From 1980 until 2008 the declared reserves of Opec producers has doubled. At the same time oil exploration has declined and new discoveries are just about zero. Work that math.
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13 years ago
Funky math problem
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13 years ago
LSMFT wrote in news:Rpgco.72813$ snipped-for-privacy@newsfe16.iad:
New recovery techniques have increased the amounts deemed recoverable in known reserves. An also, there is a new math to "enlighten" the stock msrket analysts ...
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13 years ago
Proven reserves are defined as oil recoverable at current prices. Price goes up, more oil becomes economically viable to pump out of the ground.
Also, new discoveries are not almost zero in the last 28 years.
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13 years ago
LSMFT wrote in news:Rpgco.72813$ snipped-for-privacy@newsfe16.iad:
New technologies allow recovery of oil that was unobtainable -- and undetectable -- with older methods. Technology has been in full-gallop since about 1860, with, thankfully, no end in sight.
Plus, deepwater is the new frontier; new discoveries there are abundant (where politics allow...). They can now go as deep as 40,000 ft, eight-times as deep as BP's ill-fated well.
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13 years ago
Maybe they were lucky with one or two very big finds. Plus I agree iwth Shaun, discoveries aren't just about zero.
Maybe they used different techniques to reevaluate how much they already had.
(Originally they would send skin divers down with long tape measures, but when they went to smaller diameter pipe, they couldn't do that anymore. I don't know how they do it now.