Articles tagged with "declines"
Posted by Euan Mearns on December 21, 2011 - 3:29pm
Tags: aldous major south, avaldsnes, declines, giant field, lundin petroleum, north sea, norway, npd, peak oil, statoil [list all tags]
With relatively little fanfare on the international stage, Lundin Petroleum and Statoil (and partners) have just recently jointly discovered one of the largest oil fields ever found in the North Sea. The Aldous Major South - Avaldsnes discovery on the Utsira High structure is currently estimated to contain 1.7 to 3.3 billion barrels of recoverable oil. The astonishing thing about this discovery is that it has lain undiscovered in a mature oil province for so long providing ample encouragement for explorers to go on exploring.
The recoverable resource estimates have grown with every well drilled and with a new delineation well spudded on 28th November, further news on the size of this giant is expected in early January.
This post is joint with Rune Likvern. One of us (EM) owns common stock in Lundin Petroleum.
Global oil production (crude oil plus condensate) has been on a plateau / in decline for 7 years, resulting in high energy prices that are feeding inflation, eroding family budgets and crippling the World economy. It is time for the international political community to awaken to the risks posed by Peak Oil. A British Government report published last week under a Freedom of Information Act (FOIA) request makes clear that civil servants working at the UK department of Energy and Climate Change (DECC) seem very aware of the risks posed by peak oil, and yet the British Government seems happy to continue to ignore warnings.
The post is co-authored by Oil Drum contributor Sam Foucher, who did most of the data mining and provided the adjusted JODI and IEA data. Oil Drum commenter KLR provided this spread sheet deducting natural gas liquids from the BP data.
A picture says a thousand words. In this post you will find only charts and graphs conveying important points from the world of energy 2010.
Readers are invited to post their favorite charts from 2010 in the comments. Instructions are given at the end of this post. This is a charts only thread, no text at all (though posting links is OK), noncompliant posts will be deleted. An energy theme is preferred though other related themes such as economy, population, sustainability are acceptable. Climate charts that do not link directly to energy will be deleted.
Within a week or two TheOilDrum will host an open thread that will enable discussion of the charts posted, but today is New Year, discipline please - charts only. Thank you - and hopefully a happy 2011 to one and all.
Click to enlarge
Posted by Euan Mearns on June 9, 2008 - 10:00am in The Oil Drum: Europe
Tags: $130 oil, brent, declines, decommissioning, economists, exports, m. king hubbert, north sea oil, norway, peak oil, united kingdom [list all tags]
Posted by Euan Mearns on May 30, 2008 - 9:44am in The Oil Drum: Europe
Tags: cera, declines, demand, energy density, iea, megaprojects, net energy, oil prices, opec, peak exports, peter jackson, spare capacity, supply [list all tags]
(New readers, click "there's more" below for the whole article...)
Global Total Liquids production and oil price, January 2002 to present. Production data from the IEA, data files supplied by Rembrandt Koppelaar. Monthly average WTI oil prices from Economagic.
With oil reaching $135 / barrel, Oil Drum readership exceeding 30,000 unique visitors per day and many wild stories circulating in the MSM as to why oil prices are so high this post strives to explain why oil prices are rising exponentially:
• Supply and demand
• Decline of older fields
• Declining net energy and energy density
• New mega-projects
• OPEC spare capacity
• Peak exports
Greyzone and others worked a while back to assemble as much data as they could about the largest producing oil fields, their peak year, and whether or not they were in decline, and if so, the decline rate.
I thought I'd repost this as a discussion point, but also to accomplish two other goals: 1) can we expand this to the top 50 fields easily? is that a worthwhile exercise? and 2) is there any more data out there that can fill in the blanks (note that most of the missing data is from SA) that are present?