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Thursday, September 24, 2009

Discoveries of new oil increase in 2009

Today's NY Times has an article on new oil discoveries over the past year.
Several main points:

  • new discoveries are the result of substantial investments made earlier in the decade 
  • the discoveries span 5 continents & dozens of countries
  • new discoveries in the first half of 2009 reached ~10 billion barrels; if the pace continues, they are likely to reach the highest level since 2000
  • finding and extracting oil is becoming harder - requiring higher prices and improvements in technology to remain viable
  • nevertheless, world oil consumption reached 31 billion barrels of oil last year, continuing the trend of new discoveries not keeping pace with consumption, a problem that has been occurring since the early 1980's