UAE’s oil reserves to last 92 years: reportJuly 12th, 2008 - 2:08 pm ICT by IANS
Abu Dhabi, July 12 (Xinhua) Oil reserves of the United Arab Emirates (UAE) will last for 92 years at the current production level, Gulf News daily reported Saturday quoting the latest report. According to a survey by global oil major British Petroleum (BP), titled 2008 BP Statistical Review of World Energy, the UAE’s proven oil reserves stand at 97.8 billion barrels, accounting for 7.9 percent of the world’s total reserves of 1.24 trillion barrels.
The proven reserves of the Middle East are 755 billion barrels, representing 61 percent of the world’s total, BP said.
The UAE’s energy ministry was not immediately available for comment on the estimates.
The Arab federation’s average crude output stood at 2.66 million barrels per day (bpd) for the second quarter of 2008, according to the International Energy Agency.