Giant fields are rarely found now and average discovery sizes are below 50 mmboe, and also falling. Discovery success rates are also falling, down from about one in five wells to one in twelve to one in twenty in frontier areas (where many of the USGS resources are expected to be found)...
In other words, credit expansion and asset price increases serve the interests of the petroleum industry, it also has governments as borrowers-slash-subsidizers of last resort => scraping the bottom of the energy barrel. I made a similar point on the prior thread, to-wit, it seems to me ...
I bow to Rune’s expertise in these matters but I find the two Twin Valley charts Rune has provided are a stark indication of depletion in rock that’s drive mechanism is pressure depletion. GOR increases and eventually leaves oil trapped in the rock, essentially immobile and unable to move ...
He has a couple of charts, one showing that the end of the world is only a couple of weeks away. But his second chart indicates that they can make a killing over the next couple of weeks, and that this killing will be the focus of the meeting. I would post a link but I can’...
I have endlessly posted charts with a peak in oil production, the point is not whether the production curve is precisely correct, it is why would you ask such a question? Have you not been paying attention. Of course nobody knows future output, these are scenarios, a set of assumptions...