BP: We Have 53.3 Years of Oil Left

In its latest yearly review of energy statistics, BP reported raising its oil reserves estimate by 1.1% to 1,687.9 billion barrels, which is enough oil to last the world 53.3 years at the current production rates, reports Detroit Free Press.

According to BP, the U.S. has 44.2 billion barrels of oil reserves, which is 26% higher than it previously thought. It’s also quite a bit more optimistic than the U.S. Energy Information Administration, which recently increased its estimate to 33.4 billion barrels of reserves, or 15% more than previously thought.

America’s shale oil plays — the Bakken, Eagle Ford and Permian Basin – are responsible for overall surge in oil reserves. These plays are now being unlocked through horizontal drilling technology.

“While the world as BP sees it might just hold 53.3 years’ worth of oil, that certainly does not mean we’ll run out of oil anytime soon. New shale plays continue to be discovered in the U.S., which should fuel substantial gains in reserves over the next decade. There’s plenty of oil still left in the world’s tank thanks to the development of America’s shale resources,” the newspaper reports.

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Photo Credit: BP Plc

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