The U.S. shale revolution opened up leagues of new resources over the past half-decade, but North America’s discovered reserves add up to just 7.6 percent of the world’s untapped potential, according to a Wood MacKenzie report released this week.
In all, undeveloped discoveries across the globe hold 1.4 trillion barrels of oil equivalent – and currently, only 22 percent of that amount is on the radar for development.
“Over half of these discoveries which we classify as ‘good technicals,’ are potentially economic under our current price assumptions,” said David Highton, principal analyst of upstream research at Wood Mackenzie, in a written statement.
At current prices, those global undeveloped conventional oil and gas reserves are worth $760 billion – $132 billion of which is in North America. The Middle East holds the most valuable portfolio at $185 billion, followed by Latin America at $149 billion and North America, according to Wood Mackenzie.
North America has 107 billion barrels of oil equivalent, and about 102 billion of those barrels are estimated to be potentially economic, the Houston research firm reported.