In the 1960s, 26 giant and super-giant fields were discovered. That number has consistently declined to only two so far in the first decade of the new millennium. The conditions necessary to create giants and super-giants occur infrequently, and where they do occur the real estate has, with few exceptions, been well explored. Trying as hard as they can to discover giant or super-giant fields, the oil companies’ results have been disappointing.
Archive for the ‘Oil’ Category
Oil prices hit high but report warns of supply crunch
The IEA figures showed there could be a gap of 7m barrels a day between supply and demand by 2015. That represents about 8% of the expected world demand by then of 91m barrels a day.
The IEA expects production from existing oilfields to fall by 50% between now and 2020 and warned the world needs to find an additional 64m barrels a day of capacity by 2030 – equivalent to six times current Saudi Arabian production.
Oil Prices: Still Volatile, Still Disruptive
The point is that while crude oil volatility is down from a year ago, price movements are still more unpredictable than they have been historically. “Current volatility is still above long-term average volatility.
