Peak Oil News and Message Boards

Conclusions
Based on a comprehensive database of giant oil field production data, we estimated the average decline rates of the world’s giant oil fields that are beyond their plateau phase. Since there are large differences between land and offshore fields and non-OPEC and OPEC fields, separation into different subclasses was necessary. In order to obtain a realistic forecast of future giant field decline rates, the subclasses were treated separately to better reflect their different behaviours. Thus, our average total decline rate for post-plateau giant fields of 6.5% and CERA's overall 6.3% are in good agreement, and our 5.5% production-weighted giant field decline rate compares reasonably with IEA's 6.5% and CERA's 5.8% (Table 10). Offshore fields decline faster than land fields, and OPEC fields decline slower than non-OPEC fields. There are small differences in the data sets and definitions between the studies, but the results from these three studies can be considered approximately equivalent.

FireJack wrote:Peak oil kind of went to the back burner for me for a bit with the giant drop in prices and the huge drop in demand but it really looks like its going to nail us while the economy is still down. Its going to be one never ending hole from now on I guess.

"We will maintain our annual crude oil output at 40 million tons in the next 10 years," said Wang Yongchun, Party secretary of Daqing oilfield. "Sustainable production of Daqing is important to China's oil supply."(snip)

Crude output of CNPC, China's largest oil and gas producer, is expected to fall below 2008 level this year due to weakening demand, said Yu Baocai, vice-president of the company.
The demand is lower than last year and it is natural to have a lower output, Yu
said.