Global conventional oil resources represent around 1,640 billion barrels of oil equivalent, according to an estimate by French oil major Total SA (TOT), its director for exploration and production Yves-Louis Darricarrere said Thursday.
Speaking in an energy conference in Paris, Darricarrere said that global conventional natural-gas resources were estimated at around 1,250 billion barrels of oil equivalent. As for unconventional sources, such as shale oil and gas, and tight oil, Darricarrere said that gas resources are estimated at 2,500 billion barrels of oil equivalent while oil resources are seen at 2,350 billion barrels of oil equivalent.
Last year, around $60 billion was invested in unconventional gas, mostly in North America, Darricarrere noted, adding that the emergence of non-conventional energy resources has contributed “to reshuffle the distribution of world resources.”
International oil companies such as Total and national oil companies have been competing to get their share of unconventional hydrocarbons, he said, yet noted that most of the time, companies actually partner.
