GCC Oil ‘& Gas Reserves total $65 trillion: QNB Capital

QNB Capital has said Gulf Cooperation Council countries’ hydrocarbon reserves are estimated to be worth around $65 trillion at current export prices, which accounts for almost a third of the $200 trillion value of world oil and gas reserves.

To put $65 trillion in context, it is equivalent to 47 times the GCC’s estimated GDP in 2011, or 93% of global GDP. It is also 125 times the estimated $521bn that the region’s governments received in oil and gas revenue during 2011.

The rest of the MENA region has the next largest share of global hydrocarbon reserves (23%), particularly in Iraq and Iran, followed by Europe and Eurasia (16%), mainly Russia and Kazakhstan, Arab News had reported.