The U.S. Geological Survey estimated there are at least 665 billion barrels of undiscovered oil in reserves outside United States.

"The USGS estimates that the mean undiscovered, conventional reserve additions in the world total 665 billion barrels of oil, 1,429 trillion cubic feet of natural gas and 16 billion barrels of natural gas liquids," it said.

Its assessment didn't include oil and natural gas fields in the United States, unconventional accumulations or so-called tar sands.
BP, in its annual review of world energy, said trends in renewable energy development indicate consumption of energy from non-fossil fuels increased substantially.

Renewables represent 2 percent of the global energy mix, however, showing most of the world relies on fossil fuels for the bulk of its energy needs.

BP Chief Executive Officer Bob Dudley said at the London presentation of the annual report that emerging economies were putting strains on oil supplies as demand increases.

Nevertheless, he said, fears of peak oil were overblown.

By Javier Blas in New York

The Financial Times

Prices of crucial shale gas byproducts, such as ethane and propane, have tumbled to 10-year lows due to booming output, further hurting the profitability of energy companies such as ExxonMobil and BHP Billiton which are already battling with ultra-low natural gas prices.

US producers have tried to offset the impact of depressed gas prices by shifting their drilling from so-called "dry gas" wells, which produce only gas, to "wet wells", which produce a mix of gas and more expensive oil liquids for the petrochemical industry.

That shift has so far helped companies including Devon and Chesapeake to weather the impact of low gas prices, but it has now unleashed fresh natural gas liquid output that has pushed prices to the lowest level since 2002.

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