Life post peak will be like a 1974 magnitude economic shock every year
Gross depletion is the aggregate decline of fields worldwide
pup55 wrote:http://peakoil.com/fortopic5222.html+slide
We composed a model of global oil production in this thread, using a UK-like decline curve.
Soft_Landing wrote:Don't forget that the fastest decline rate achieved by world production *must* be the maximum of the weighted average of maximums for local productions all over the world. So, even though the decline rate in Alaska might reach 7%, the decline rate in other parts of the world would not necessarily be 7% at that time. The *world* consists of oil fields in various stages of production, some at decline rates of 7%, some at decline rates much lower (e.g., Venezuela).
If this isn't yet clear, consider just the Alaskan fields. If overall decline is 7%, then surely, some parts of Alaska are at greater decline than 7%, and some parts are at lower decline than 7%. The reason that decline can reach 7% in Alaska is because various fields in Alaska all came on around the same time frame, so the weighted average of depletion can get to a high level.
In contrast, this situation cannot be extrapolated to world production and decline. The variation in terms of age of fields (and complexity etc.) throughout the world is much higher than variation just in Alaska. Therefore, the weighted average of depletion rates throughout the world would never be expected to match that of Alaska.
This is one of the virtues of using the 'normal' curve or gausian curve to predict production rates. It reduces the temptation to extrapolate (incorrectly) from local trends to the much larger 'system as a whole'.
There's a theorem in statistics known as the "central limit theorem" which provides good reasons why the shape of world production should end up looking something like a 'normal' curve. Of course, politicking in the 70's messed that up. That normal curve, however, can still give us guidelines as to how fast world depletion can be on the tail side of the curve.
The point is that the occurance of 7% depletion in one mature zone cannot be extrapolated to the possibility of 7% depletion for world. You should expect that the 'world as a whole' should have a lower maximum depletion rate than that of it's parts.
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