New oil news

Last week I H S energy came out with a new report on the state of the
world's energy industry. It notes among other things:

There was only 1 one-billion barrel field found in 2003, Lavan in Iran.

Globally the world found only 9.5 billion barrels (for comparison, we
produced 27 billion).

We have produced 45% of the world's liquid hydrocarbons

North American natural gas production peaked in 2001 (unless Arctic
natural gas is brought to market soon, it won't go up).

70% of all discoveries are now in water depths greater than 200 m.

The supposed saviors of the world, the Canadian and Venezuelan oil sands
have now risen to 1.28 million barrels per day--a whopping 1.7% of
global production (they only have another 50 fold increase to go to save
our rear ends--yippee).

Only 4 countries on the top 20 list of producers (excluding Canada and
the US) are actually finding more reserves than they produce--these are
Brazil, Kazakhstan, Angola and Malaysia. All other producers pumped
more oil than they found by the drillbit.

The full report is at:
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news
_view&newsId=20041018005757&newsLang=en
Received on Sun Oct 24 20:07:55 2004