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Subject:
New Oil Discovery Rate 1960-present data
Category: Business and Money > Economics Asked by: tonesporter04-ga List Price: $40.00 |
Posted:
16 Nov 2005 15:17 PST
Expires: 16 Dec 2005 15:17 PST Question ID: 593960 |
I need to confirm some data that I received from a source that is not entirely reliable. It involves the rate of new oil discovery since the 1960s. The data I have show that oil discoveries peaked at an average 42 billion bbls/yr from 1960-1965, then falling to about 6-7 from 1995-2000. I've looked at BP and Oil and Gas Journal, EIA, DOE, all the major energy sources, and can't find any sort of raw data for this, but I know it must exist. Can anyone help out? |
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There is no answer at this time. |
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Subject:
Re: New Oil Discovery Rate 1960-present data
From: standardoil-ga on 16 Nov 2005 23:22 PST |
Not sure what you consider a reliable source, but the numbers you mention match Pete Stark's numbers from IHS Energy. IHS Energy is a leading consultancy in oil & gas and along with WoodMac have the best publicly available world wide datasets on oil and gas fields, discoveries, and production. Major oil companies and investment banks use IHS (as do some of the peak oil crowd like Laherre). The link below is a pdf presentation covering oil discovery rate. http://www.ihsenergy.com/news/presentations/aapg_2004/stark_pres.pdf Page 5 is for liquids (oil and condensate) and shows discoveries falling from 48 BB/yr in 1965 to 15 BB/yr in 2001 (comparable to your numbers). Page 4 shows discovery by half decade (so divide by 5 for annual) over a much longer period of time but FOR OIL EQUIVALENT BARRELS (i.e., oil + natural gas) so not quite apples-to-apples Editorial comment - Although discovery from exploration is falling, the world's reserves are growing (see BP Statistical Review of World Energy for example). The reason is reserve growth from technology and field extensions in existing fields. The age of 'wildcatters' exploration is dwindling, but not the age of oil development and production. (Access to the raw data is available from IHS but we are talking tens of thousands and thousands of dollars.) |
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