The world is likely to be entering an era of permanently-declining oil supplies in the next decade.
The future shape and prosperity of the oil industry is determined by the mega projects those with reserves of over 500mn boe and the potential to produce over 100,000 b/d of oil. ChrisSkrebowski, writing for Petroleum Review, tabulates and analyses all the mega projects, as well as the key discoveries that could become mega projects at some later date... "Experts at Exxon-Mobil have said that more than 50% of oil and gas consumed in 2010 must come from new fields and reservoirs. Given the six-year lag between discovery and production, all this oil must be identified not later than this year." [Editor's note: The link below is to an approximately 100K PDF document.]
Thanks to Chris Steins
FULL STORY: Oil field mega projects 2004
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