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Latest Graphs
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The IEA Medium Term Oil Market Report 2010 http://www.iea.org/W/bookshop/add.aspx?id=397 sees OPEC’s capacities increase 1.94 mb/d by 2015. But will production also increase? Let’s put the table “Estimated Average Sustainable Crude Production Capacity” from page 82 into some graphs. We start with the decline. Although the report mentions a whopping 7.1 mb/d decline until 2015 (at field level), at country [...] BP published its annual Statistical Review covering the period up to December 2009 http://www.bp.com/productlanding.do?categoryId=6929&contentId=7044622 Jeremy Legget who participated in this ABC TV documentary The incredible journey of oil http://www.abc.net.au/science/crude/ commented on the BP Statistical Review in an article in the Guardian (9/6/2010) The oil spill and credit crunch were bad. An oil crunch would be worse Big as BP’s problems are [...] Australia is in the last quarter of its oil age. Geoscience Australia submitted oil production projections to the Senate Inquiry on oil supplies in 2005/06, showing 3 scenarios. http://www.aph.gov.au/SENATE/committee/rrat_ctte/oil_supply/submissions/sub127.pdf Actual data of the last 3 years show we are following the 90% probability curve, the lowest of the projections: Crude oil is declining even steeper. Please note that [...] Chris Skrebowski, editor of Petroleum Review, always reminds us that what really matters are annual oil flows, that is how reserves can be turned into physical oil production, year by year. So let us see which oil flows come from which reserves: From top to bottom: (a) The recently added Canadian tar sand reserves produce only 1 [...] |
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