"Reserves are not being replaced, and can not be replaced. Which means that the oil age is ending. An extractive industry dies when its reserves get depleted." Obviously not true. new reserves are continuously being added. Maybe just slopping wording. Now how much is being replaced is a very different proposition. And runs into believing (or not believing) the new reserves numbers being tossed out.
and as I have said numerous times here the Ernst & Young study which looked at the top 50 companies who operate in the US (including their international numbers) more than fully replaced their produced proven reserves for the past 5 years. To understand the numbers requires understanding the difference between Proven, Proven producing, Probable and Possible reserves.
Extensions and discoveries of 2.7 billion barrels in 2016 drove a 128% F&D excluding revisions production replacement rate.
Independents continued to lead the pack, with a 2016 F&D rate excluding revisions of 187%, though this was somewhat tempered from the 239% they experienced in 2015. By contrast to the integrateds, Parsley Energy and RSP Permian posted F&D rates, excluding revisions, of 720% and 608% respectively, the largest of the companies in the study; however, notably their production volumes were near 10 million barrels. Large independents improved to 134% on the same basis, up from 110% in 2015. Chesapeake Energy led this peer group with F&D excluding revisions of 486%, followed by Marathon Oil at 398% and Antero Resources at 372%.
But no matter how many times I post this information Short continues with the meme that the industry is not replacing its reserves. It is very clear he does not understand the definition of Reserves nor the various categories.