GITNUXREPORT 2026

Oil And Gas Industry Statistics

Massive global fossil fuel reserves continue to support current production levels for decades.

138 statistics5 sections9 min readUpdated 1 mo ago

Key Statistics

Statistic 1

Global oil demand averaged 99.7 million b/d in 2022.

Statistic 2

US oil consumption was 20.0 million b/d in 2022.

Statistic 3

China consumed 15.0 million b/d of oil in 2022, up 4.6%.

Statistic 4

India oil demand grew to 5.0 million b/d in 2022.

Statistic 5

Europe's oil consumption fell to 13.6 million b/d in 2022.

Statistic 6

Japan imported 2.8 million b/d of crude oil in 2022.

Statistic 7

Global natural gas consumption was 3,942 billion cubic meters in 2022.

Statistic 8

US natural gas consumption hit 85.7 bcf/d in 2022.

Statistic 9

EU imported 155 billion cubic meters of LNG in 2022.

Statistic 10

China's gas consumption reached 364 billion cubic meters in 2022.

Statistic 11

Global seaborne crude oil trade was 41.9 million b/d in 2022.

Statistic 12

Saudi Arabia exported 7.1 million b/d of crude in 2022.

Statistic 13

US became net oil exporter with 3.6 million b/d net exports in 2022.

Statistic 14

Russia exported 7.7 million b/d oil equivalents in 2022.

Statistic 15

Global LNG trade volume was 404 bcm in 2022.

Statistic 16

Asia received 70% of global LNG trade in 2022.

Statistic 17

India imported 5.5 million b/d of crude oil in 2022.

Statistic 18

South Korea consumed 2.6 million b/d oil in 2022.

Statistic 19

Global jet fuel demand recovered to 5.8 million b/d in 2022.

Statistic 20

Gasoline demand worldwide was 25.1 million b/d in 2022.

Statistic 21

Diesel demand reached 30.8 million b/d globally in 2022.

Statistic 22

US gasoline consumption averaged 8.8 million b/d in 2022.

Statistic 23

Europe's gas consumption dropped 12% to 295 bcm in 2022.

Statistic 24

Japan LNG imports were 65.9 million tonnes in 2022.

Statistic 25

Global oil product exports totaled 28.5 million b/d in 2022.

Statistic 26

Middle East supplied 35% of China's crude imports in 2022.

Statistic 27

Russia supplied 40% of EU pipeline gas before 2022 cuts.

Statistic 28

Global petrochemical feedstock demand from oil was 15 million b/d in 2022.

Statistic 29

US net gas exporter with 12 bcf/d LNG exports in 2022.

Statistic 30

Brent crude averaged $100 per barrel in 2022.

Statistic 31

Global upstream oil and gas investment was $533 billion in 2022.

Statistic 32

ExxonMobil reported $55.7 billion net income in 2022.

Statistic 33

Chevron earned $35.5 billion profit in 2022.

Statistic 34

Shell's adjusted earnings were $42.3 billion in 2022.

Statistic 35

TotalEnergies net income hit €37.4 billion in 2022.

Statistic 36

Global oil market revenue reached $3.2 trillion in 2022.

Statistic 37

OPEC revenues from oil exports were $1.0 trillion in 2022.

Statistic 38

US shale producers' breakeven price averaged $50-60/bbl in Permian 2023.

Statistic 39

Global refining margins peaked at $20/bbl crack spread in 2022.

Statistic 40

Aramco market cap exceeded $2 trillion in 2022.

Statistic 41

BP returned $23.3 billion to shareholders in 2022.

Statistic 42

Global LNG market value was $250 billion in 2022.

Statistic 43

Russia oil export revenues fell 35% to $218 billion in 2023 despite volumes.

Statistic 44

US oil and gas sector contributed 8% to GDP in 2022.

Statistic 45

Norway sovereign wealth fund from oil/gas reached $1.5 trillion in 2023.

Statistic 46

Global capex for oil and gas FIDs was $110 billion in 2022.

Statistic 47

Average dividend yield for supermajors was 4.5% in 2022.

Statistic 48

Permian Basin well costs dropped to $6.5 million per well in 2022.

Statistic 49

Global decommissioning spend projected at $500 billion by 2030.

Statistic 50

Saudi Aramco free cash flow was $143 billion in 2022.

Statistic 51

Eni net profit doubled to €5.7 billion in 2022.

Statistic 52

Occidental Petroleum debt reduced by $4.5 billion in 2022.

Statistic 53

Global midstream pipeline investments hit $45 billion in 2022.

Statistic 54

ConocoPhillips generated $18.8 billion cash from operations in 2022.

Statistic 55

EOG Resources return on capital employed was 25% in 2022.

Statistic 56

Global oil trader Vitol profit was $15 billion in 2022.

Statistic 57

Trafigura net profit reached $7.4 billion in 2022.

Statistic 58

Oil and gas sector M&A deals totaled $180 billion in 2022.

Statistic 59

Global oil and gas emissions intensity averaged 20 kg CO2e/boed in 2022.

Statistic 60

Methane emissions from oil and gas operations were 120 Mt in 2022 globally.

Statistic 61

US oil and gas flared 1.4 bcf/d in 2022.

Statistic 62

Global oil spills from tankers totaled 160,000 tonnes in 2022.

Statistic 63

Offshore oil production accounts for 30% of global oil but 50% of water use.

Statistic 64

Natural gas flaring worldwide was 148 bcm in 2022.

Statistic 65

Permian Basin methane intensity is 1.7% of production.

Statistic 66

Global CCS capacity in oil/gas sector is 40 MtCO2/year as of 2023.

Statistic 67

Oil sands production emits 80 kg CO2e per barrel.

Statistic 68

LNG liquefaction process emits 2-5% methane slip.

Statistic 69

45% of oil/gas companies have net-zero targets by 2050.

Statistic 70

Global upstream water intensity for oil is 1 barrel water per barrel oil.

Statistic 71

Norway's oil/gas emissions intensity is 6 kg CO2e/boed, lowest globally.

Statistic 72

Shale gas fracturing uses 5-10 million gallons water per well.

Statistic 73

Global oil/gas sector contributes 15% of anthropogenic methane emissions.

Statistic 74

Biofuels blended in oil products reached 5.1 million b/d in 2022.

Statistic 75

Saudi Aramco plans 15 MtCO2/year CCS by 2035.

Statistic 76

US EPA reported 80% reduction in flaring since 2010.

Statistic 77

Deepwater Horizon spill released 4.9 million barrels of oil.

Statistic 78

Global renewable energy investment in oil majors was $3 billion in 2022.

Statistic 79

Hydrogen production from natural gas reforming is 70 Mt/year globally.

Statistic 80

Oil and gas rig electrification reduces emissions by 30%.

Statistic 81

Global Scope 1+2 emissions from oil/gas were 3.5 GtCO2 in 2022.

Statistic 82

Carbon capture projects in oil/gas numbered 25 operational in 2023.

Statistic 83

World primary energy consumption from oil was 97.1 million barrels per day in 2022.

Statistic 84

US crude oil production reached a record 12.9 million b/d in 2022.

Statistic 85

Saudi Arabia produced 10.6 million b/d of oil in 2022.

Statistic 86

Russia averaged 10.1 million b/d oil production in 2022.

Statistic 87

Canada produced 4.9 million b/d including oil sands in 2022.

Statistic 88

Iraq's oil production was 4.5 million b/d in 2022.

Statistic 89

Global natural gas production hit 4,089 billion cubic meters in 2022.

Statistic 90

US dry natural gas production reached 1,034 billion cubic feet per day in 2022.

Statistic 91

Russia produced 617 billion cubic meters of natural gas in 2022.

Statistic 92

Qatar's LNG production capacity is 77 million tonnes per annum in 2023.

Statistic 93

Permian Basin produced 5.9 million b/d of oil in Oct 2023.

Statistic 94

Norway's oil production averaged 1.7 million b/d in 2022.

Statistic 95

Brazil produced 3.1 million b/d of oil in 2022, mostly offshore.

Statistic 96

UAE oil production was 3.4 million b/d in 2022.

Statistic 97

Global LNG production reached 404 billion cubic meters in 2022.

Statistic 98

Australia produced 147 billion cubic meters of natural gas in 2022.

Statistic 99

Bakken shale oil production hit 1.2 million b/d in 2023.

Statistic 100

Global oil production growth was 1.6 million b/d in 2022.

Statistic 101

Kazakhstan produced 1.8 million b/d of oil in 2022.

Statistic 102

Nigeria's oil production averaged 1.4 million b/d in 2022.

Statistic 103

Guyana's oil production ramped to 390,000 b/d in 2023.

Statistic 104

Global ethane production from natural gas liquids was 3.2 million b/d in 2022.

Statistic 105

Algeria produced 99 billion cubic meters of natural gas in 2022.

Statistic 106

Eagle Ford produced 1.1 million b/d oil in 2023.

Statistic 107

Global oil rig count averaged 772 in Q3 2023.

Statistic 108

Haynesville shale gas production at 14.5 bcf/d in 2023.

Statistic 109

China oil production was 4.1 million b/d in 2022.

Statistic 110

In 2022, global proven oil reserves stood at 1,732.4 billion barrels, with Venezuela holding the largest share at 303.3 billion barrels.

Statistic 111

Saudi Arabia's proven oil reserves were 267.0 billion barrels as of end-2022, accounting for 15.4% of global total.

Statistic 112

The United States had 47.1 billion barrels of proven oil reserves in 2022, boosted by shale discoveries.

Statistic 113

Canada's oil sands contribute to its 168.1 billion barrels of proven reserves, primarily in Alberta.

Statistic 114

Iran possesses 208.6 billion barrels of proven oil reserves, ranking fourth globally in 2022.

Statistic 115

Global proven natural gas reserves reached 6,641 trillion cubic feet in 2022, led by Russia at 1,688 tcf.

Statistic 116

Qatar holds 842 trillion cubic feet of proven natural gas reserves, primarily in the North Field.

Statistic 117

The US added 47 billion barrels to its technically recoverable shale oil resources since 2011.

Statistic 118

Offshore oil exploration in Guyana discovered over 11 billion barrels of recoverable oil since 2015.

Statistic 119

Brazil's pre-salt layer holds estimated 30 billion barrels of recoverable oil reserves.

Statistic 120

Namibia's offshore Orange Basin may contain up to 4 billion barrels of light oil equivalent.

Statistic 121

Arctic regions hold an estimated 90 billion barrels of undiscovered oil resources.

Statistic 122

Global R/P ratio for oil reserves was 47.5 years at end-2022 based on 2022 production.

Statistic 123

Permian Basin in Texas and New Mexico has 46.3 billion barrels of technically recoverable tight oil.

Statistic 124

Eagle Ford Shale contains 8.5 billion barrels of technically recoverable tight oil.

Statistic 125

Bakken Formation holds 7.4 billion barrels of technically recoverable tight oil resources.

Statistic 126

Global deepwater oil reserves are estimated at 200 billion barrels recoverable.

Statistic 127

Mozambique's Rovuma Basin gas reserves exceed 180 trillion cubic feet proven.

Statistic 128

Australia's Browse Basin has 40 trillion cubic feet of contingent gas resources.

Statistic 129

Alaska's NPR-A holds 896 million barrels of undiscovered oil.

Statistic 130

Global oil discoveries in 2022 totaled 4.7 billion barrels, lowest in seven decades.

Statistic 131

Conventional oil reserves in Middle East exceed 800 billion barrels.

Statistic 132

Unconventional oil resources worldwide estimated at 430 billion barrels recoverable.

Statistic 133

Nigeria's deepwater reserves stand at 5 billion barrels recoverable.

Statistic 134

Angola's Block 17 has produced from 2.2 billion barrels recoverable reserves.

Statistic 135

Global gas hydrate resources potentially 100,000 tcf equivalent.

Statistic 136

Permian Basin gas reserves assessed at 299 tcf technically recoverable.

Statistic 137

Marcellus Shale has 410 tcf of technically recoverable gas.

Statistic 138

Haynesville Shale contains 75 tcf recoverable gas resources.

Sources
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Karl Becker

Written by Karl Becker·Edited by Kevin O'Brien·Fact-checked by Olivia Thornton

Published Feb 13, 2026·Last verified Mar 29, 2026
Fact-checked via 4-step process
01Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

03AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

04Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Read our full methodology →

Statistics that fail independent corroboration are excluded.

With global oil reserves giving us less than 50 years at current consumption rates, the future of energy hinges on a complex map of resources, from Venezuela's colossal 303 billion barrels to Namibia's promising new offshore finds.

Key Takeaways

  • In 2022, global proven oil reserves stood at 1,732.4 billion barrels, with Venezuela holding the largest share at 303.3 billion barrels.
  • Saudi Arabia's proven oil reserves were 267.0 billion barrels as of end-2022, accounting for 15.4% of global total.
  • The United States had 47.1 billion barrels of proven oil reserves in 2022, boosted by shale discoveries.
  • World primary energy consumption from oil was 97.1 million barrels per day in 2022.
  • US crude oil production reached a record 12.9 million b/d in 2022.
  • Saudi Arabia produced 10.6 million b/d of oil in 2022.
  • Global oil demand averaged 99.7 million b/d in 2022.
  • US oil consumption was 20.0 million b/d in 2022.
  • China consumed 15.0 million b/d of oil in 2022, up 4.6%.
  • Brent crude averaged $100 per barrel in 2022.
  • Global upstream oil and gas investment was $533 billion in 2022.
  • ExxonMobil reported $55.7 billion net income in 2022.
  • Global oil and gas emissions intensity averaged 20 kg CO2e/boed in 2022.
  • Methane emissions from oil and gas operations were 120 Mt in 2022 globally.
  • US oil and gas flared 1.4 bcf/d in 2022.

Massive global fossil fuel reserves continue to support current production levels for decades.

Consumption and Trade

1Global oil demand averaged 99.7 million b/d in 2022.
Verified
2US oil consumption was 20.0 million b/d in 2022.
Verified
3China consumed 15.0 million b/d of oil in 2022, up 4.6%.
Verified
4India oil demand grew to 5.0 million b/d in 2022.
Verified
5Europe's oil consumption fell to 13.6 million b/d in 2022.
Verified
6Japan imported 2.8 million b/d of crude oil in 2022.
Single source
7Global natural gas consumption was 3,942 billion cubic meters in 2022.
Directional
8US natural gas consumption hit 85.7 bcf/d in 2022.
Verified
9EU imported 155 billion cubic meters of LNG in 2022.
Verified
10China's gas consumption reached 364 billion cubic meters in 2022.
Verified
11Global seaborne crude oil trade was 41.9 million b/d in 2022.
Directional
12Saudi Arabia exported 7.1 million b/d of crude in 2022.
Verified
13US became net oil exporter with 3.6 million b/d net exports in 2022.
Verified
14Russia exported 7.7 million b/d oil equivalents in 2022.
Verified
15Global LNG trade volume was 404 bcm in 2022.
Verified
16Asia received 70% of global LNG trade in 2022.
Verified
17India imported 5.5 million b/d of crude oil in 2022.
Verified
18South Korea consumed 2.6 million b/d oil in 2022.
Verified
19Global jet fuel demand recovered to 5.8 million b/d in 2022.
Verified
20Gasoline demand worldwide was 25.1 million b/d in 2022.
Verified
21Diesel demand reached 30.8 million b/d globally in 2022.
Single source
22US gasoline consumption averaged 8.8 million b/d in 2022.
Verified
23Europe's gas consumption dropped 12% to 295 bcm in 2022.
Single source
24Japan LNG imports were 65.9 million tonnes in 2022.
Verified
25Global oil product exports totaled 28.5 million b/d in 2022.
Verified
26Middle East supplied 35% of China's crude imports in 2022.
Verified
27Russia supplied 40% of EU pipeline gas before 2022 cuts.
Verified
28Global petrochemical feedstock demand from oil was 15 million b/d in 2022.
Verified
29US net gas exporter with 12 bcf/d LNG exports in 2022.
Single source

Consumption and Trade Interpretation

Despite appearing as a story of global rebalancing—with the US exporting, Europe reducing, and Asia voraciously consuming—these numbers ultimately reveal a world still stubbornly and dangerously addicted to fossil fuels.

Economic and Financial

1Brent crude averaged $100 per barrel in 2022.
Verified
2Global upstream oil and gas investment was $533 billion in 2022.
Single source
3ExxonMobil reported $55.7 billion net income in 2022.
Single source
4Chevron earned $35.5 billion profit in 2022.
Verified
5Shell's adjusted earnings were $42.3 billion in 2022.
Verified
6TotalEnergies net income hit €37.4 billion in 2022.
Verified
7Global oil market revenue reached $3.2 trillion in 2022.
Verified
8OPEC revenues from oil exports were $1.0 trillion in 2022.
Directional
9US shale producers' breakeven price averaged $50-60/bbl in Permian 2023.
Verified
10Global refining margins peaked at $20/bbl crack spread in 2022.
Verified
11Aramco market cap exceeded $2 trillion in 2022.
Directional
12BP returned $23.3 billion to shareholders in 2022.
Verified
13Global LNG market value was $250 billion in 2022.
Verified
14Russia oil export revenues fell 35% to $218 billion in 2023 despite volumes.
Verified
15US oil and gas sector contributed 8% to GDP in 2022.
Verified
16Norway sovereign wealth fund from oil/gas reached $1.5 trillion in 2023.
Directional
17Global capex for oil and gas FIDs was $110 billion in 2022.
Verified
18Average dividend yield for supermajors was 4.5% in 2022.
Verified
19Permian Basin well costs dropped to $6.5 million per well in 2022.
Verified
20Global decommissioning spend projected at $500 billion by 2030.
Verified
21Saudi Aramco free cash flow was $143 billion in 2022.
Verified
22Eni net profit doubled to €5.7 billion in 2022.
Directional
23Occidental Petroleum debt reduced by $4.5 billion in 2022.
Directional
24Global midstream pipeline investments hit $45 billion in 2022.
Verified
25ConocoPhillips generated $18.8 billion cash from operations in 2022.
Verified
26EOG Resources return on capital employed was 25% in 2022.
Directional
27Global oil trader Vitol profit was $15 billion in 2022.
Directional
28Trafigura net profit reached $7.4 billion in 2022.
Verified
29Oil and gas sector M&A deals totaled $180 billion in 2022.
Verified

Economic and Financial Interpretation

While Brent crude's wild $100-per-barrel rodeo in 2022 may have made headlines, the staggering $3.2 trillion in global oil revenue, eye-watering profits for supermajors, and a trillion-dollar year for OPEC reveal an industry that, for all its talk of energy transition, was still printing money faster than a Texas wildcatter could drill a $6.5 million Permian well.

Environmental Impact and Sustainability

1Global oil and gas emissions intensity averaged 20 kg CO2e/boed in 2022.
Single source
2Methane emissions from oil and gas operations were 120 Mt in 2022 globally.
Verified
3US oil and gas flared 1.4 bcf/d in 2022.
Verified
4Global oil spills from tankers totaled 160,000 tonnes in 2022.
Verified
5Offshore oil production accounts for 30% of global oil but 50% of water use.
Verified
6Natural gas flaring worldwide was 148 bcm in 2022.
Verified
7Permian Basin methane intensity is 1.7% of production.
Single source
8Global CCS capacity in oil/gas sector is 40 MtCO2/year as of 2023.
Verified
9Oil sands production emits 80 kg CO2e per barrel.
Verified
10LNG liquefaction process emits 2-5% methane slip.
Directional
1145% of oil/gas companies have net-zero targets by 2050.
Verified
12Global upstream water intensity for oil is 1 barrel water per barrel oil.
Directional
13Norway's oil/gas emissions intensity is 6 kg CO2e/boed, lowest globally.
Directional
14Shale gas fracturing uses 5-10 million gallons water per well.
Verified
15Global oil/gas sector contributes 15% of anthropogenic methane emissions.
Verified
16Biofuels blended in oil products reached 5.1 million b/d in 2022.
Verified
17Saudi Aramco plans 15 MtCO2/year CCS by 2035.
Verified
18US EPA reported 80% reduction in flaring since 2010.
Verified
19Deepwater Horizon spill released 4.9 million barrels of oil.
Verified
20Global renewable energy investment in oil majors was $3 billion in 2022.
Verified
21Hydrogen production from natural gas reforming is 70 Mt/year globally.
Single source
22Oil and gas rig electrification reduces emissions by 30%.
Verified
23Global Scope 1+2 emissions from oil/gas were 3.5 GtCO2 in 2022.
Verified
24Carbon capture projects in oil/gas numbered 25 operational in 2023.
Verified

Environmental Impact and Sustainability Interpretation

It seems the oil and gas industry, while diligently counting its tons of carbon captured, barrels saved, and percentages lowered, still can't quite manage to hide the enormous, messy, and often flammable elephant in the room it has to keep dragging behind it.

Production Statistics

1World primary energy consumption from oil was 97.1 million barrels per day in 2022.
Verified
2US crude oil production reached a record 12.9 million b/d in 2022.
Single source
3Saudi Arabia produced 10.6 million b/d of oil in 2022.
Directional
4Russia averaged 10.1 million b/d oil production in 2022.
Directional
5Canada produced 4.9 million b/d including oil sands in 2022.
Verified
6Iraq's oil production was 4.5 million b/d in 2022.
Verified
7Global natural gas production hit 4,089 billion cubic meters in 2022.
Verified
8US dry natural gas production reached 1,034 billion cubic feet per day in 2022.
Single source
9Russia produced 617 billion cubic meters of natural gas in 2022.
Verified
10Qatar's LNG production capacity is 77 million tonnes per annum in 2023.
Verified
11Permian Basin produced 5.9 million b/d of oil in Oct 2023.
Verified
12Norway's oil production averaged 1.7 million b/d in 2022.
Verified
13Brazil produced 3.1 million b/d of oil in 2022, mostly offshore.
Verified
14UAE oil production was 3.4 million b/d in 2022.
Verified
15Global LNG production reached 404 billion cubic meters in 2022.
Single source
16Australia produced 147 billion cubic meters of natural gas in 2022.
Verified
17Bakken shale oil production hit 1.2 million b/d in 2023.
Verified
18Global oil production growth was 1.6 million b/d in 2022.
Verified
19Kazakhstan produced 1.8 million b/d of oil in 2022.
Single source
20Nigeria's oil production averaged 1.4 million b/d in 2022.
Verified
21Guyana's oil production ramped to 390,000 b/d in 2023.
Directional
22Global ethane production from natural gas liquids was 3.2 million b/d in 2022.
Single source
23Algeria produced 99 billion cubic meters of natural gas in 2022.
Verified
24Eagle Ford produced 1.1 million b/d oil in 2023.
Verified
25Global oil rig count averaged 772 in Q3 2023.
Single source
26Haynesville shale gas production at 14.5 bcf/d in 2023.
Verified
27China oil production was 4.1 million b/d in 2022.
Verified

Production Statistics Interpretation

While the world gulps nearly 100 million barrels of oil daily, it's clear the thirst for fossil fuels remains stubbornly unquenched, as America, Saudi Arabia, and Russia keep the taps flowing to keep our global engine—for better or worse—humming along.

Reserves and Exploration

1In 2022, global proven oil reserves stood at 1,732.4 billion barrels, with Venezuela holding the largest share at 303.3 billion barrels.
Directional
2Saudi Arabia's proven oil reserves were 267.0 billion barrels as of end-2022, accounting for 15.4% of global total.
Directional
3The United States had 47.1 billion barrels of proven oil reserves in 2022, boosted by shale discoveries.
Verified
4Canada's oil sands contribute to its 168.1 billion barrels of proven reserves, primarily in Alberta.
Verified
5Iran possesses 208.6 billion barrels of proven oil reserves, ranking fourth globally in 2022.
Verified
6Global proven natural gas reserves reached 6,641 trillion cubic feet in 2022, led by Russia at 1,688 tcf.
Verified
7Qatar holds 842 trillion cubic feet of proven natural gas reserves, primarily in the North Field.
Verified
8The US added 47 billion barrels to its technically recoverable shale oil resources since 2011.
Verified
9Offshore oil exploration in Guyana discovered over 11 billion barrels of recoverable oil since 2015.
Verified
10Brazil's pre-salt layer holds estimated 30 billion barrels of recoverable oil reserves.
Verified
11Namibia's offshore Orange Basin may contain up to 4 billion barrels of light oil equivalent.
Verified
12Arctic regions hold an estimated 90 billion barrels of undiscovered oil resources.
Verified
13Global R/P ratio for oil reserves was 47.5 years at end-2022 based on 2022 production.
Verified
14Permian Basin in Texas and New Mexico has 46.3 billion barrels of technically recoverable tight oil.
Directional
15Eagle Ford Shale contains 8.5 billion barrels of technically recoverable tight oil.
Verified
16Bakken Formation holds 7.4 billion barrels of technically recoverable tight oil resources.
Verified
17Global deepwater oil reserves are estimated at 200 billion barrels recoverable.
Directional
18Mozambique's Rovuma Basin gas reserves exceed 180 trillion cubic feet proven.
Verified
19Australia's Browse Basin has 40 trillion cubic feet of contingent gas resources.
Verified
20Alaska's NPR-A holds 896 million barrels of undiscovered oil.
Verified
21Global oil discoveries in 2022 totaled 4.7 billion barrels, lowest in seven decades.
Directional
22Conventional oil reserves in Middle East exceed 800 billion barrels.
Directional
23Unconventional oil resources worldwide estimated at 430 billion barrels recoverable.
Verified
24Nigeria's deepwater reserves stand at 5 billion barrels recoverable.
Verified
25Angola's Block 17 has produced from 2.2 billion barrels recoverable reserves.
Single source
26Global gas hydrate resources potentially 100,000 tcf equivalent.
Verified
27Permian Basin gas reserves assessed at 299 tcf technically recoverable.
Verified
28Marcellus Shale has 410 tcf of technically recoverable gas.
Directional
29Haynesville Shale contains 75 tcf recoverable gas resources.
Verified

Reserves and Exploration Interpretation

The planet is stubbornly sitting on a massive, but unevenly distributed, retirement fund of fossil fuels, yet our recent efforts to find new deposits suggest we're mostly just shuffling papers in the attic instead of building a sustainable future.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source
ChatGPTClaudeGeminiPerplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional
ChatGPTClaudeGeminiPerplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified
ChatGPTClaudeGeminiPerplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

Cite This Report

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APA
Karl Becker. (2026, February 13). Oil And Gas Industry Statistics. Gitnux. https://gitnux.org/oil-and-gas-industry-statistics
MLA
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Chicago
Karl Becker. 2026. "Oil And Gas Industry Statistics." Gitnux. https://gitnux.org/oil-and-gas-industry-statistics.

Sources & References

  • BP logo
    Reference 1
    BP
    bp.com

    bp.com

  • EIA logo
    Reference 2
    EIA
    eia.gov

    eia.gov

  • WOODMAC logo
    Reference 3
    WOODMAC
    woodmac.com

    woodmac.com

  • USGS logo
    Reference 4
    USGS
    usgs.gov

    usgs.gov

  • IEA logo
    Reference 5
    IEA
    iea.org

    iea.org

  • GA logo
    Reference 6
    GA
    ga.gov.au

    ga.gov.au

  • OPEC logo
    Reference 7
    OPEC
    opec.org

    opec.org

  • RITN logo
    Reference 8
    RITN
    ritn.org

    ritn.org

  • NNPCGROUP logo
    Reference 9
    NNPCGROUP
    nnpcgroup.com

    nnpcgroup.com

  • NORSKPETROLEUM logo
    Reference 10
    NORSKPETROLEUM
    norskpetroleum.no

    norskpetroleum.no

  • RIGCOUNT logo
    Reference 11
    RIGCOUNT
    rigcount.bakerhughes.com

    rigcount.bakerhughes.com

  • CORPORATE logo
    Reference 12
    CORPORATE
    corporate.exxonmobil.com

    corporate.exxonmobil.com

  • CHEVRON logo
    Reference 13
    CHEVRON
    chevron.com

    chevron.com

  • SHELL logo
    Reference 14
    SHELL
    shell.com

    shell.com

  • TOTALENERGIES logo
    Reference 15
    TOTALENERGIES
    totalenergies.com

    totalenergies.com

  • STATISTA logo
    Reference 16
    STATISTA
    statista.com

    statista.com

  • ARAMCO logo
    Reference 17
    ARAMCO
    aramco.com

    aramco.com

  • BEA logo
    Reference 18
    BEA
    bea.gov

    bea.gov

  • NBIM logo
    Reference 19
    NBIM
    nbim.no

    nbim.no

  • SPGLOBAL logo
    Reference 20
    SPGLOBAL
    spglobal.com

    spglobal.com

  • ENI logo
    Reference 21
    ENI
    eni.com

    eni.com

  • OXY logo
    Reference 22
    OXY
    oxy.com

    oxy.com

  • PWC logo
    Reference 23
    PWC
    pwc.com

    pwc.com

  • CONOCOPHILLIPS logo
    Reference 24
    CONOCOPHILLIPS
    conocophillips.com

    conocophillips.com

  • INVESTORS logo
    Reference 25
    INVESTORS
    investors.eogresources.com

    investors.eogresources.com

  • VITOL logo
    Reference 26
    VITOL
    vitol.com

    vitol.com

  • TRAFIGURA logo
    Reference 27
    TRAFIGURA
    trafigura.com

    trafigura.com

  • ITOPF logo
    Reference 28
    ITOPF
    itopf.org

    itopf.org

  • WORLDBANK logo
    Reference 29
    WORLDBANK
    worldbank.org

    worldbank.org

  • EDF logo
    Reference 30
    EDF
    edf.org

    edf.org

  • GLOBALCCSINSTITUTE logo
    Reference 31
    GLOBALCCSINSTITUTE
    globalccsinstitute.com

    globalccsinstitute.com

  • CAPP logo
    Reference 32
    CAPP
    capp.ca

    capp.ca

  • EPA logo
    Reference 33
    EPA
    epa.gov

    epa.gov

  • EQUINOR logo
    Reference 34
    EQUINOR
    equinor.com

    equinor.com

  • TRANSITIONPATHWAYINITIATIVE logo
    Reference 35
    TRANSITIONPATHWAYINITIATIVE
    transitionpathwayinitiative.org

    transitionpathwayinitiative.org

  • CO2CAPTUREPROJECT logo
    Reference 36
    CO2CAPTUREPROJECT
    co2captureproject.com

    co2captureproject.com

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