[Rincewind]

Hi everyone

I found a better source discussing the IHS report on petroleum trends at:

http://www.energybulletin.net/2681.html

At the end of the article the editors comment that IHS state that there were 8 fields of over 500 million barrels discovered in 2003 and not zero as previously stated.

Any thoughts on the status of these super discoveries (where were they) and their possible impact on the supply/demand scenarios?

Cheers Rincewind

[chris-h]

(8*500)/80=50

Oil for 50 days ? The year has 365 days.

[Rincewind]

No my point was about the overall trend in large scale discoveries. For the last 5 or so year the trend has been downward.

So is the 2003 result just a blip or is it showing that more effort (desperation) is going into exploration?

I remain unconvinced that increased exploration effort results in a proporational increase in discoveries. So I predict that 2003 is most probably a blip.

Cheers Rincewind

[SlipperySlope]

I draw your attention to the fact that most these discoveries are in the category of unconventional (i.e. deepwater) oil. The remaining discoveries confirm the trend of decreasing discoveries of conventional oil.

Perhaps the most notable feature of the major 2003 discoveries was the dominance of deep-water success, with a record 70% of all major discoveries being made in water depths of greater than 200m and 65% in water depths greater than 1,000m.

This was also reflected in the distribution of resources with 64% of all resources being located in deepwater, the first time deepwater has accounted for more than 60% of the resources of 100 million boe+ finds