Energy is vital for human progress. The demand for energy
continues to rise as the world population grows in numbers
(7.5 billion now to 9 billion in 2040) and prosperity increases.
This report looks at production and demand figures in all of the world’s producing regions: Africa, Asia/Pacific, the CIS, Europe, the Middle East, North America and Central and South America, for both oil and gas. These data are drawn from the BP Statistical Review of World Energy of June, 2017.
For each of the regions, we have devised an IOGP Production Indicator© for oil and gas. It shows to what degree a region can meet its own demand. While IOGP supports global trade, we also recognize the advantages that come with indigenous production of oil and gas. These include greater prosperity and enhanced security of supply.
Complementing our analysis are projections for each region. Some are based on publicly available material. Others represent the views of IOGP member companies and organizations and specialists from the Association’s secretariat
Both oil and gas production are globally at all-time high levels. Production does, however, vary significantly between regions, as this reports highlights.
A fact common to all is that existing oil and gas fields are depleting by about 6% per year. Against the backdrop of increasing demand in many regions, continuous investment is needed just to keep up.
IOGP is grateful for the data and insights that our members have provided for this report. Based on this information, our analysis demonstrates the need for further responsible oil and gas investment in each of the seven regions covered.
IOGP Production Indicator© (PI)
The IOGP Production Indicator© (PI) for oil is based on dividing daily production in thousands of barrels (or, for gas, billion cubic metres per year) by demand. The PI indicates the level of a region’s self-sufficiency (and export potential). A PI above 100% demonstrates the ability to export; below 100% shows the need to import.