BP cuts natural gas reserves in Russia and Turkmenistan

Source:BP

After releasing its energy statistics report, BP said June 10 that it lowered estimates for proven natural gas reserves in the Soviet Union by nearly one-third.

After releasing its energy statistics report, BP said June 10 that it lowered estimates for proven natural gas reserves in the Soviet Union by nearly one-third. The Wall Street Journal said the announcement was made after the numbers were aligned with Western accounting standards.

Gas reserves in Russia were revised down to 32.9 trillion cubic meters from 44.6 tcm in last year's report, according to The Wall Street Journal. Turkmenistan was also revised down to 17.5 tcm to 24.3 tcm while Kazakhstan was revised from 1.9 tcm to 1.3 tcm.

"The former Soviet republics had a different accounting system for proven reserves and what we did was convert all their numbers to the Western accounting system in one fell swoop and that's why there are changes," said BP Chief Economist Christof Ruehl.

Proven reserves are those that are technically and economically recoverable, The WSJ stated. With the revised estimates, Iron now leads with the largest proven gas reserves of 33.6 tcm.

Oil production in the United States experienced it largest single-year increase with 8.905 million barrels a day in 2010. However, proven gas reserves in the U.S. were 3 percent lower than a revised figure due to the shale gas production boom, according to The WSJ.

Learn more about Russian natural gas blocks and fields in PennEnergy's research area.

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