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Oil production seems to have two components:
1- a deterministic component based on the contribution of a few super-giant and giant fields that provides 25% to 50% of the total production;
2- a stochastic component where only a mean behavior can be derived from the contribution of thousands of small fields.
Clearly, only on the second component the central limit therorem could eventually be applied (in its convolution formulation). One consequence, is that the resulting production curve will probably be gaussian.
I try to look at that problem a while ago on PO.com:
Convergence of the sum of many oil field productions
I also agree with your conclusion that super-giant fields won't play an important role in the future. A simple Monte-Carlo simulation based on log-normal distribution for the field size and the discovery history of oil fields seems to confirm that fact:
src:A Statistical Model for the Simulation of Oil Production
We are entering now in the "tail effect" of the log-normal distribution where production from a sheer number of small fields will shape the global production curve.
But I hadn't read the second post about the Montecarlo simulation based on the Simmons paper, and it is extremely interesting. I agree that it is a very good confirmation of the behaviour of the supergiants I was talking abot. Thanks so much for the analysis and pointing it to me.
Do you think it is possible to do this analysis for the real fields productions?
I was planning to remove the supergiant fields production from the total oil production, and try to model afterwards. Of course obtaining the production for the supergiant fields is a very daunting, even impossible, task but an aproximation, I believe, is plausible.
I was planning to do that as soon as I saw your detailed production curves about Norway and the UK. The idea will be to confirmed that the global production will be soon dominated by productions coming from relatively small fields which means that the "Hubbert" component of global production is taking over the old determinist-like component from giant/super-giant fields. The behavior of the small field component is a statistical one and should be dependent on a small set of parameters (filed size cut-off, discovery pattern, etc.).
It's probably possible if we have a few production points from which a rough production enveloppe can be derived. That's why the thread on big fields (The Top Twenty Fields: Are They in Decline? What Do We Know? (Updated)) is importnat and should be maintained.
I agree 100%. I will send you an email...
I also agree that mantaining a list of the top twenty fields is very important, but it should include present and past production history.
Maybe a wiki type of page with the latest information we gather about giant oilfields could be a good idea!