2012 Totals:
Recoverable Total: 22.596 billion barrels minimum to 26.876 billion barrels maximum
OIP Total: 9.3 billion barrels minimum to 9.7 billion barrels maximum
------------------------------------
2011
Total discoveries listed as recoverable: 11.581 billion barrels minimum to 14.281 billion barrels maximum
Total discoveries listed as Oil-In-Place: 300 million barrels minimum to 300 million barrels maximum
2010
Total discoveries listed as recoverable: 41.577 billion barrels minimum to 44.873 billion barrels maximum
Total discoveries listed as Oil-In-Place: 91.26 billion barrels minimum to 92.8 billion barrels maximum
2009
Total discoveries listed as recoverable: 12.009 billion barrels minimum - 18.731 billion barrels maximum
Total discoveries listed as Oil-In-Place: 13.514 billion barrels minimum - 15.069 billion barrels maximum
-----------------------------------
2008: 24.009 billion - 27.758 billion barrels
2007: 32.32 billion - 36.85 billion barrels
2006: 10.65 - 25.9 billion barrels
This is a good suggestion. Price is a good metric to look at as it captures many factors. Notice how much higher the price of oil is today compared to historically. This is a good indication how much more difficult it is today to get at the oil.kublikhan wrote:rockdoc123 wrote:simply put it is price. The reason unconventionals became economic was due to dwindling ready supply of cheaper conventionals and resultant price rises. An interesting bit of trivia in this regard, however, is that certain unconventionals are now cheaper to extract than remaining conventionals (eg: liquid rich shale gas versus deepwater GOM gas).
copious.abundance wrote:Recoverable running total year to date: 7.716 billion barrels minimum to 11.867 billion barrels maximum
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
If he put all his info in a spreadsheet and wrote up a report with some nice colourful charts, I bet he could sell copies for fancy prices like IHS-CERA does.Tanada wrote:I could see it a lot better in graph form, but when even the oilfinder is showing lower oil finds as the trend you know things are getting iffy.
Tanada wrote:I could see it a lot better in graph form, but when even the oilfinder is showing lower oil finds as the trend you know things are getting iffy.
Was that really the biggest? :The biggest oil find in the world last year occurred in deep waters off the coast of Newfoundland.
A week's worth.Statoil (OSE:STL, NYSE:STO) Canada and co-venturer Husky Energy have announced that the first Bay du Nord exploration well has discovered between 300 and 600 million barrels of oil recoverable.
Charles Whall and Tom Nelson, Co-Portfolio Managers of Global Energy, believe the market has been complacent about oil supplies for too long. The white paper analyses the decline rate problem and the significant investment opportunities that derives from this analysis.
Despite a very poor decade of exploration drilling and very limited production growth even allowing for sharply rising industry capital expenditure, commentators continue to talk about comfortable oil supplies and long-term oil price weakness. Charles and Tom think that there are fundamental industry and geological trends that are being misunderstood and which will lead to a tightening oil market.
Contents
Consistent optimism about new supply growth 3
Investment opportunities 4
Fundamentals of reservoir behaviour and oil extraction 4
Depletion rates and production decline 5
Are high depletion and decline rates a good or a bad thing? 6
Case studies 6
Tight oil in North America 9
Why are new fields likely to decline faster? 9
Oil field contract and fiscal terms also play a role in depletion 10
What do the decline rate studies tell us? 11
What are the implications for the oil industry? 12
Can technology save the day? 14
Investment opportunities 15
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
copious.abundance wrote:For reference, here are the totals for the previous years I posted 2 pages ago:2012 Totals:
Recoverable Total: 22.596 billion barrels minimum to 26.876 billion barrels maximum
OIP Total: 9.3 billion barrels minimum to 9.7 billion barrels maximum
------------------------------------
2011
Total discoveries listed as recoverable: 11.581 billion barrels minimum to 14.281 billion barrels maximum
Total discoveries listed as Oil-In-Place: 300 million barrels minimum to 300 million barrels maximum
2010
Total discoveries listed as recoverable: 41.577 billion barrels minimum to 44.873 billion barrels maximum
Total discoveries listed as Oil-In-Place: 91.26 billion barrels minimum to 92.8 billion barrels maximum
2009
Total discoveries listed as recoverable: 12.009 billion barrels minimum - 18.731 billion barrels maximum
Total discoveries listed as Oil-In-Place: 13.514 billion barrels minimum - 15.069 billion barrels maximum
-----------------------------------
2008: 24.009 billion - 27.758 billion barrels
2007: 32.32 billion - 36.85 billion barrels
2006: 10.65 - 25.9 billion barrels
/catalog.
The closest thing might be reserve reports according to US SEC rules:Quinny wrote:Are there any verified figures for 2013/2014?
DesuMaiden wrote:It is very unlikely we can find an oil field the size of Ghawar at this point in time. The world has already been thoroughly explored for oil. It is highly unlikely we could miss an oil field the size of Ghawar during the past decade of extensive searching, especially with the advanced technology we have nowadays.
vtsnowedin wrote:DesuMaiden wrote:It is very unlikely we can find an oil field the size of Ghawar at this point in time. The world has already been thoroughly explored for oil. It is highly unlikely we could miss an oil field the size of Ghawar during the past decade of extensive searching, especially with the advanced technology we have nowadays.
On that I agree with you completely.
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