onlooker wrote:I am saying your argument rests on the past and you have little to contribute now except to remind us that a few got over exuberant with their predictions in 2005
pstarr wrote:From today's Financial Times: Oil and gas discoveries dry up to lowest total for 60 years
"Discoveries of new oil and gas fields have dropped to a fresh 60-year low, as companies put a brake on exploration and large fields have become harder to find."There were only 174 oil and gas discoveries worldwide last year, compared with an average of 400-500 a year up until 2013, according to IHS Markit, the research group.
The slowdown in exploration success shows that the world is likely to become increasingly reliant on “unconventional” resources such as US shale oil and gas to meet demand for energy in future decades.
The typical time from discovery to production is five to seven years, so a shortfall in oil and gas discoveries now implies tighter supplies in the next decade.
I much prefer Campbell/Laherrere backdated version
onlooker wrote:I am saying your argument rests on the past and you have little to contribute now except to remind us that a few got over exuberant with their predictions in 2005
pstarr wrote:onlooker wrote:I am saying your argument rests on the past and you have little to contribute now except to remind us that a few got over exuberant with their predictions in 2005
The predictions were 100% spot on.
pstarr wrote:Peak conventional oil drove prices up, but demand down (stagflation, also see ETP). Thus $100/barrel oil.
pstarr wrote:Well intern-boy, this is the real peak. Those other pikers and their lousy predictions have nothing on this peak.
pstarr wrote:After 60 years of declining discoveries the end had to come some time. This is that time. Now new oil, no old oil. This is the end my friend. Look up top and see the light. It's in the charts. It's fun to learn.
pstarr wrote:AdamB child, what do you think of "Discoveries of new oil and gas fields have dropped to a fresh 60-year low, as companies put a brake on exploration and large fields have become harder to find."
Hard to wrap your mind around that. Huh?
pstarr wrote:So true onlooker. AdamB attacks folks long gone, from ancient debates.
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