[copious.abundance]

Size of discovery: 55-100 million barrels recoverable
Date: 11/11/2013
Company(s): Statoil
Name: Snilehorn
Location: Norway
API: light oil
Flow rate of test well(s): No information
Estimated production startup date: No information
LINK

Recoverable running total year to date: 7.716 billion barrels minimum to 11.867 billion barrels maximum
OIP running total year to date: 1 billion barrels minimum to 1 billion barrels maximum

[copious.abundance]

For reference, here are the totals for the previous years I posted 2 pages ago:
$this->bbcode_second_pass_quote('', '
')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

[lasseter]

$this->bbcode_second_pass_quote('kublikhan', '')$this->bbcode_second_pass_quote('rockdoc123', 's')imply 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).

[dorlomin]

$this->bbcode_second_pass_quote('copious.abundance', '
')Recoverable running total year to date: 7.716 billion barrels minimum to 11.867 billion barrels maximum

[Tanada]

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.

[Keith_McClary]

$this->bbcode_second_pass_quote('Tanada', '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.

[copious.abundance]

$this->bbcode_second_pass_quote('Tanada', '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.

[Keith_McClary]

NYT article on the PO news page:$this->bbcode_second_pass_quote('', 'T')he biggest oil find in the world last year occurred in deep waters off the coast of Newfoundland.

[ROCKMAN]

Keith – And not anytime soon: “Geir Richardsen, Statoil Canada’s vice-president of exploration, says follow-up plans include acquiring additional 3-D seismic surveys and drilling of exploration and appraisal wells in the largely unexplored Flemish Pass Basin. Depending on those results, the Bay du Nord discovery could be producing light crude sometime after 2020.”

And it won’t be delivering global consumption for a week. Based on the production rates of comparable fields in the trend it will come on around 50k to 100k bopd. IOW in 6 years (or longer) this “giant field” might add 0.1% to the global oil production rate. Dang…I can hear the oil futures crashing now. LOL.

BTW I would take those reserves estimates with a huge grain of salt: "... acquiring additional 3-D seismic surveys and drilling of exploration and appraisal wells". Remember I'm the geologist that watched the first 5 "low risk development" wells in my new GOM field at Mobil Oil come in as dry holes or non-commercial. Reduced the reserves from 25 million bo to 1 million bo and from 125 bcf to 25 bcf.

F*cking exploration geologists. LOL.

[Keith_McClary]

"It appears that the biggest single oil discovery in 2013 was less than 1 billion barrels in size"
Global Oil Supply: the decline rate problem
19 March 2014
$this->bbcode_second_pass_quote('', 'C')harles 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

[Tanada]

Anyone have any good data on what was discovered in 2014? Without spending time looking it up it seems as if everyone concentrated on development without much in the way of exploration, but that could just be a false impression.

[Subjectivist]

$this->bbcode_second_pass_quote('copious.abundance', 'F')or reference, here are the totals for the previous years I posted 2 pages ago:
$this->bbcode_second_pass_quote('', '
')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

[Quinny]

Are there any verified figures for 2013/2014?

[ROCKMAN]

And to just state the obvious: how much new proven oil reserves are added to the books every year has no bearning on how much new production will come on line or to what degree it might offset declining production.

Also good to remeber that with the drop in oil prices 100's of million if not billions of bbls of previous proved producible reserves have been automaticly reclassified as proved NONPRODUCIBLE reserves. IOW the global proved reserve count just took a huge leap BACWARDS in the last couple of months.

[Keith_McClary]

$this->bbcode_second_pass_quote('Quinny', 'A')re there any verified figures for 2013/2014?

[DesuMaiden]

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.

[dolanbaker]

I suspect that the discoveries of oil resources is quite significant over the years, but what the world really needs is reserves of oil. It's finding stuff that can be extracted at a price that is viable that matters.

The viable price is of course variable to say the least!

[vtsnowedin]

$this->bbcode_second_pass_quote('DesuMaiden', 'I')t 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.

[DesuMaiden]

$this->bbcode_second_pass_quote('vtsnowedin', '')$this->bbcode_second_pass_quote('DesuMaiden', 'I')t 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.

[ROCKMAN]

Donlan - "It's finding stuff that can be extracted at a price that is viable that matters." Which is exactly the point I was trying to make above. For years the MSM et al spared no effort to highlight the gains made in proven oil reserves. Yes...RESERVES...not resources. But recall what it takes to move from a resource category to a proved reserve status: technically recoverable at CURRENT oil price. In the last few months the world's PROVEN OIL RESERVES have declined by many BILLIONS of bbls. Of course the pubcos and govts aren't anxious to let the public in on the change. But if prices stay relatively low the rest of the year US pubcos will be forced to post those loses as required by law. NOC's won't so we won't see such numbers from them. But it will still be obvious when tracking their drilling activity: one does not drill for FORMALLY proved oil reserves...only the ones that are still commercially viable. And we have lost a huge percentage of the reserves added to the world's proved oil reserve scorebook. And yes: we'll add them back one day. Good news...bad news: they'll come back when oil gets back to $100/bbl.