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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LSMFT

I look outside this morning and everything was in 3D!

LSMFT wrote in :

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.

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 ...

--
Best regards
Han
email address is invalid

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.

LSMFT wrote in :

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.



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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Tegger

On Sun, 22 Aug 2010 17:13:21 -0400, LSMFT wrote:

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.

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.