[CAMWEST-discuss] Oil field depletion

Danny Hannan danny_hannan at yahoo.com
Wed Feb 24 23:33:48 UTC 2010


G'day all,
The following quote is a fairly familiar story.  As oil field after oil field has less than expected reserves, will peak earlier than expected and production rate decline more rapidly than expected.

It is interesting that almost half of Norway's estimated oil reserves are yet to be discovered.
 
Shell, based in The Hague, is struggling to revive production growth after seven consecutive years of falling output. The company, whose output fell 3 percent to 3.152 million barrels of oil equivalent a day in 2009, aims to revive production with projects in areas such as Qatar and Brazil. 
Total Resources 
The directorate today cut its estimate for total reserves in Norway by 7 percent to 3.17 billion cubic meters of oil equivalent. Remaining recoverable resources are estimated at 8.1 billion cubic meters of oil equivalent, including undiscovered resources of 3.28 billion cubic meters of oil equivalent. 
Norway has a target of increasing oil reserves by 800 million cubic meters, or 5 billion barrels, by 2015. Accumulated gross oil reserve growth since 2005 was only 37 percent of the target, showing “we are under the linear trend to reach this goal,” the agency said. 
“Production at Ormen Lange will peak sooner than expected,” Jan Bygdevoll, director of prognoses, analyses and data at the directorate, said by phone from Stavanger. “Of course, when you have less to extract, then you’ll decline more rapidly than you otherwise would have.” 
 
http://www.bloomberg.com/apps/news?pid=20601072&sid=axqUkRAgPKAo

Dan
 danny_hannan at yahoo.com 


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