The 5 top oil reserves worldwide and their largest oil fields

Since I was a little girl, I repeatedly heard adults around me talking about countries in war only.

They always said that all of these conflicts essentially because these countries have oil fields.

And the countries with the largest oil fields are more of a target than others.

These countries were always a magnet for political and economic conflicts.

Although they were always considered the wealthiest countries.

I knew that it must be a very important thing for a country to have oil fields and scary as well.

What exactly is an “oil field”?

According to “Wikipedia”:

“An oil field is a land area with an abundance of oil wells extracting petroleum (crude oil) from below ground.

Because oil reservoirs typically extend over a large area, possibly several hundred kilometers across, full exploitation entails multiple wells scattered across the area.”

For a country to have oil fields means they are having one of the top driving forces in the modern world.

But to establish an oil field needs a lot of money so not any country can do it even if it’s naturally gifted with oil.

How important is it for a country to have oil fields?

The oil field industry or the petroleum industry is very crucial to numerous other industries.

Its an essential pillar to the circle of the economic world and life in general.

This is a huge industry and this statistic by “world population review“ proves my point:

The 5 largest oil reserves worldwide and their largest oil fields.

So, who do you think has the most oil in the world? I bet some names would come to mind.

Anyway, without further ado, here are the largest oil reserves in the world.

1. Venezuela

“Venezuela” is known to have the largest oil reserves in the world.

It’s proved oil reserves are estimated at “303.2” billion barrels, this is “17.9%” of world total oil reserves.

But most of these reserves are extra-heavy oil which is extremely challenging to produce.

That’s why “Venezuela” attracted international oil companies to participate in the development of these reserves and turn it into crude oil.

A number of companies answered and invested a huge amount of money into “Venezuela” oil fields.

Companies like “ConocoPhillips”, “BP”, “Chevron”, “ExxonMobil” and “Total”.

“Venezuela” is known to have the largest oil field in all of “South America”.

“The Bolivar Coastal Fields (BCF)” is considered to be“Venezuela”‘s largest oil field.

And it’s also called “The Bolivar Coastal Complex”

This field is located on the eastern margin of “Lake Maracaibo”, “Venezuela” and it stretches “35” miles along the north-east coast of “Lake Maracaibo”.

“The Bolivar Coastal Fields (BCF)” Production is maintained between “6,000” and “7,000” barrels per day.

But it seems that “Venezuela” having the largest oil reserves in the world won’t last forever.

Due to the latest economic and political crisis, it’s estimated that “Venezuela” would hit a “500,00” BPD next year.

This is after it was about “1.02” million barrels last February and “732,000” barrels in March according to The Organization of the Petroleum Exporting Countries(OPEC).

So, we would have to wait and see how everything will turn out to be for “Venezuela”.

2. Saudi Arabia

This country has the second-largest amount of oil reserves in the world with “266.2” billion barrels, which is “15.7%” of world total oil reserves.

“Saudi Arabia” owns five major oil fields, including “The Ghawar” Field which is the largest conventional oil field in the world not only “KSA”.

“Saudi Arabia” is one of the largest oil exporters in the world.

“The Ghawar” Field measures “280” by “30” km and is entirely owned and run by the national Saudi oil company “Saudi Aramco”.

But due to the recent attacks on “Saudi Arabia” that affected mainly “The Abqaiq” and “The Khurais” oil facilities, the kingdom was forced to suspend more than half of its production.

The suspended production is considered “6%” of global oil supplies, and that made a sudden change in prices.

Regarding the recent events “Daniel Yergin”, vice chairman of data and research firm “IHS Markit” expressed:

“The two big questions are: How long does it take the Saudis to repair “Abqaiq” and bring production back on? The second really big question is: What happens next?

As far as” Saudi Arabia” is concerned, this was an act of war. And it was carried out with great precision.”

So, this raises great concern, are things going to get truly better, or worse?

3. Canada

In third place comes “Canada” with “168.9” billion barrels of proved oil reserves which are “10%” of the world total.

“96%” of “Canada”’s proven oil reserves are located in “Alberta”‘s oil sands which are a powerful source of Canadian energy and a huge industry.

“The oil sands accounted for” 64%” of “Canada”’s oil production in “2018” or “2.9” million barrels per day.

The oil sands have an estimated “$313″ billion of capital investment to date, including “$10.4” billion in “2018”.”

In west-central “Alberta”, you’ll find “Judy creek” which is considered the largest oil field in “Canada”.

And also it is the largest reservoirs in “The Swan Hills” oil field.

It has about “350” wells drilled and nearly “6000” m (19,685 ft).

It is an isolated reef complex of the Upper Devonian Swan Hills Formation.

As important as this industry is, unfortunately, “Canada” is facing major environmental issues and the balance is hard.

One of these conflicts is right at the foot of “Burnaby mountain”.

There lays a pipeline that carries “300,000” barrels of oil a day from “Alberta” to the east of “British Columbia”.

This pipeline is about “1,147” km which is about “713” miles of length.

The pipeline is at capacity, so “Alberta” wants to treble capacity by adding another pipe alongside the existing one.

Therefor opposition from “British Columbia”, environmentalists and some of the indigenous groups along the pipeline route were extremely irritated and provoked.

In light of these events “Sophie Harrison”, formerly an activist with “Dogwood”, a Vancouver NGO is wondering about:

If the planet is to avoid catastrophic climate change, “why are we expanding oil production [by building a pipeline] with a lifetime of “50” years?”

4. Iran

The oil and gas industries in “Iran” play an important role in dominating the economy.

This country comes fourth in the list of the top oil reserves countries worldwide.

It’s proven oil reserve is “157.2” billion barrels which are “9.3%” of the world total.

Lays in “Iran” “the Ahvaz”oil field which is the third-largest oil field in the world and the largest one in “Iran”.

The Ahvaz field is about “67” kilometers (42 mi) long and “6” kilometers (3.7 mi) wide.

Despite these rankings, “Iran” is having some major issues when it comes to the oil and gas industry.

The latest “US” sanctions hit the Iranian market pretty hard.

US Secretary of State “Mike Pompeo” stated:

“The United States” has removed nearly “2.7” million barrels of Iranian oil from global markets daily as a result of “Washington”‘s decision to reimpose sanctions on all purchases of “Iran”‘s crude.”

“Iran” also needs at least “$20bn” in annual investments which were mainly expected to come from foreign partners.

But after the sanctions, it will be extremely difficult.

Not only that but there is another important issue according to “Radio Farda”:

“Another major problem is that “80” percent of “Iran”’s active oil fields are old and lose about “8-12” percent of their production capacity annually.”

The question here is whether Iran is going to get back on its feet anytime soon or forever would be outcasted?

5. Iraq

The “Iraq” proven oil reserves are “148.8” billion barrels, “8.8%” of the world total.

These numbers make Iraq the fifth in line in the top oil reserves countries in the world.

Iraq oil industry is maybe so important to its economy than a lot of other countries.

“Iraq” is heavily dependent on oil revenue, more so than most of its “OPEC” partners. Crude petroleum accounted for “95%” of “Iraq”‘s “$60.8” billion in exports in “2017”.

The “Rumaila” oil field is the largest oil field in “Iraq” and its owned by the “Iraq” National Oil Company.

This oil field is located in “Basra, Iraq” and It is extended over a “1,800km²” area and expanding.

The future of the oil industry in “Iraq” is very promising.

It’s predicted that its oil production will approach “6” million barrels a day by “2030”.

according to “Bloomberg” :

“Iraq”will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost “30” percent, according to the International Energy Agency.”

The conclusion

We have here The “5″ top oil reserves in the whole world along with their largest oil fields.

But do you think ten or twenty years from now they are going to be at the same place?

The oil industry has been and always will be one of the most crucial industries worldwide.

It affects countries on so many levels, most importantly economical and political.

You need to know a country’s status when it comes to the oil industry(among other indicators) in order to understand its worth.

So only the smartest and luckiest will remain on top of the global oil field.

Also on an individual level, if you can make a career in the oil industry, this will be a life-changing decision.

Better yet, to start a business in this industry would be the best thing that could ever happen to you.