The Oil Drum: 2005 Advancers and Decliners

I begin the process of digging into the new BP statistics by taking a look at nations whose production increased versus those whose production decreased. Firstly, it’s important to note that overall there was a production increase from 2004-2005, of about 1.1%, but this is significantly smaller than the 3%-4% increases in the prior couple of years. Although production began to plateau towards the end of 2004, because production was noticeably lower in early 2004 than in 2005, there is a year to year increase.

The graph above shows the declining nations. There were some positive notes: near arresting of declines in Indonesia and Oman, and actual reversal in Australia. However, these were dominated by worsening declines in the US and the North Sea. Overall, the declining group accelerated from 900kb/d per year to 1100kb/d in declines.
Much much more after the jump to The Oil Drum.