[clv101]

Petroleum Review have produced a report (available from the Oil Depletion Analysis Centre here) looking at the annual and quarterly production from publicly quoted oil companies. Their study looks at the average daily extraction rates for oil and gas from the top 22 publicly quoted oil companies from 2002 up to the second quarter 2005.

$this->bbcode_second_pass_quote('', 'Q')uite remarkably, in the first half of 2005 the top five, the top ten and the top 22 publicly quoted oil companies all produced less crude and NGLs than they did in 2004 and only slightly more than they did in 2003 and 2002.

Given the global increase in production and demand over the last three years it is clear that, in aggregate, the largest private oil companies are losing market share. For ten of the top 22 companies, and for four out of the five largest private companies, the first half of 2005 saw lower crude and NGLs production than in 2004.

Ten companies also produced less in first half 2005 than they did in 2003, while nine companies produced less than in 2002. Clearly, it is no exaggeration to say that the world’s largest publicly quoted oil companies are now really struggling to hold production levels, with only a few managing to maintain their market share of global production.

[seldom_seen]

wow, nice find. thanks for sharing.

[rogerhb]

$this->bbcode_second_pass_quote('', 'T')en companies also produced less in first half 2005 than they did in 2003, while nine companies produced less than in 2002.

[OilsNotWell]

$this->bbcode_second_pass_quote('', 'T')hese news stories were backed up by analysis of quarterly reports from the organisations by Peakoil.com member, Ladyruby. It really looked like the oil majors had peaked

[MattSavinar]

$this->bbcode_second_pass_quote('OilsNotWell', '')$this->bbcode_second_pass_quote('', 'T')hese news stories were backed up by analysis of quarterly reports from the organisations by Peakoil.com member, Ladyruby. It really looked like the oil majors had peaked

[LadyRuby]

$this->bbcode_second_pass_quote('MattSavinar', '')$this->bbcode_second_pass_quote('OilsNotWell', '')$this->bbcode_second_pass_quote('', 'T')hese news stories were backed up by analysis of quarterly reports from the organisations by Peakoil.com member, Ladyruby. It really looked like the oil majors had peaked

[Revi]

Aren't we fed by these major oil companies? Is this similar to the peak of Russian production in that all of us living in the US are now definitely past the peak, even if the rest of the world isn't? Does this signal the beginning of post peak times for us? I'm buying more wooly socks!

[fossilnut2]

I suppose one could read anything they want into it. Oil production is more diversified... or major oil companies are more into the building of oilfield infrastructure in Russia, etc. but don't own or sell the oil produced... or government-run corporations in some countries are more involved than in the past in production... or companies don't work some fields not because of supply but because of cost, etc.

What counts at the end of the day is how much oil is coming on the market and being consumed.

[Pops]

It’s a funny thing about them using the term market share. It kind of implies that if they just could get consumers to believe their oil was new and improved, with a fresh clean scent, then demand for their product would rise and so would their production.


I’m not as sanguine as fossil is about where oil comes from tho. You can usually rely on a corporation to try to keep the market supplied, that’s what they are there for, not so governments.

[BabyPeanut]

$this->bbcode_second_pass_quote('clv101', '[')url=http://www.vitaltrivia.co.uk/2005/10/35]Extraction Rates Fall At Major Oil Companies[/url]

[peaker_2005]

$this->bbcode_second_pass_quote('BabyPeanut', '')$this->bbcode_second_pass_quote('clv101', '[')url=http://www.vitaltrivia.co.uk/2005/10/35]Extraction Rates Fall At Major Oil Companies[/url]

[Pops]

$this->bbcode_second_pass_quote('Pops', 'Y')ou can usually rely on a corporation to try to keep the market supplied, that’s what they are there for, not so governments.

[rockdoc123]

I am not entirely convinced by this comparison. Quaterly production comparisons are a snapshot. There are a host of reasons why production might be down in a certain quarter which do not signal anything dire...eg: workovers on wells to remove scale, reperforate; shutdown to upgrade plants and other facilities; temporary shutdown to tie in extra capacity are a few. I think to look at this properly you need to take apart each annual report...remove sold assets, add new assets on production, realize what was shutin during what period for what reason.
I'm not saying the production rates haven't dropped, I don't know....it's just that this sort of a comparison is not total proof of that.

[LadyRuby]

$this->bbcode_second_pass_quote('rockdoc123', 'I') am not entirely convinced by this comparison. Quaterly production comparisons are a snapshot. There are a host of reasons why production might be down in a certain quarter which do not signal anything dire...eg: workovers on wells to remove scale, reperforate; shutdown to upgrade plants and other facilities; temporary shutdown to tie in extra capacity are a few. I think to look at this properly you need to take apart each annual report...remove sold assets, add new assets on production, realize what was shutin during what period for what reason.
I'm not saying the production rates haven't dropped, I don't know....it's just that this sort of a comparison is not total proof of that.

[fossilnut2]

$this->bbcode_second_pass_quote('Pops', '')$this->bbcode_second_pass_quote('Pops', 'Y')ou can usually rely on a corporation to try to keep the market supplied, that’s what they are there for, not so governments.

[rockdoc123]

$this->bbcode_second_pass_quote('', 'H')ere's Chevron's production data for the last several years for million barrels/day produced. See any trends?

[LadyRuby]

$this->bbcode_second_pass_quote('rockdoc123', 'I') assume this is just oil or does it include condensate? ...So I guess what I am saying for this to be a proxy for declining global oil supply it has to be demonstrated that it isn't necessarily a shift in corporate strategy. The individual companies don't actually care if they are producing more oil or more gas....they just look at the bottom line of delivering cash flow/share performance and continued dividends.

[sameu]

it sure would be a viable reason for the rising oil prices

today I've read in a Belgian newspaper something like 'hooray, oil prices went below 60$' and an 'expert' stated that this was the evidence that the only reason for high oil prices is due to speculation
It's funny how some people really don't have a clue of what's going on

[BabyPeanut]

$this->bbcode_second_pass_quote('', '[')url=http://www.theoildrum.com/story/2005/10/22/16565/298]
(link)[/url]

[LadyRuby]

$this->bbcode_second_pass_quote('BabyPeanut', '')$this->bbcode_second_pass_quote('', '[')url=http://www.theoildrum.com/story/2005/10/22/16565/298]
(link)[/url]