$18trn energy reserves in GCC
Saturday, October 24, 2009
MANAMA: The present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's GDP of the US, according to a note released by the Dubai International Financial Centre Authority yesterday.
MANAMA: The present value of oil and gas reserves of the six GCC countries is estimated at $18.3 trillion, larger than last year's GDP of the US, according to a note released by the Dubai International Financial Centre Authority yesterday.
That figure assumes a conservative price of oil at $50 per barrel and gas at $9 per million BTU. If oil prices were to average $100 per barrel and gas $15, the present value of GCC energy reserves would be $37.7trn, equal to the world's total stock market capitalisation at the end of last year.
