70 comments on Russia's Oil Production is About to Peak
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70 comments on Russia's Oil Production is About to Peak
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I don't think it's a fair argument, the Russians are extremely capable and willing in expanding their own resources. Anyway, even if a flurry of new discoveries are occurring, projects are getting more and more complex and costly. It's not easy oil anymore and timing is of the essence in sustaining good production growth rates.
Could you post our Texas/North Sea graph?
These two regions were developed by private companies, using the best available technology, with virtually no restrictions on drilling. The initial Texas decline corresponded to a 1,000% increase in oil prices, and Brent crude, from 1999 to 2007, increased four-fold.