Infographic: Impact of Oil Field Decline
Sobering infographic on the steep decline in North Sea oil production and the escalation of high-cost oil and gas exploration:
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Hi Adam and all,
Thanks for the great graphic. I couldn't find any data or image source at first glance, only a logo that indicates that this infographic was created at the info-graphic creating website infogr.am.
But, I am guessing that this is the source of the graphic:
Data source: Oil & Gas UK's Economic Report 2013
Image source: Tim Guest, who works for Zoedale, a British valve manufacturer
A look at the infographic shows a mismatch between the first caption and the first graph. I'm not sure if this is because the caption is talking about oil production in just the UK portion of the North Sea (the UK Continental Shelf) while the graph is depicting both Norway and the UK's production.
Just doing a cursory skim of the report suggests to me that we're talking about production of about 1.4 mbpd in the UKCS in 2013 (p.20) so it would be interesting to see if production is falling at the same rate in the Norwegian continental shelf.
Global oil supplies have been stagnant for a while, barely inching up on a percentage basis over the past 8 years.
I'm assembling a lot of data for a big tour through the subject, because, despite all the U.S.-led hoopla (much of it is pure marketing/PR) and despite massive investments in boosting oil production, there's not much to show for it.
In fact, if we strip out the U.S.' recent shale gains we get this chart right here:
As you can see, when we take it all into account, Saudi Arabia (KSA) pumping as hard as they can just about keeps things pretty much stagnant.
You've got various plusses, which include all of the new fields and deepwater projects coming on line, plus all of the increases in Iraq and the KSA, and you've got all the minuses to deal with such as the North Sea, Libya, and Syria.
Taken all together, you get no meaningful increase in global oil (again, ex-U.S.) during a period of time when exploration and production budgets fully doubled, which helps us understand why oil has more than tripled over the past decade.
If Peak Oil is dead, what's going on here?