Oil depletions are not created equal

The problem with discussing historical truths in today’s world, is that they are changing. One can no longer, for example, say that it is a wasted effort to take coals to Newcastle. Similarly the historic reliance on fuel from Iran and Venezuela is going to change as their oil supplies deplete, in Iran’s case at 400,000 bd per year, little better than the 500,000 bd depletion occurring in the North Sea. And in Venezuela’s case , they are now about 1 mbd behind their OPEC quota, a drop of some 500,000 bd this year. Which also means that when we need them, they won’t be there. Sorry, sir! (Though sometimes I get the feeling that arguing geology against economics is a bit like a discussion on evolution – but perish the thought!)

This brings the discussion back to depletion, on which I quoted Skrebowski , who used an average depletion rate of 5%, with other sources using 7% for a well in depletion.

The Oil Drum