RobertL wrote:
On May 26, 6:40 pm, "nightjar" cpb@insert my surname here.me.uk
wrote:
"RobertL" wrote in message

...
On May 24, 11:43 am, "nightjar" cpb@insert my surname here.me.uk
wrote:

...

given that the rate of discovery has consistently
increased faster than the rate of increase in use.
But it hasn't. the rate of discovery has FALLEN steadily over the
last 50 years and rate of consumption has increased.
If you take only the discovery of entirely new fields, that is correct. If
you count all new discoveries, including the extension of existing fields,
oil reserves have been consistently growing faster than the rate of increase
of consumption. Oddly enough, it is easier to find oil where you already
know it exists than in entirely new areas.

Colin Bignell


My understanding was that those figures for discoveries were for "all
known reserveves" and did include extensions to existing oilfields. I
mean the ones used he http://www.oilposter.org/ Do you have a
reference for total reserves growing faster than consumption? I'd like
to take a look. I

Of course, there is a big problem getting reliable figures, especially
from national oil companies, about what their reserves are, but that's
a different matter.

thanks, Robert

I think another issue that needs highlighting is that once oil gets more
expensive, and technology improves, how much oil you can extract from
known reserves at economic prices, also increases.

This also gets into oil company known reserve figures.

Of course, what is published by oil companies reflects not only what
they actually know, but what they can credibly claim, in order to
improve share prices etc.

I.e. being flexible with the truth is distinctly, if not to the oil
companies long term advantage, at least to those due to retire in 5
years with stock options..

Cui bono.