We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.
Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.
We are going to have to import more of our oil. Period.
Posted: Mon Dec 06, 2004 8:40 am Post subject: Oman's peak decline numbers
MUSCAT: Oman, which has battled to halt a drop in oil production, is estimating a lower daily output of 750,000 barrels next year, the national economy minister said in remarks published Sunday.
Estimated production for next year is 4.1 percent down on the figure for the first nine months of 2004 and 8.4 percent lower than output for all of last year, said The Times of Oman.
Oman exported 197.4 million barrels of crude in the first nine months of this year, 5.5 percent lower than for 2003.
Daily average production in 2003 was 819,500 barrels, down 8.7 percent from 898,000 the year before.
State-run Petroleum Development Oman, an exploration and production company, last week attributed the drop to a steep decline in its daily output from 840,000 barrels per day in 2000 to 660,000 bpd by the end of last month.
Oman had maximum production in 2001. They're depleting a little faster than the global average. If they follow the same path as Trinidad, their 2006 production will be about 70% of peak or 672,700.
thanks, slick50, for putting us onto that data source.
The even more interesting data is from the USA, which according to that source, is down almost 25% from last year and is now pumping at only 48% of peak, compared to 65% in 2003.
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