Oil is non-renewable over the human timescale. Its extraction rate is initially zero, then it increases (the phase that we have known for the past 150 years), reaches a maximum called “peak oil”, then declines due to natural and human constraints. That is why oil will potentially be extracted for another 150 years, but less each year, and at increasing …
Since the coronavirus outbreak, Rystad energy publishes a report about the impact of the virus on the energy sector, especially on oil. This report is regularly updated and can be found on their website, on their dedicated covid-19 page. Those information are also available in their press releases. Here, you can download the 10th edition of this report in pdf, …
The world’s oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015, according to estimates from Rystad Energy. The replacement ratio was at about 19%. It is improving with respect to 2018 (15%), but it is still far from the 50% level of 2012, and from 100% in 2006, the last …
Forecast of Oil Production ASPO France 2017
ASPO France members and external experts participated in an inquiry about future oil supply and world energy mix. Future oil productions are dominated by conventional oil, with a plateau or decline likely after 2020 ; only one person estimated that global oil production will stay over 100 Mb/d in 2030.
The consulting company Rystad Energy estimates that 9.4 billion boe in conventional oil and gas were discovered in the world in 2018, which gives a replacement ratio of only 15% of world reserves.
9.4 Goe of conventional oil and gas discovered in 2018.
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