[Pops]

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BP Statistical Review 2012

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[Pops]

Hmm, no one has a word to describe the shape of that chart?

Here is a picture of oil reserves, "years of production" at the current (falling) level of consumption due to record high average price. The big increase of course was booking the vast asphalt reserves in Venezuela the last couple of years, that is the future. And aside from a slight increase in the ME, all other regions' reserves declined - regardless of "New" oil, "New" gizmos and "New" PR fluffers.




Those two charts explain why we'll "never run out of oil". There will always be oil to extract, just fewer and fewer who can afford it.

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[careinke]

Well done Pops.

Thanks

[Hawkcreek]

Just as an aside - BP has only 5 rigs presently working on the North Slope now - down a lot from just 6 months ago. Most of them went to North Dakota. It all boils down to lift costs and infrastructure investment per barrel produced.
The production decrease on the Slope has been around 6% a year for the past few years, even with a lot more rigs poking holes and doing workovers. I think it will be interesting to see how long it takes for the pipeline to become a long, horizontal bird stand (or source of scrap metal to build a new pipeline in Nigeria).