Oil discoveries are at an all-time low — and the clock is ti

by **AdamB** » Sat 23 Dec 2017, 18:16:59

$this->bbcode_second_pass_quote('', '
')We're running out of new oil. Explorers in 2017 discovered the least amount of oil since at least the 1940s, according to Rystad Energy, an oil and gas consultancy. It estimated that less than seven billion barrels of oil equivalent were found this year through Thursday. Some energy companies will announce more discoveries next year in their 2017 annual reports, but Rystad expects this to increase the 2017 total by 10% at most. New discoveries have fallen every year since 2014, when oversupply triggered an oil crash that cut its price by more than half. The plunge forced many upstream oil producers to reduce their spending, and helps explain why discoveries are also down. But that's not the only reason: explorers are finding less oil resources per field, according to Rystad. An average offshore discovery held about 100 million barrels of oil equivalent (boe) in 2017

by **AdamB** » Sat 23 Dec 2017, 18:17:42

Sounds pretty bad!!! Almost like peak oil! Again!! Except wasn't peak oil trying to sell peak in discoveries back like in the 1960's?

by **Plantagenet** » Sat 23 Dec 2017, 20:07:10

$this->bbcode_second_pass_quote('AdamB', 'S')ounds pretty bad!!! Almost like peak oil!

by **rockdoc123** » Sat 23 Dec 2017, 21:19:13

the problem with this type of analysis is it ignores three major factors: 1. exploration has basically stopped around the world since 2014, virtually no new wildcats drilled anywhere and 2. there is a lot of discovered oil that has not come on stream, discoveries in Brazil and West Africa as an example and 3. when speaking of discoveries reserve growth is ignored.

When oil price rises exploration will increase and technology will help improve recovery factors. It doesn't get rid of the idea of Peak Oil it simply changes the shape of the curve.

by **Plantagenet** » Sat 23 Dec 2017, 21:27:21

$this->bbcode_second_pass_quote('rockdoc123', '
')When oil price rises exploration will increase ..... It doesn't get rid of the idea of Peak Oil it simply changes the shape of the curve.

by **AdamB** » Sat 23 Dec 2017, 21:58:10

$this->bbcode_second_pass_quote('pstarr', '
')Note: conventional oil production (excluding corn ethanol, lighter fluid and camp stove gas) peaked in 2005

by **AdamB** » Sat 23 Dec 2017, 22:01:55

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('rockdoc123', '
')When oil price rises exploration will increase ..... It doesn't get rid of the idea of Peak Oil it simply changes the shape of the curve.

by **Plantagenet** » Sat 23 Dec 2017, 22:55:46

$this->bbcode_second_pass_quote('AdamB', 's')cientist types are hard awork[/url] studying when "new" oil comes from, after it has been discovered!

by **rockdoc123** » Sat 23 Dec 2017, 23:01:02

$this->bbcode_second_pass_quote('', 't')hats not considered "new oil." It just reflects changes in the amount of oil in an existing field that is considered "recoverable."

by **Plantagenet** » Sat 23 Dec 2017, 23:13:05

$this->bbcode_second_pass_quote('', 'G')iven that peak oil is all about production then any oil coming on stream that wasn't previously expected is indeed "new oil".

by **Rod_Cloutier** » Sun 24 Dec 2017, 01:12:11

Antarctica should have as much oil as any other continent. Shallow water continental shelves would be a good place to start drilling. In a hundred years or so, after catastrophic climate change, the whole continent should be relatively ice free and accessible for drilling. (If there is anyone left)

by **AdamB** » Sun 24 Dec 2017, 11:30:53

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('AdamB', 's')cientist types are hard awork[/url] studying when "new" oil comes from, after it has been discovered!

by **Plantagenet** » Sun 24 Dec 2017, 12:46:39

$this->bbcode_second_pass_quote('AdamB', '
')So if you don't think it is newly discovered oil, what is the best term for it? Just reserve growth?

by **onlooker** » Sun 24 Dec 2017, 13:05:19

You get magically more oil then none then bankruptcy haha
O I hear Rockdoc footsteps.
It depends on your definition of URR.

by **onlooker** » Sun 24 Dec 2017, 13:31:03

Yes and a select few will go out into space when Earth cannot be inhabited and we will chose a lucky planet to give it the Earth treatment. Will we become the Empire of Star Wars?

by **onlooker** » Sun 24 Dec 2017, 13:40:05

$this->bbcode_second_pass_quote('pstarr', '')$this->bbcode_second_pass_quote('onlooker', 'Y')es and a select few will go out into space when Earth cannot be inhabited and we will chose a lucky planet to give it the Earth treatment. Will we become the Empire of Star Wars?

Oil discoveries are at an all-time low — and the clock is ti

Oil discoveries are at an all-time low — and the clock is ti

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Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

Re: Oil discoveries are at an all-time low — and the clock i

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