164 comments on DrumBeat: March 7, 2007
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164 comments on DrumBeat: March 7, 2007
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"RESERVES ARE BELIEVED TO BE WELL OVER 100 BILLION BARRELS, POSSIBLY THE LARGEST IN AFRICA."
This does not need to be played up by me. This is HUGE!!! I'm not just working this for a stock price. The fields I'm vested in are probably 100km away from this discovery, albiet in the same basin. This discovery possibly holds global significance.
I think you misread the article - Libya's reserves are estimated to be 100 billion barrels, not this find alone. And at current consumption rates of 85 million barrels per day, 100 billion barrels is good for about 1176 days. That's right, finding 100 billion barrels means about 3 more years of living like we do right now, in terms of gross amounts. Just because a planet is finite doesn't mean it isn't large.
Respectfully, I must disgree, but I see your point.
Estimated resrves for Libya are/were approximately 39 billion barrels. You are correct in pointing out that the 100 billion barrel figure could include previous discoveries. Unfortunatelty, it is unclear at this point whether the recent Ghadames disovery is an addition to currently known reserves or an estimate of new reserves that have been recently discovered. Regardless, the size and scope of the recent Ghadames discovery will at the very least, if proven to be true, double Libya's reserves. The actual figure could be much more.
On another note,
given the current depletion rate of the world's oil fields, I do not suggest that new discoveries will offset current declines. Simply because I offer evidence that new production will be seen in the future does not prove that the earth will be able to satiate the needs of the global population.