Eni: UAE has 94 years of oil production left

According to ENI’s recent World Oil & Gas Review the UAE has enough reserves to keep producing at current (2010 data) output for 94 more years, up significantly from the 70 years it was thought to have left back in 1995. Over the period covered in the study that represents a net gain of 110 years including the intervening 16 year period.

Iraq’s long-term production stamina has been slashed in the same timeframe, from almost 491 years in 1995 down to 130 today.

The report says that Saudi Arabia’s longevity forecast has remained roughly consistent over the past 16 years, registering approximately 78 years left in 1995, dipping to its lowest lifespan in 2005 (66 years) and recovering to 72 years left by 2010.

Qatar has seen the biggest field life-extension success, having a forecast 26 years of production left in 1995, to a 40-year prediction in 2010.

Iran has also seen a significant jump in the longevity forecast, showing 66 years of production left in 1995, up to 89 years based on Eni’s 2010 production estimates.

Bahrain ranks as the lowest performer, registering only 1 year of current production left in 1995, up 100% to 2 years in 2010.

Eni says the data have been obtained by dividing the reserves of a given year by production for the same year. The calculation of the relation between reserves and oil production: annual production is multiplied by 365; for Saudi Arabia and Kuwait the country production figure is used plus half of the production of the Neutral Zone.

Eni’s World Oil & Gas Review Reserves to Production ratio (years)