One trillion barrels - the global potential of undeveloped discoveries

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Report summary

Across the world there are over one trillion barrels of oil equivalent (boe) reserves in oil and gas fields for which there are no development plans. We classify these as technical reserves. There are also around 300 billion boe of undeveloped commercial reserves which should be brought onstream in the next ten years or so. Over half of the technical reserves are potentially economic under our current economic assumptions (‘ good technicals'), and have an indicative cumulative value of c.a....

What's included

This report contains

  • Document

    One trillion barrels - the global potential of undeveloped discoveries

    PDF 545.40 KB

Table of contents

  • Executive Summary
    • A vast resource base
    • And vast potential value from ‘good technical' fields
    • Lack of access to markets and attractive gas prices
    • Infrastructure constraints
    • Unattractive or inaccessible fiscal and regulatory regimes
    • Complexity of development
    • Capturing the prize
  • Appendix
  • Wood Mackenzie technical reserves definitions and valuation methodology
  • Indicative valuations
  • Categorisation of undeveloped discoveries
  • Price assumptions

Tables and charts

This report includes 4 images and tables including:


  • The world's ten largest technical reserve volumes


  • Global* distribution of technical reserves (good + contingent)
  • Global* distribution by indicative value (NPV10) of good technical fields
  • Regional* indicative valuations of good technical reserves

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