Around the globe there are nearly 1.4 trillion barrels of oil equivalent (boe) reserves in conventional undeveloped oil and gas fields according to Wood Mackenzie’s latest upstream outlook. This includes nearly 1.1 trillion boe of "technical reserves" – a term Wood Mackenzie uses for reserves for which there are no firm development plans in place.

“Over half of these discoveries which we classify as ‘good technicals’, are potentially economic under our current price assumptions. These have an indicative collective value of ca. US$760 billion” explains David Highton, Principal Analyst of Upstream Research at Wood Mackenzie.

According to Wood Mackenzie’s outlook, there is vast potential value from good technical fields across the World*: •Middle East = US$185 billion •Latin America = US$149 billion •North America = US$132 billion •Africa = US$125 billion •Russia & Caspian = US$78 billion •Asia Pacific = US$67 billion •Europe = US$24 billion

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