resource rich. But much of the oil sits in a tough-to-get place “Off-shore areas, many (countries) don’t have the capabilities to do the drilling,” said Chris Schenk, USGS Research Geologist
You can view the reports at: